FICO Credit Scores


About 20% of American adults with FICO credit scores have an 800 or more, according to Fair Isaac Corp. It turns out there are few benefits for scores past the high 700s, a range that generally rewards borrowers with lower interest rates and higher credit limits. The biggest outcome for achieving a super-high 800+ score? More mail offers for new credit cards. Nationwide, consumers with scores over 760 averaged APRs of 4.79%, compared with 5.16% for scores from 680 to 719. (WSJ)


The national average for a 30-year, fixed-rate conforming loan is around 4.84%, but California—an emblem of all that is expensive in every other aspect of real estate—has the lowest average mortgage rates in the nation at 4.74%. The next best performers, rate-wise, include New Jersey, Washington, and Massachusetts, in that order. New York's rates were amongst the very highest averaging 4.96% and APR reaches 5.07%, along with Iowa, Arkansas, Oklahoma, and Maine. (WSJ)


A new billionaire was minted yesterday in South Carolina. Was their claim to fame a new tech company? Inheritance? A stock windfall? NO! A lottery ticket! Ah, but who said life was fair....? (PS: South Carolina State alone will collect close to $100 million in taxes from this, and then there is over $300 million in Federal see, not all billionaires are created equal in the USA: Some pay LOTS more taxes than others who may only pay 20% on capital gains...or less.)


In a single 24-hour period last week, Gap, J.C. Penney, and Victoria’s Secret announced they would be closing more than 300 stores combined. Over the next 12 months, Sears has announced 220 Sears and KMart closings, JC Penney 24 stores, Victoria's Secret 53 stores, Payless 800 stores, Gymboree 800 stores, The Gap 230 stores, and Ann Taylor will continue closing 250 of its stores that started in 2017.

- Leonard Steinberg

Chief Evangelist

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