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Experian's National Score Index Shows Average Credit Score Drops 98 Points for Consumers with One Late Auto Payment Versus Those Without
Experian's National Score Index study showed that the average credit score for U.S. consumers with no late auto payments is nearly 100 points higher than those who have at least one late payment. The national average credit score for consumers with no late auto payments is 703, while the average score for consumers with at least one late payment is 605.
The average credit score drops further to 580 when an auto payment is late by 90 days or more. Texas had the lowest average credit score for those with at least one late auto payment at 592 and also had the highest monthly auto payment of $570. Conversely, consumers in New Hampshire had the highest average credit score of 728 for those with no late auto payments. Overall the study found the following:
- Nationwide, 12 percent of consumers have at least one late auto payment on file
- The national average balance on an auto loan is $15,654
- The average U.S. monthly auto payment is $495
- 28 percent of the U.S. population has at least one auto loan or
An automobile can be one of the larger purchases consumers make over their lifetime and a higher credit score could affect the financing amount and monthly payment. Paying bills on time and spending within your means are cornerstones of effective credit management which can have a positive impact on a consumer's credit score.
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