Analyzing credit scores and card balances
According to a study by VantageScore® Solutions LLC, consumers with credit scores between 601 and 650 carry the largest credit card bills, at more than $10,000 — nearly 2x that of the average consumer. Other key findings include:
- Those with the highest scores have the largest total credit limit ($46,735), compared with just $2,816 for those with the lowest scores.
- The average credit card holder has $29,197 in credit lines, with an average balance of $5,720.
- Those with scores between 701 and 750 use an average of 27% of their available credit versus 47% for those with scores between 651 and 700.
The study reinforces the importance of staying current on the latest credit trends to best identify areas of opportunity and adjust lending strategies accordingly.