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Larger number of US consumers obtaining perfect FICO score

With recent reports finding American consumers turning away from credit cards in record numbers, a new report finds that many consumers are nearing the perfect FICO score.

Researchers at FICO Labs found that the number of consumers in the top score range of 800 to 850 is now at its highest level since October 2008 with 18.3 percent of U.S. consumers falling in that range.

”There has been a clear shift,” said Rachel Bell of FICO Labs.  “Many consumers have moved into the top tier of the FICO Score range by redoubling their efforts to maintain an excellent credit profile. Other people have fallen into lower tiers, most likely due to the financial stress that many households have been feeling. Despite this shift, we continue to observe more than half of FICO Scores in the U.S. are between 700-850, which means Americans have managed their credit well despite the economic downturn.”

Although a growing number of consumers have reduced their reliance on credit cards and have improved their credit score, consumer confidence is still struggling. The Bloomberg Consumer Comfort Index dropped to a minus 37.6 for the week ending April 29.

Investors who feel optimistic about their financial standings may want to explore the stock market by looking into online investment opportunities.

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