Here’s a shocker — Michael Jackson had an abysmally low credit score.
TMZ has learned that in 2007, Jacko’s average credit score was 563.67 (Equifax 592, Transunion: 524, Experian: 575) which most experts consider very low. (According to creditreport.com, the average credit rating for people in California is 672.)
The reasons for MJ’s credit woes … We’re told he was dinged for several reasons, including:
– A derogatory public record or collection filed
– The amount owed on delinquent accounts
– Number of accounts with delinquency
– Too many inquiries in the last 12 months
We’ve also learned Barneys New York actually shut down Jacko’s credit line after he racked up more than $224,000 in one billing cycle, this according to Jacko’s credit report.
MJ’s troubles seem to have stemmed from a large net worth but nearly no disposable income. As we reported earlier, MJ’s “Cash in Bank” was $668,215 — or .05% of his net worth.
Tags: credit report, Michael Jackson, Michael Jackson Flunked His Credit Report