Fair Isaac, the company that develops the formula to determine credit scores looks at the average statistics of consumers and factors that into your score, called a (FICO). According to Fair Isaac the average consumer will have:
· One inquiry on their personal credit report in a given year
· 54% of credit holders carry a balance of less then $5,000 on all debts other then a mortgage
· Have access to $12,190 on all credit cards combined