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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. This is the same as when FICO last reported on it a year ago.
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.
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.
Average credit scores can differ across demographics like race. However, keep in mind that race doesn’t directly influence your credit score.
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.
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.
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.
Generation | Average credit score (2022) |
---|---|
Silent Generation | 760 |
Baby Boomers | 742 |
Generation X | 706 |
Millenials | 687 |
Generation Z | 679 |
VantageScore is the second most popular credit scoring model in the U.S. As of September 2022, the average VantageScore was 697.
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.
Whether you’re new to credit or just need a refresher, we’ve answered some common questions about credit scores below.
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.
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.
The factors that contribute to your credit score are payment history, amounts owed, credit history length, credit mix, and new credit.
The highest credit score is 850 for most FICO and VantageScore models.
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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