Probably not ! 30% americans don't and thats a fact!
here are some facts
The majority of consumers have subprime credit scores, report says- The Washington Post
- Now back to that 30% figure: That’s 30% of all consumers who have a score with at least one of the credit bureaus, or what VantageScore calls a “score-able” person. VantageScore says there are about 220 million score-able people and 68 million of them have bad or poor scores (lower than 601), which is how they got to that 30% estimate.
- Though Americans’ average credit score (for those who have established credit history) has been slowly improving since the Great Recession, most consumers have credit that is less than stellar. Fifty-one percent of the nation’s credit users have subprime credit scores (under 720), while one in three has a score lower than 620.
how does credit work?
your credit has 4 major components.
Payment history = how well you pay your debts. It is measured by time
- Details on late or missed payments ("delinquencies") and public record and collection items
- How late they were
- How much was owed
- How recently they occurred
- How many there are
Amount owed = Dollar sum of debt or credit.
Credit Length = amount of time with an account
Type of Credit = there are many different types of credit lines you have. theses include ;
- Credit cards (Visa, MasterCard, American Express, Discover, etc.)
- Retail accounts (credit from stores where you shop, like department store credit cards)
- Installment loans (loans where you make regular payments, like car loans)
- Finance company accounts
- Mortgage loans
New Credit = pretty self explanatory.
what hurts your credit?
- Payment history -The first thing any lender wants to know is whether you’ve paid past credit accounts on time. This is one of the most important factors in a FICO® Score.
- Bankruptcies - will stay on your credit report for 7-10 years, depending on the type
- Wage attachments