How Different Credit Scores Compare
Credit Karma has shown how different credit scores compare with Total Debt to Number of Open Accounts. Listed below are the credit score categories and the characteristics associated with each.
Group 1: Less than 500 Score
Consumers with less than a 500 credit score had an average of:
Total Debt: $42,413
Credit Card Debt: $3,520
Credit Card Limit: $2,938
Average Past Due Balance: $747
Percent of On-Time Payments: 60.4%
Number of Credit Cards: 1.52
Number of Open Accounts: 2.8
Group 2: 500-599 Score
Consumers with 500-599 credit score had an average of:
Total Debt: $44,113
Credit Card Debt: $3,621
Credit Card Limit: $3,630
Average Past Due Balance: $283
Percent of On-Time Payments: 75.7%
Number of Credit Cards: 2.62
Number of Open Accounts: 4.1
Group 3: 600-699 Score
Consumers with 600-699 credit score had an average of:
Total Debt: $91,608
Credit Card Debt: $7,683
Credit Card Limit: $12,194
Average Past Due Balance: $62
Percent of On-Time Payments: 95.67%
Number of Credit Cards: 4.83
Number of Open Accounts: 4.83
Group 4: 700-799 Score
Consumers with 700-799 credit score had an average of:
Total Debt: $125,639
Credit Card Debt: $7,591
Credit Card Limit: $36,119
Average Past Due Balance: $3
Percent of On-Time Payments: 99.44%
Number of Credit Cards: 6.15
Number of Open Accounts: 8.68
Group 5: 800+ Score
Consumers with 800 + credit score had an average of:
Total Debt: $62,481
Credit Card Debt: $5,429
Credit Card Limit: $78,377
Average Past Due Balance: $0
Percent of On-Time Payments: 99.99%
Number of Credit Cards: 7.03
Number of Open Accounts: 8.97
Facts Between Subcategories
A look at the bigger picture shows interesting facts between the subcategories of each credit score group.
Total Debt
Increases from Group 1 to Group 2 by 4.01%.
Increases from Group 2 to Group 3 by 107.67%
Increases from Group 3 to Group 4 by 37.15%
Decreases from Group 4 to Group 5 by -50.27%
Credit Card Debt
Increases from Group 1 to Group 2 by 2.87%
Increases from Group 2 to Group 3 by 112.18%
Decreases from Group 3 to Group 4 by -1.20%
Decreases from Group 4 to Group 5 by -28.48%
Credit Card Limit
Increases from Group 1 to Group 2 by 23.55%
Increases from Group 2 to Group 3 by 235.92%
Increases from Group 3 to Group 4 by 196.20%
Increases from Group 4 to Group 5 by 117.00%
Average Past Due Balance
Decrease from Group 1 to Group 2 by -62.12%
Decrease from Group 2 to Group 3 by -78.09%
Decrease from Group 3 to Group 4 by -95.16%
Decrease from Group 4 to Group 5 by -100.00%
Percent of On-Time Payments
Increase from Group 1 to Group 2 by 15.30%
Increase from Group 2 to Group 3 by 19.97%
Increase from Group 3 to Group 4 by 3.77%
Increase from Group 4 to Group 5 by .55%
Number of Credit Cards
Increase from Group 1 to Group 2 by 72.37%
Increase from Group 2 to Group 3 by 84.35%
Increase from Group 3 to Group 4 by 27.33%
Increase from Group 4 to Group 5 by 14.31%
Number of Open Accounts
Increase from Group 1 to Group 2 by 46.43%
Increase from Group 2 to Group 3 by 17.8%
Increase from Group 3 to Group 4 by 79.71%
Increase from Group 4 to Group 5 by 3.34%
Summary
In summary, consumers that have a credit score of 500 – 599 and raise their score to 600 – 699 will have the highest Total Debt increase 107.67%, highest increase of Credit Card Debt 112.18%, highest increase of Credit Card Limit 235.92%, highest increase in Number of Credit Cards 84.35%, highest increase of Percent of On-Time Payments 19.97%, and the highest increase in the Number of Credit Cards 84.35%.
In addition, consumers that have a credit score of 600 – 699 and raise their score to 700 – 799 will have the highest increase in Number of Open Accounts. Consumers that have a credit score of 700 – 799 and raise their score to 800 + will have the lowest Average Past Due Balance of 0.
How different credit scores compare provides information that will help the consumer better understand their credit score and the characteristics of the group.
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