straight talk

The Average Credit Score of All Americans Is 692, Really?



Posted: Tuesday, October 28, 2008

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So what does that say? Well we should all know how to figure averages, at least we hope so? Yet what that means is many Americans have money and they also have real GOOD credit scores and are not as bad off as it all is being projected. Yes a score good enough to get a mortgage, or anything else one wanted to finance. You know that, I know that and the finance companies know that. That is if that is true and if it is why isn't the banks lending?

Since it seems very few are able to get a loan today even when the average scores are 692 , meaning there are still many more much higher, then just what can it be that explains why so many people are being turned down for credit? Is it debt to income ratio? Well if your credit is that high and that is a fairly high score, then one suspects that is not an issue. So just what is it?

No answer. Yet when I pull my score it is so low they can't find it. If I go to a car dealer to buy a car and finance it is even lower then that. So just why is "credit" the issue? Well the answer lies much deeper then we average Americans will ever know. Notice there I go again with the "average" definition. Well that is most of us working types. Of course some fit in the "Middle Class" making upwards of $65,000 a year and defined by Obama and McCain as making even more then that. Hey an add said if you're a nurse making $60,000 a year you will get $1000.00 back from Obama. Yes and if your making $60,000 a year and hurting then you evidently in my opinion just might be who many people say you are, irresponsible. Yet you are "Credit Worthy".

So the ball parks are full, people still going to dance lessons and Little League and other social activities and eating out not as much but still doing it, while about 50 to 60 million of us can't pay the light bill. Yes and just today our president Bush told the banks to "start lending".

So just what is wrong with this picture? I could write but why bother. It doesn't matter. I just found it an interesting observation. Hey feel free to chime in. Perhaps you have the answer?

Robert T. Melaccio Sr. 2008 Copyright 2008 Robert Melaccio Sr.



Robert Melaccio Sr. has worked in the computer industry for 40 plus years in a diversified business and managerial environments. He enjoys freelance writing, giving seminars for young adults and teen groups as well as being an accomplished award winning poet of published poetry. He has worked teaching and as a youth minister. He is married and has three children and three grandchildren.

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Top-level comments on this article: (1 total)
» left by Avis Ward
 3 years 102 days ago.
131 fans.
RM, I believe you know me to know I will laugh when I find something funny. It's never meant to insult or offend. I found myself laughing as I read some of the facts/truths you gave. I would never want to upset you but the statement about your credit score being so low they couldn't find it . . . that was funny. I bet you, mine has been lower.

So you see, I laugh for more than to poke fun at you but because I relate. One day, I will share with you some of my blessings even with a low credit rating. People around me are amazed at the favor I receive. RM, because of His Word and taking it literally, it did not matter about the rating. I do not use this world's system even though I am fully aware of it. I don't dibble and dabble or flounder between the two, either. No straddling the fence, here. He is Faithful. I give Him the credit not a FICO score. I am blessed, so blessed, even in my trials and struggles, blessed. I have been taught to give out of need. It's done freely, cheerfully and not begrudgingly. God's Word is true. I want It to get into the hearts of people. This system will always disappoint and let us down. He never will. I intentionally remain ignorant to some [worldly] things but seek Him always. I am only what He has made me to be...and still in the process of becoming. Otherwise, I'm nothing.

Maybe I didn't chime in with what you were asking. I know, it is ridiculous to hear the President telling the banks to lend when the people who are in need the most will not be the ones to qualify for the loans . . . because of not being "creditworthy." You have given reasons why in other articles. It's senseless! I couldn't agree more! My belief is 'sense-less' too because it's by faith, not seen but believed.

You know I enjoy reading you even though I don't always comment. I share this to help. It comes with humility from the heart. Warmest regards ever, your friend . . AW
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» left by robert 3 years 101 days ago.
Avis no offense at all my friends. I'm glad you got it as I intended. I think I'm the first one with a minus 592. Just kidding it is minus 692.  I wrote that line in humor because even when you have the truth in your hand right before you it always seems someone will tell you it is lower. It is all about giving you a loan at a higher rate. Example, we were with a bank 30 years mind you and couldn't get a loan for 2 points, even though we pay our car loan on time through them. Yes Avis there is more at work then we know.  Yes and we understand emphatically that God always has a way to open a door. You can tell people that, explain that to them, point that to them but they have to believe. It is what it is, trust.  best wishes my friend.
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