What percentage of Americans have credit?

What percentage of Americans have credit?

It is estimated that around 80% of adults in the United States have some sort of credit. According to a 2017 report from the Federal Reserve, more than 1 in 3 American adults (35%) have a FICO credit score of less than 601, putting them in “poor” credit range. It is estimated that nearly 49% of Americans fall into the “fair” range of 601-660 FICO score, and only 19% of American adults have a credit score of 661 or higher.

These figures are important to consider, as having a lower credit score can affect a person’s ability to obtain credit or loans. Those in the “poor” credit range are less likely to be approved for finance or loan applications, and may be seen as US citizens who are not reliable borrowers.

Having no credit history is also a factor to consider in the United States. Adults ages 18-34 are most likely to lack a credit history, with the most common reason being that they are only starting to build up their credit. It is also estimated that 13% of adults in the US do not have a credit score altogether. Without a credit score, it is difficult to qualify for a credit card, mortgage, or even auto loan.

In conclusion, around 80% of adults in the United States have some form of credit, but not all of these adults are creditworthy. Around 13% of Americans have no credit score at all, and nearly a third of all US adults (35%) have a low credit score of 600 or below. These statistics show that a large number of US adults have a low credit score or lack credit history altogether, making it difficult for them to access the same finance and loans as those who have a good credit score.