Record Breaking Credit Scores For 2019 and the Average Credit Score By Generation.

We Broke the Record!

In 2019 the average credit score was recorded as being a 703 among Americans and it’s time to get excited! We have broken our record with an average increase of 25 points since 2012 and with the right credit knowledge and repair options, we are sure to continue our climb!

A good credit score is classified by having a score between 670 to 739 and is necessary for achieving the best rate on a mortgage, the best lenders for vehicle financing and to get some amazing rates/ benefits on credit cards!


FICO and You

Thought credit score ranges are based on the scoring model used and the credit bureau that pulls your score, lenders prefer Fico scores when making their lending decisions.


Check where you fall in the FICO score ranges!

Excellent- 800 to 850

Very Good- 740 to 799

Good- 670 to 739

Fair- 580 to 669

Poor- 300 to 579


Fun Facts Through the Generations

-Millennials are leading the charge with an average increase of 25 points in their Fico since 2012!

-The reason why most older generations have a higher credit score is due to long credit history and multiple positive trade lines.

-The Silent Generation (74+) still holds the highest average FICO score of 756!

-Generation Z (18-22) holds the lowest average FICO score of 677!




Do you have questions about your credit report? If you would like to speak with one of our attorneys or credit advisors  and complete a free consultation please give us a call at 1-800-994-3070 we would be happy to help.

If you are hoping to dispute and work on your credit report on your own, here is a link that provides you with a few ideas on how to go about DIY Credit Repair.


Average credit scores by generation

Generation2018 2019 
Generation Z (18-22)666667
Millenials (23-38)664668
Generation X (39-54)685688
Baby Boomers (55-73)729731
Silent Generation (74+)754756
Source: Experian using FICO scores 



How Do I Raise My Scores?

Raising your scores takes time, patience and diligence to achieve safely and effectively. Below are separate blogs written by credit law center to go in depth to the credit building and repairing process.

Want to learn about Building Credit? Click Here

Want to learn about Repairing Credit? Click Here


Article Written By- Joe Peters



Improving Your Credit For A Car Loan

Time For A New Car?

I remember when I was broken down on the side of the interstate in my 92 Jeep Cherokee I thought to myself “My next car is going to be brand new!”  I new that I would need to finance as I was just a twenty something with a low end painting job, but I was hopeful that I would be approved. Flash forward to sitting in the Nissan dealership attempting to find anyone who would finance this twenty some with no credit…spoiler… there was absolutely no one who would accept. At this point I knew that I would have to go about this a different way if I ever wanted to be able to get accepted for financing but had no idea how to begin. I knew I needed to have better credit and luckily I was able to get a consultation from a credit adviser to assist me in the process!  


Understanding Your Credit

First off I had to get a hold of my credit report and see just exactly what was going on. My credit adviser directed me to Free Credit Hub where I was able to sign up for credit monitoring and finally see what was dragging my credit! I was greeted with a cacophony of different numbers, phrases and names that filled the pages and made my stomach drop. My adviser walked me through each  line on the report and explained that there were multiple categories that made up the report. Those categories were:

1. Payment History-  35% of your credit score is based on your past bills and how they were paid.

2. Amounts Owed- 30% of your credit score is based on the available credit card limit you’re using and the amount you owe across your accounts.

3. Length of credit history – 15% of your credit score is determined by the credit history you have built. This is based on the average age of your accounts  along with a few other factors. The longer the history, the better the results!

4. Credit mix – 10% of your score is from the mix of revolving credit (credit cards) and installment credit (car loans, mortgages, etc.) you have.

5. New credit – 10% of your credit score comes from new credit accounts that you have established.


Time To Build!

Alright, now that I know what exactly makes up my credit, it is time to start building it up! I took 3 easy steps to start building positive credit and the foundation for a strong credit score.

  1. Lowering My Card Utilization– When I got my first credit card I was told to never use more than 50% of the allowed credit and I would be fine. If we look at our credit utilization like a grade card, a 50% utilization rate is a solid F. 30% is about a C rating and the lower you go the better your rating. Keeping your utilization under 10% is an A rating and is sure to build your credit the fastest.
  2. Becoming An Authorized User– Becoming an authorized user is by far one of the easiest ways to build credit and is kind of like passive income. If you are listed as an authorized user on a trusted family members card, their history is listed on your report as well and you don’t even have to use the card! Be sure you work with someone you trust because the negative history will be placed on your report as well.
  3. Pay Your Bills On Time-  Paying off those balances on time is extremely important when building credit as it provides positive credit history and establishes a exceptional trade line. Late payments are one of the largest discrepancies on most Americans credit report!


Your Car Loan Will Help Build Credit.

After about 6 months of building up my credit, I was able to acquire financing toward a new vehicle. You don’t need to have perfect credit to acquire a car loan, but it will affect your financing options and future payments. The wonderful thing about this loan is that it establishes another line of installment credit to your account. As long as you are making your payments on time, this installment credit will soon become a wonderful trade line that builds a long credit history. In the end it is all bout finding the right lender for you and managing a positive ascending credit score. If done correctly, you will be on the road that that fabled 800 credit score!



Do you have questions about your credit report? If you would like to speak with one of our attorneys or credit advisors  and complete a free consultation please give us a call at 1-800-994-3070 we would be happy to help.

If you are hoping to dispute and work on your credit report on your own, here is a link that provides you with a few ideas on how to go about DIY Credit Repair.

Denied! Millennial’s Battle With Credit

Combating Credit in this Era

Let’s start out by saying what everyone already knows, the credit system is flawed and predatory in many ways. The concept of paying back what you have borrowed is pretty straightforward and  providing an incentive to pay back your debts is needed, but how credit affects your life outside of your initial purchases is where we encounter some of the initial issues. Combating fraud, data entry incompetence, lack of history, credit discrepancies and general ignorance of the system stand between us and the life we are meant to live. If life is what you make it, then the person that is financing the jet ski under my name has been living my best life! 

The Necessity of Credit

Credit seems to be this metaphorical door that when opened, can lead us down a road of wonderment and bliss, but can also send us to the brink of financial destruction. When I thought of credit when I was in highschool, I believed that credit cards were to be used when an emergency arose and you didn’t have the money to handle the situation and was a factor in acquiring a home and vehicle . Now I understand that credit makes up a little bit of everything in our life; jobs, car insurance, renting an apartment, bills, the list goes on and on. Are we really living our own  life here or just borrowing pieces of it from one another until we are unable to borrow anymore? Am I just going to be stuck in a constant wage grind to keep everything paid off and my scores high? Why didn’t schools teach us how any of this works instead of the symbolism in Moby Dick and square dancing? Sit down, be quiet and stop asking questions that don’t pertain to the rich world of Geology! 

You Need Credit to Build Credit.

Is anyone else getting sick of the catch-22 that “you need credit to build credit?” As a millennial, I think I have heard this more than the phrase “You need 5 years of prior experience for this entry level position.” According to Bankrates latest survey  58% of millennials have been denied some sort of financial product due to their credit score and the rate of denial seems to increase as the years go by. I swear I haven’t been using my credit to finance avocado toast and Ricky Martin vinyls, so what is really going on and why are denial rates so high? Well, this failure rate may partially be due to legislation enacted in the last decade. “An unintended consequence of the CARD Act, which went into effect in 2010, is that it has become much harder for people in their early and mid-twenties to obtain credit,” says Ted Rossman, industry analyst at Bankrate. “Establishing credit is a lot like getting started in your career. Everyone wants you to have experience, but it’s hard to get that first experience.” Considering that the length of credit  history makes up a little over 15% of your overall credit score, lacking this “experience” is detrimental to personal credit progression.

How Am I Supposed To Build Credit?

Building credit with no credit can seem like a daunting task due to the “you need credit to build credit” motto that resonates like nails on a chalkboard, but this is not an impossible feat by any means. My time at Credit Law Center has taught me that building credit is like building a home and that you need to form a sturdy foundation before you can begin to think about anything else. In this case, our foundation starts with a secured credit card acquire from our bank. Keeping a low utilization rate of your card and making payments on time are the first step in building this house and getting on with your life of working 2 jobs to afford basic essentials! Next, acquiring  an installment loan and an actual credit card can really get this ball moving. Don’t forget, the second verse is the same as the first, “make payments on time and hold card utilization below 30%!”. 

free credit repair consultation

Ok, I’m Building Credit…What’s Next?

Now that your credit is slowly climbing it is time to STALK. YOUR. CREDIT. I mean we are talking white radio van in the neighborhood kind of stalk, creepy phone calls and obscure photographs of that 750 score in the background! Ok, that may be a little much, but you really do need to monitor your credit with vigilance and poise if you want to keep those numbers up. According to the Fair Credit Reporting Act, you’re able to request one free credit report per year from Experian, Equifax and TransUnion. OK, one pull a year is really not going to cut it in this case so we need to get a little creative in how we acquire our information. The good news is that many credit card companies offer free tools that allow you to view your scores and the items associated with them monthly.

The Bottom Line

I wish I could say that I have been able to provide you with every tidbit of information that you will need to navigate this post apocalyptic  credit wasteland we are all attempting to survive in, but I have only scraped the surface of this beast. The bottom line is that credit is not always fair and we are stuck in this together without any sight of a “No Borrower Left Behind” law gracing us in the near future, but having a strong understanding of your score and knowledge over how to build credit in a healthy fashion can be the defining factor in a successful life  or a stressful one.

Article by Joe Peters

Do you have questions about your credit report? If you would like to speak with one of our attorneys or credit advisors  and complete a free consultation please give us a call at 1-800-994-3070 we would be happy to help.

If you are hoping to dispute and work on your credit report on your own, here is a link that provides you with a few ideas on how to go about DIY Credit Repair.

There’s More To Credit Than Meets The Eye

Understanding Your Credit Score

Credit has become so essential to most big purchases you as a consumer will have to make, and that can be scary if you do not know how credit works. Credit can be confusing, but the more you can learn and utilize your credit effectively, the better off you will be in your financial future.

A credit score above 700 is typically considered good, and if it is above 750 then that is excellent. 800 is typically the highest and 350 the lowest on most credit scales. This score is determined through 5 different factors:

  1. Payment History: Late payments will lower your credit score.
  2. Amount Owed: If you have a high credit utilization ratio, then your score will be lower. 
  3. Length of Your Credit History: The longer you exemplify responsible financial behavior, the better your score will be. On average, most people in the excellent credit category have a credit history exceeding 7 years.
  4. Your Credit Mix: Having a diversified credit portfolio including multiple different types of credit should help increase your credit score.
  5. New Credit: The more often you apply for credit, the worse your score will be. Opening new accounts also lowers the average length of your credit history, which effects factor 3 on this list.

Other Possible Influences on Your Credit Score

Joint accounts can affect your individual credit score. So, a late payment by either party included in the joint account can hurt both people’s credit.

Student loans are also dangerous for young people who do not know how to manage their credit year. Making sure to make these payments on time can be very beneficial to a student’s financial wellbeing in the future.

Raising Your Credit Score

Bad credit can seem scary and overwhelming, but it is not irreversible. Through responsible financial behavior and potentially the help from credit repair companies, you can raise your score to a level you will be proud of. Keeping an eye on your credit and just being mindful of your financial habits can go a long way in raising your score.

free credit repair consultation

Fun Facts About Your Credit

Knowing as much as you can about credit and credit scores in general can actually be very beneficial to your everyday life. Although dealing with credit may not always be the most fun activity, impressing people with all of the knowledge you have about credit might be slightly more entertaining. So, here are some “fun facts” about credit you probably did not know before!

  1. Around 40 percent of United States consumers have applied for new credit a minimum of one time this year. Obtaining new credit does make up 10 percent of your credit score too.
  2. Minnesota has the highest average FiCO credit score in comparison to the rest of the states in the United States at 728. Some may argue that this is because of their conservative debt managing strategy, their booming Twin Cities economy, their low natural rate of unemployment, or their low cost of living.
  3. The average FICO credit score in the United States is 704, which is actually not a bad score. Keeping your credit score above average will make you stand out more, though, when applying for credit. There are ways to get it up too if your score falls somewhere below the national average.
  4. Keeping your credit utilization ratio low is very important when it comes to keeping a good credit score, which is why consumers with scores about 785 use only about 7 percent of their credit. The lower that percentage, the better your score.
  5. On average, American consumers have about 14 credit accounts open and about 5 credit cards reported on their credit report. As long as payments are all made on time, there is nothing to worry about here.
  6. The top 1 percent of consumer credit would be those consumers with scores of 850. You do not have to keep your credit score this high to be considered a responsible consumer, though. Scores ranging between 670 and 739 are also considered good.
  7. FICO scores are what are checked most commonly by lenders with a usage rate of over 90 percent.
  8. Poor credit scores would be those falling below 580. Only about 16 percent of American consumers fall into this group.
  9. Fair credit scores range between 580 and 669. About 17 percent of the population would fall into this category.
  10. Good credit scores would range between 670 and 739. 24 percent of the population would be considered to have good credit.
  11. Very good credit scores would range from 740 to 799. About 23 percent of the American population falls into this range.
  12. Finally, Exceptional credit scores would be considered over 800. About 20 percent of the population falls into this category of people.

Article by Joe Peters

Do you have questions about your credit report? If you would like to speak with one of our attorneys or credit advisors  and complete a free consultation please give us a call at 1-800-994-3070 we would be happy to help.

If you are hoping to dispute and work on your credit report on your own, here is a link that provides you with a few ideas on how to go about DIY Credit Repair.

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