What Is a Normal FICO Score?

Lenders use FICO scores to help determine how risky it is to lend money to an individual. FICO scores, also called credit scores, are calculated using a variety of credit information such as how much total debt you have, the length of your credit history and whether you have made payments on time in the past. A high FICO score can help you secure loans and may grant you lower interest rates.

FICO Score Basics

FICO scores get their from the Fair Isaac Corporation which created the formulas credit reporting companies use to calculate credit scores. Credit scores can range from 300 to 850; higher scores indicate that a borrower poses less risk of default (missing a loan payment.). According to MSN, the average credit score in the US is 676. Different credit reporting agencies may give different results when you order a credit score.

Normal Range for FICO Scores

Even if your credit score is not within a few points of the national average of 676, you likely still have a credit score that would be considered normal. According to the Fair Isaac Corporation, "most people score in the 600s and 700s" so if your credit score is within this range, it can be considered normal. If your credit score is in the high 700s, it will generally be viewed favorably by lenders while credit scores below 600 are usually considered poor.

Credit Score Data

What constitutes a normal credit score can be further explored by looking at credit score data. According to Bankrate, 13 percent of people have credit scores over 800, while 15 percent have scores lower than 600. This means that 72 percent of people have credit scores in the 600 to 700 range. Bankrate also states that 27 percent of people have credit scores between 750 and 799.

Considerations

Your credit score can change over time, based on your debt and credit habits. If you make debt payments on time and keep low credit card balances, your score will tend to increase. Factual errors that credit reporting companies receive from your creditors can result in abnormal scores. If you notice a factual error on a credit report, call the creditor that made error and inform them of the problem.