GMAC Mortgage, Corporate Relocation Division
CREDIT SCORES IN 2006
What You Need to Know…
Average number of credit obligations per
$12,190 Amount of available credit most consumers
have access to
1 in 8
Use 80% or more of their credit limit. More
than half are using less than 30% of the
Percentage of consumers carry more than
$10,000 of debt as reported to the credit
bureaus. This includes all credit cards, lines of
credit, and loans-everything but mortgages.
> 4 out
Number that has ever been 30 or more days
late. Only 2 out of 10 have ever been 60 or
more days late
Percentage that has ever had a loan or
account closed by a lender due to default
National average credit score. Credit scores
can range from 300-850
Top 5 Ways You Can Improve
1. Pay your bills on time.
2. If you’ve missed payments, get
current and stay current.
3. Keep balances low on revolving
credit, generally below 70% of the
4. Complete the Pre-Approval process
with different lenders within a
short period of time, typically 14
5. Open new accounts responsibly and
pay them off on time to reestablish
your credit history.
Did you know?
Negative items affect your credit score much more
quickly than positive items. Late payments can
negatively affect your score in just a few weeks,
whereas paying bills on time may take 6 to 12 months
to generate a significant improvement in your score.
Credit History is #1 Reason People Are Denied For a Loan
Where do you transferees fit in?
up to 499
National Distribution of Credit Scores
Credit Score Range
% of Population Source: http://www.myfico.com
What’s Not In Your Score What’s In Your Score
• Your salary, occupation, title,
employer, date employed or
• Payment History, 35%
• Your race, color, rel