31+ credit score statistics and facts in 2023

31+ credit score statistics and facts in 2023

Your credit score communicates with lenders your level of credit trustworthiness. As a result, those with higher credit scores qualify for higher credit limits and better interest rates. Your credit score will play a major role if you plan to purchase a house or apply for a loan in the future.

Understanding credit scores and what they mean can improve your financial literacy. We gathered the following credit score statistics to help you get a better sense of where your credit score stands compared to other Americans.

Key findings:

  • The national average FICO® Score is 716 as of April 2022 (FICO)
  • About 10% of the U.S. population doesn’t have a credit record and are “credit invisible.” (Consumer Financial Protection Bureau)
  • Ages 76 and up have the highest average credit score at 760. (American Express)
  • Women’s and men’s average FICO Scores are virtually the same. (Experian)

Average U.S. credit score

The national average FICO Score is 716 as of April 2022. This is the same as when FICO last reported on it a year ago.

the national average credit score is 716.

Average credit score by state

While your location doesn’t affect your credit score, some states have a higher average credit score than others as seen in the statistics listed below.

  • While 31 states (and the District of Columbia) have average FICO scores that are higher than the national average of 716, the upper Midwest and New England continue to have the best average FICO Scores. (FICO)
  • Minnesota, Vermont, New Hampshire and Wisconsin all have scores that are 23 points higher than the national average, with scores of 742, 739 and 737, respectively. (FICO)
  • Mississippi, Louisiana, Alabama and Arkansas have the lowest credit scores at 662, 668, 672 and 673, respectively. (WalletHub)
US States with the highest and lowest credit scores

Average credit score by age

Since credit history length is a factor that influences your credit score, it makes sense that the average credit score increases with age as seen below.

  • Approximately 58% of consumers with the highest credit score are between the ages of 56 and 74. (Money Geek)
  • The average score for adults aged 18 to 29 increased by 24 points between April 2017 and April 2022; 19 points for those aged 30 to 39; 19 points for those aged 40 to 49; 13 points for individuals in their 50s; and 10 points for those aged 60 and older. (Nerd Wallet)
  • As of 2021, ages 18-24 have the lowest average credit score at 679. (American Express)
  • Ages 76 and up have the highest average credit score at 760. (American Express)

Average credit score by race

Average credit scores can differ across demographics like race. However, keep in mind that race doesn’t directly influence your credit score.

Average credit score by gender

Although women couldn’t legally apply for credit until 1974, women’s and men’s average FICO Scores are still very close in range at 705 for men and 704 for women as of 2019, according to Experian.

Average credit score by income

A common credit score myth is that your income contributes to your credit score. Although this is untrue, the statistics below show a correlation between income and credit score.

  • Approximately 25% of low-income consumers don’t have enough knowledge to raise their credit scores. (Consumer Federation of America)
  • The median credit score of 658 for lower income individuals suggests that many borrowers are unlikely to have access to affordable credit as those with scores above 720. (Federal Reserve Bank of New York)
  • Those considered high income have the highest average credit score at 774. (American Express)

Average FICO Score in the U.S.

FICO is an analytics firm that developed the credit scoring models used today. The national average FICO Score is 716 as of April 2022, the same as when FICO last reported on it a year ago. Here are some FICO statistics.

Average FICO Score by generation

  • The Silent Generation (ages 77 and up) has the highest average credit score at 760. (Experian)
  • The average credit score of baby boomers (ages 58-76) is 742 in 2022, up two points from 2021. (Experian)
  • Generation X (ages 42-57) has an average credit score of 706. (Experian)
  • The average credit score of Millennials (ages 26-41) is 687. (Experian)
  • Generation Z (ages 18-25) has an average credit score of 679 in 2022, the same as 2021.  (Experian)


Average credit score (2022)

Silent Generation


Baby Boomers


Generation X




Generation Z


Average VantageScore in the U.S.

The average VantageScore is 697.

VantageScore is the second most popular credit scoring model in the U.S. As of September 2022, the average VantageScore was 697.

Credit card utilization statistics

Credit utilization refers to the amount of your available credit you’re currently using. Your credit utilization ratio is calculated by adding up your balances and then dividing by the total of your credit limits. Keeping your credit utilization ratio low can help raise your score.

  • Individuals with credit scores 800 to 850 have an average credit utilization ratio of 5.7%. (Experian)
  • Consumers with credit scores considered “very good” (740-799) have an average utilization ratio of 12.4%. (Experian)
  • Those with credit scores in the “good” range (670-739) have an average credit utilization ratio of 32.6 %. (Experian)
  • 47.6% of the population opened at least one new credit account in the last year. (FICO)
  • Approximately 26 million U.S. adults, or 10%, don’t have a credit record and are “credit invisible.” (Consumer Financial Protection Bureau)
  • 19 million Americans have a credit history but lack a credit score because their report is insufficient or out of date. (Consumer Financial Protection Bureau)
  • The 15% growth in credit card balances from 2021 to 2022 is the highest in more than 20 years. (Federal Reserve Bank of New York)
  • Currently, 83% of American people own at least one credit card. (Zippia)
  • There are currently 26.5% more credit card holders in 2022 than there were in 2017—just five years ago. (Zippia)


Whether you’re new to credit or just need a refresher, we’ve answered some common questions about credit scores below.

What is a good credit score?

According to FICO, a good credit score is 670-739 or above, while a very good credit score is 740-799. A credit score that is 800 or above is considered exceptional.

How to check your credit score

To check your credit score, order a free copy of your credit report from each of the three credit bureaus. You can also check your credit score for free by visiting Credit.com.

What contributes to your credit score?

The factors that contribute to your credit score are payment history, amounts owed, credit history length, credit mix, and new credit.

What is the highest credit score?

The highest credit score is 850 for most FICO and VantageScore models.

How to work on your credit score

You can see from the above credit score statistics that everyone’s credit varies. If you checked your credit score and it’s currently low, we have resources available to help educate you about your credit so that you can qualify for the best rates available.

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