NEW YORK—While credit scores increased during the first year of the pandemic, they continue to hold steady even as inflation has continued to drive up the prices for goods and services, according to a new report from Money.
“And that's not necessarily a good thing. The national average FICO credit score sits at 716, which is still an all-time high but is unchanged from a year ago, according to a new report from FICO,” Money said.
The average credit score has stayed steady in part due to an uptick in missed payments, Money stated.
“As of April, just over 15% of the population had dealt with a 30-plus day past-due bill in the past year,” Money reported. “Then there's the rising level of consumer debt. The average credit card utilization was 31% as of April, up from 30% as of April 2021. And finally, more consumers are getting credit cards, taking new credit activity back to pre-pandemic levels.”
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