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Jan 14 - Average FICO score hits record high—heres the average credit score in every state


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 2 weeks ago '11        #1
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Jan 14 - Average FICO score hits record high—heres the average credit score in every state
 

 
The average FICO score in the U.S. hit a record high of 703 in 2019, according to the 2019 Experian Consumer Credit Review. That’s a two-point increase from 2018 and up 14 points since 2010.

A 703 FICO score falls within the range of good credit (670 to 739). The fact that many Americans have good credit scores is promising, since having a high score is key to qualifying for the best credit cards, mortgages and competitive loan rates.

If you have good credit, you may qualify for competitive travel rewards cards, like the Chase Sapphire Preferred® Card, or solid cash-back credit cards, like the Citi® Double Cash Card.

CNBC Select breaks down the key credit score findings from Experian’s report, the average credit score in every state and some easy ways to improve your credit score.

Key findings

The average FICO score in the U.S. hit a record high of 703 in 2019
Minnesota residents have the highest average credit score for the eighth consecutive year at 731
Mississippi residents have the lowest average credit score at 667
59% of Americans have a FICO score of 700 or higher — the biggest percentage ever seen at that level
FICO score ranges

Credit score ranges vary based on the credit scoring model used (FICO versus VantageScore) and the credit bureau (Experian, Equifax and TransUnion) that pulls the score. Previously Experian used VantageScores in their Consumer Credit Review, but switched to FICO scores in 2019. This is a welcome change since lenders opt to use FICO scores in 90% of U.S. lending decisions.

Here are the FICO score ranges, based on estimates from Experian.

Very poor: 300 to 579
Fair: 580 to 669
Good: 670 to 739
Very good: 740 to 799
Excellent: 800 to 850

Top 10 states with the highest credit scores

Similar to prior years, Midwestern states have the highest average credit scores. Minnesota topped the list for the highest average FICO score (733) for the eighth straight year. And Wisconsin jumped up seven points from 2018 to round out the top five states.

Minnesota: 733
North Dakota: 727
South Dakota: 727
Vermont: 726
Wisconsin: 725
New Hampshire: 724
Hawaii: 723
Massachusetts: 723
Nebraska: 723
Washington: 723
Top 10 states with the lowest credit scores

Southern states have lower average credit scores than the rest of the U.S., and Mississippi ranks as the worst with an average 667 FICO score. The three states (Mississippi, Louisiana, Alabama) with the lowest credit scores remained the same as 2018, but each state increased scores by up to two points.

Mississippi: 667
Louisiana: 677
Alabama: 680
Texas: 680
South Carolina: 681
Georgia: 682
Oklahoma: 682
Arkansas: 683
Nevada: 686
New Mexico: 686
Average FICO Scores by state
State
2018
2019
Alabama 680 680
Alaska 704 707
Arizona 694 696
Arkansas 683 683
California 706 708
Colorado 716 718
Connecticut 716 717
Delaware 700 701
District Of Columbia 700 703
Florida 694 694
Georgia 680 682
Hawaii 721 723
Idaho 710 711
Illinois 709 709
Indiana 698 699
Iowa 720 720
Kansas 711 711
Kentucky 691 692
Louisiana 675 677
Maine 712 715
Maryland 701 704
Massachusetts 721 723
Michigan 705 706
Minnesota 732 733
Mississippi 666 667
Missouri 700 701
Montana 718 720
Nebraska 722 723
Nevada 684 686
New Hampshire 722 724
New Jersey 713 714
New Mexico 685 686
New York 710 712
North Carolina 693 694
North Dakota 726 727
Ohio 704 705
Oklahoma 682 682
Oregon 716 718
Pennsylvania 711 713
Rhode Island 710 713
South Carolina 680 681
South Dakota 727 727
Tennessee 689 690
Texas 680 680
Utah 714 716
Vermont 725 726
Virginia 708 709
Washington 721 723
West Virginia 686 687
Wisconsin 718 725
Wyoming 710 710
Wyoming 711 712
Source: Experian
How to raise your credit score

If you have a credit score lower than the average 703, consider following these simple tips to improve your credit. And even if you have a 703 or higher credit score, it’s important to stick to these actions.

Make on time payments

Payment history is the most important factor of your credit score, so it’s key to always pay on time. Set up autopay or reminders to ensure you don’t miss a bill.

Pay in full

While you should always make at least your minimum payment, we recommend paying your bill in full every month to reduce your utilization rate (your total credit card balance divided by your total available credit) and avoid paying high interest charges.

Don’t open too many accounts at once

Each time you apply for credit, whether it’s a credit card or loan, an inquiry appears on your credit report. This temporarily dings your credit score about five points, though it will bounce back within a few months. Try to limit applications as needed and shop around with prequalification tools that don’t hurt your credit score.

visit this link https://www.cnbc.com/sele .. cord-high-703/
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112 comments
 

 2 weeks ago '16        #2
Hector 
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It’s easier to game the system now and people have access to the knowledge.
+69   

 2 weeks ago '17        #3
Johnnytusanmi  topics gone triple plat - Number 1 spot x3
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is this a left over from Obama too?
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 2 weeks ago '19        #4
Mental Illness 
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thank you trump
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 2 weeks ago '11        #5
Sin  topics gone triple plat - Number 1 spot x7 OP
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 Hector said
It’s easier to game the system now and people have access to the knowledge.


a lot of Americans don’t have $1000 for emergencies but have a 700 credit score
+110   

 2 weeks ago '17        #6
Ymmot 
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This is seemingly a good sign.
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 2 weeks ago '12        #7
OldBusiness 
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 Johnnytusanmi said
is this a left over from Obama too?
Obama passed the Credit Card Act of 2009, and its been trending upwards ever since

So yes actually.... it is a left over from Obama since he passed the Credit Card Act of 2009 which gave consumers longer times to pay credit card bills, blocked retroactive rate increases, eliminated harvester cards/marketing to kids, and changed how card companies applied payments in excess of the minimum payment amount to your highest interest rate balance.

Trumps rule he signed deregulated banks, removed restrictions Obama put in place to slow down how banks/card companies were fu*king over people, and gave more protections than ever to banks when it comes to arbitration. The only thing he gave consumers was removing the fee card companies could charge if you wanted to 'freeze' your credit'

You stupid fu*k

Heres some reading for your dumbass. You forget this type of sh*t was Mulvaneys OG job in the Trump admin before he was tossed into the fake chief of staff role and hes as anti consumer as they come.

Unlike most people, Seal Beach resident Tom Hazelleaf took the time to read the contract when he recently received a new MasterCard.

The card, issued by Capital One, includes the benefit of being compensated “for losses you incur as a result of identity fraud,” which the agreement declares clearly and seemingly definitively.

But if you keep reading, you come to a lengthy series of exceptions that will not be covered. These include “indirect or direct damages or losses of any nature.”

Waitaminnit. Losses you incur are covered, but not losses of any nature?


“It seems to me they’re saying that if they don’t want to pay you, they don’t have to,” Hazelleaf said. “That seems to make their identity fraud reimbursement basically useless.”

This latest adventure in fine print comes as the Trump administration systematically rips apart the Consumer Financial Protection Bureau, making it a watchdog in name only.

The bureau is charged with managing the Credit Card Accountability Responsibility and Disclosure Act, a.k.a. the Card Act, signed into law by former President Obama in 2009. The purpose of the Card Act is to “establish fair and transparent practices relating to the extension of credit.”

Needless to say, the approach to credit card issuers under Trump is markedly different than it was under Obama.

When the CFPB issued its first report on the effects of the Card Act in 2013, it credited the law with creating “a market in which shopping for a credit card and comparing costs is far more straightforward than it was prior to enactment of the act.”

However, the agency still found a number of areas of concern requiring further scrutiny, including add-on products such as identity-theft protection, which CFPB said are “frequently sold in a manner that harms consumers.”

A second report in 2015 reiterated concerns over practices “that still create risks to consumers.”

The latest report — the first under Trump’s watch — was released in December. It has no concerns about the credit card market.

Rather, it says “the market shows significant innovation” and, overall, there’s “a positive picture for consumers in the credit card market.”

Yes, kids: Banks are your friends!

This is, of course, foolish. While the Card Act has helped make the market for plastic more transparent, I can’t imagine any consumer thinking there’s no need for vigilance.

“The problems from the earlier reports did not disappear overnight from the marketplace,” said Linda Sherry, a spokeswoman for the advocacy group Consumer Action. “This latest report is just willfully ignoring them.”

A CFPB spokesman said the December report was just as thorough as past efforts. “The contents of the report should not be used to infer a lack of concern regarding any unlawful conduct the bureau is authorized to address,” he said.

Be that as it may, things are different.

Since Mick Mulvaney, who also serves as White House budget director, took over in November as interim chief, the order of the day has been to scale back regulatory oversight and enforcement as much as possible.

Under Obama, the CFPB’s top goal was to “prevent financial harm to consumers while promoting good practices that benefit them.”

Mulvaney rewrote that mission statement. The CFPB’s main goal now is to “ensure that all consumers have access to markets for consumer financial products and services.”

The White House also has called for slashing the bureau’s budget by 23% and eliminating rules “that unduly burden the financial industry.”

Not that banks are having a hard time making piles of money.

According to the Federal Deposit Insurance Corp., the U.S. banking industry would have pocketed a record $183.1 billion in profit last year if it wasn’t for one-time charges related to the Republicans’ tax bill. As it stands, banks had to make do with profit of $164.8 billion.

Meanwhile, total household debt is at a record $13.15 trillion, according to the Federal Reserve. Consumers were carrying a total of $834 billion in credit card balances as of the end of last year.

The latest CFPB report notes that “consumer credit card debt now exceeds its pre-recession peak,” but it has nothing to say on potential hazards to borrowers, such as harm to credit scores through delinquencies and defaults.

An air of detached blandness permeates the more than 350-page document, as if a government entity called the Consumer Financial Protection Bureau can’t be bothered to interpret credit card data from a perspective of safeguarding consumers’ best interests.

As for that amazing credit card that both reimburses and doesn’t reimburse for identity-theft losses, it took Capital One a few days to come up with an explanation.

Amanda Landers, a spokeswoman, said that when the card agreement says people won’t be reimbursed for “indirect or direct damages or losses of any nature,” what it means is that you won’t be compensated for “certain types of legal damages that may be awarded in civil actions.”

Then why doesn’t it say that?

Landers said I’d need to take that up with MasterCard.

Sarah Ely, a MasterCard spokeswoman, told me “the policy does not include payment for damages, direct or indirect, that may be awarded as a result of any lawsuit.”

But, again, that’s not what it says.

What it says is that cardholders won’t be repaid for “indirect or direct damages or losses of any nature.” There’s no mention of lawsuits.

If anything, the ambiguous language creates a huge loophole that, theoretically, would allow MasterCard or Cap One to ignore any losses it pleases — which is exactly what worried Hazelleaf.

Moreover, what kind of damages are we talking about?

Ely said cardholders may be covered for “attorney fees or court costs a*sociated with civil suits brought against the cardholder as a result of identity fraud,” even though the contract says there’s no coverage for “an act of fraud, deceit, collusion, dishonesty or criminal act by you or any person acting in concert with you.”

That suggests coverage only in cases of mistaken identity, in which the fraud victim is left holding the bag for the I.D. thief’s mess.

However, it’s hard to imagine any court making a cardholder financially accountable in such circumstances, so I’m still scratching my head over what sort of “damages” MasterCard is worried about. If they mean legal defense costs, they should say legal defense costs.

Ely finally thanked me for bringing this to the company’s attention. She said MasterCard is “actively working to clarify the terms in future iterations of the original cardholder details you referenced to help alleviate confusion.”

A small thing perhaps, but with potentially large ramifications.

Under other circumstances, this might have been the sort of thing the CFPB could have straightened out.

But it sees no reason to worry.

David Lazarus’ column runs Tuesdays and Fridays. He also can be seen daily on KTLA-TV Channel 5 and followed on Twitter @Davidlaz. Send your tips or feedback to .
Yeah, once again you dumb fu*ks have to live with the fact that he still has not done a damn thing for America

@


Last edited by OldBusiness; 01-14-2020 at 09:00 AM..
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 2 weeks ago '19        #8
Gold Face  topics gone triple plat - Number 1 spot x2
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Everything good is the product of Obama everything bad product of trump

These idiots think if they type enough stuff people will believe them

But the fact is Obama came and went none of contributions have long term effect except men allowed to use women’s bathroom
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 2 weeks ago '10        #9
Shhon 
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+17   

 2 weeks ago '04        #10
Real 
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 OldBusiness said
Actually it is a left over from Obama since he passed the Credit Card Act of 2009 which gave consumers longer times to pay credit card bills, blocked retroactive rate increases, eliminated harvester cards/marketing to kids, and changed how card companies applied payments in excess of the minimum payment amount to your highest interest rate balance.

Trumps rule he signed deregulated banks, removed restrictions Obama put in place to slow down how banks/card companies were fu*king over people, and gave more protections than ever to banks when it comes to arbitration. The only thing he gave consumers was removing the fee card companies could charge if you wanted to 'freeze' your credit'

You stupid fu*k

Heres some reading for your dumbass. You forget this type of sh*t was Mulvaneys OG job in the Trump admin before he was tossed into the fake chief of staff role and hes as anti consumer as they come.



Yeah, once again you dumb fu*ks have to live with the fact that he still has not done a damn thing for America

@


@


+13   

 2 weeks ago '19        #11
Gold Face  topics gone triple plat - Number 1 spot x2
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 OldBusiness said
Obama passed the Credit Card Act of 2009, and its been trending upwards ever since

So yes actually.... it is a left over from Obama since he passed the Credit Card Act of 2009 which gave consumers longer times to pay credit card bills, blocked retroactive rate increases, eliminated harvester cards/marketing to kids, and changed how card companies applied payments in excess of the minimum payment amount to your highest interest rate balance.

Trumps rule he signed deregulated banks, removed restrictions Obama put in place to slow down how banks/card companies were fu*king over people, and gave more protections than ever to banks when it comes to arbitration. The only thing he gave consumers was removing the fee card companies could charge if you wanted to 'freeze' your credit'

You stupid fu*k

Heres some reading for your dumbass. You forget this type of sh*t was Mulvaneys OG job in the Trump admin before he was tossed into the fake chief of staff role and hes as anti consumer as they come.



Yeah, once again you dumb fu*ks have to live with the fact that he still has not done a damn thing for America

@
All this is nothing burgers you fool!


Credit scores are up cause wait for it.....

wages are up, jobs are up, unemployment is down small business is booming Market is up and that’s all connected to trump

Y’all living in the past

Your post insinuates that passing legislation can improve individuals credit scores. Only individuals can improve an individuals credit scores and they can only do it with wage increases and job opportunity



Last edited by Gold Face; 01-14-2020 at 09:08 AM..
-21   

 2 weeks ago '17        #12
Johnnytusanmi  topics gone triple plat - Number 1 spot x3
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 Real said


@


Everything is a left over from Obama unless it's bad GOATBAMA

Always screaming about deregulation then screams we need to be like Sweden and they are more deregulated than us
-11   

 2 weeks ago '17        #13
Ymmot 
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 Gold Face said
All this is nothing burgers you fool!


Credit scores are up cause wait for it.....

wages are up, jobs are up, unemployment is down small business is booming Market is up and that’s all connected to trump
I'm not surprised you don't know anything about the economy but wages are still stagnant just like they were under Obama. The wages still haven't caught up with the inflation rate. I know you just wanted to say some sh*t because you really believe you know what you're talking about, but clearly you don't. Also, small business is NOT booming, small business is doing really well in a bunch of "liberal sh*thole" cities, which you posted in a thread about a year ago, but overall small businesses never really recovered from the economic crash in 2008.
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 2 weeks ago '17        #14
Ymmot 
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 OldBusiness said
Obama passed the Credit Card Act of 2009, and its been trending upwards ever since

So yes actually.... it is a left over from Obama since he passed the Credit Card Act of 2009 which gave consumers longer times to pay credit card bills, blocked retroactive rate increases, eliminated harvester cards/marketing to kids, and changed how card companies applied payments in excess of the minimum payment amount to your highest interest rate balance.

Trumps rule he signed deregulated banks, removed restrictions Obama put in place to slow down how banks/card companies were fu*king over people, and gave more protections than ever to banks when it comes to arbitration. The only thing he gave consumers was removing the fee card companies could charge if you wanted to 'freeze' your credit'

You stupid fu*k

Heres some reading for your dumbass. You forget this type of sh*t was Mulvaneys OG job in the Trump admin before he was tossed into the fake chief of staff role and hes as anti consumer as they come.



Yeah, once again you dumb fu*ks have to live with the fact that he still has not done a damn thing for America

@
Isn't this the same thing that Republicans called Clinton out for, which they say partly caused the economic crash in 2008? This led to more people taking out loans that they couldn't afford to pay back?
+2   

 2 weeks ago '05        #15
P-Hill|M 
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 OldBusiness said
Obama passed the Credit Card Act of 2009, and its been trending upwards ever since

So yes actually.... it is a left over from Obama since he passed the Credit Card Act of 2009 which gave consumers longer times to pay credit card bills, blocked retroactive rate increases, eliminated harvester cards/marketing to kids, and changed how card companies applied payments in excess of the minimum payment amount to your highest interest rate balance.

Trumps rule he signed deregulated banks, removed restrictions Obama put in place to slow down how banks/card companies were fu*king over people, and gave more protections than ever to banks when it comes to arbitration. The only thing he gave consumers was removing the fee card companies could charge if you wanted to 'freeze' your credit'

You stupid fu*k

Heres some reading for your dumbass. You forget this type of sh*t was Mulvaneys OG job in the Trump admin before he was tossed into the fake chief of staff role and hes as anti consumer as they come.



Yeah, once again you dumb fu*ks have to live with the fact that he still has not done a damn thing for America

@

+9   

 2 weeks ago '05        #16
P-Hill|M 
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My credit score is high.. why? Pay more than minimum on my balances, always pay on time (I have 100% payment history on all my cards for the last 10+ years they've been active), and I keep my card utilization at or below 10%

I use my credit to sell trade lines
+17   

 2 weeks ago '17        #17
yousabitch 
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 Johnnytusanmi said
is this a left over from Obama too?
Nothing to do with a president you jackass..This has to do with people educating themselves on the importance of credit as well as there being more credit restoration companies now
+3   

 2 weeks ago '19        #18
Gold Face  topics gone triple plat - Number 1 spot x2
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 Ymmot said
I'm not surprised you don't know anything about the economy but wages are still stagnant just like they were under Obama. The wages still haven't caught up with the inflation rate. I know you just wanted to say some sh*t because you really believe you know what you're talking about, but clearly you don't. Also, small business is NOT booming, small business is doing really well in a bunch of "liberal sh*thole" cities, which you posted in a thread about a year ago, but overall small businesses never really recovered from the economic crash in 2008.
You wouldn’t know that wages are up all over the country

That small businesses are expanding, hiring, and paying out more and more and the growth is projected to push through 2020

A. Because your a weirdo stalker

And

B. Cause boxden moves good trump
News to the back misinforming you losers


-4   

 2 weeks ago '17        #19
Ymmot 
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 Gold Face said
You wouldn’t know that wages are up all over the country

That small businesses are expanding, hiring, and paying out more and more and the growth is projected to push through 2020

A. Because your a weirdo stalker

And

B. Cause boxden moves good trump
News to the back misinforming you losers



So from your projections I gathered that you get your news from boxden. That's sad, but I guess you do spend all day every day on here.

 2 weeks ago '17        #20
Johnnytusanmi  topics gone triple plat - Number 1 spot x3
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 yousabi*ch said
Nothing to do with a president you jackass..This has to do with people educating themselves on the importance of credit as well as there being more credit restoration companies now
It was bait and dude already gave Obama credit
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 2 weeks ago '12        #21
OldBusiness 
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 P-Hill said
My credit score is high.. why? Pay more than minimum on my balances, always pay on time (I have 100% payment history on all my cards for the last 10+ years they've been active), and I keep my card utilization at or below 10%

I use my credit to sell trade lines
Obamas legislation is definitely working hand/hand with your paying more than the minimum
+6   

 2 weeks ago '06        #22
philly337 
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 OldBusiness said
Obama passed the Credit Card Act of 2009, and its been trending upwards ever since

So yes actually.... it is a left over from Obama since he passed the Credit Card Act of 2009 which gave consumers longer times to pay credit card bills, blocked retroactive rate increases, eliminated harvester cards/marketing to kids, and changed how card companies applied payments in excess of the minimum payment amount to your highest interest rate balance.

Trumps rule he signed deregulated banks, removed restrictions Obama put in place to slow down how banks/card companies were fu*king over people, and gave more protections than ever to banks when it comes to arbitration. The only thing he gave consumers was removing the fee card companies could charge if you wanted to 'freeze' your credit'

You stupid fu*k

Heres some reading for your dumbass. You forget this type of sh*t was Mulvaneys OG job in the Trump admin before he was tossed into the fake chief of staff role and hes as anti consumer as they come.



Yeah, once again you dumb fu*ks have to live with the fact that he still has not done a damn thing for America

@
Made that boy look pitiful
+6   

 2 weeks ago '06        #23
philly337 
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Anyway this is good news. Theres some ref flags starting to show for the economy but this shows people are keeping up with their bills which is good
+3   

 2 weeks ago '17        #24
Ifeellikekobe 
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I think those numbers are inflated by the credit companies. It benefits them to make it seem like more Americans have access to credit so they can justify their business model. Also continue to hide that they put everybody's personal information in the streets.


Last edited by Ifeellikekobe; 01-14-2020 at 11:21 AM..
+6   

 2 weeks ago '05        #25
Sivraj 
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 philly337 said
Anyway this is good news. Theres some ref flags starting to show for the economy but this shows people are keeping up with their bills which is good
I was about to say that this is good news people are taking their credit serious.
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