The Average Credit Score by Age, State, and Year (2024)

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  • The average credit score in the US fell from 718 to 717 according to a new report from FICO.
  • High interest rates and lingering inflation were cited as factors contributing to more missed payments and increased debt levels.
  • Minnesota has the highest average credit score at 742, while Mississippi has the lowest average at 680.

People with higher credit scores tend to qualify for better interest rates on borrowed money, have access to the best credit cards, and can even pay less for insurance. You'll also have an easier time applying for an apartment rental.

With so much riding on your credit score, it can be useful to see where you stand compared to others like you, whether it be where you live or how old you are. Here is the average credit score broken down across generations, state, and years.

What is the average credit score?

The average FICO credit score in the US is 717, according to the latest FICO data. The average VantageScore is 701 as of January 2024.

Credit scores, which are like a grade for your borrowing history, fall in the range of 300 to 850. The higher your score, the better.

The FICO model of credit scoring puts credit scores into six categories:

  • Very poor: 300-579
  • Poor: 580-600
  • Fair: 601-660
  • Good: 670-739
  • Very good: 740-799
  • Exceptional:800-850

Based on this scoring system, the average American has a good credit score. But, average credit scores varies by location and age.

Average credit score by age

The average credit score looks very different between age groups. As credit scores are calculated on credit and borrowing history, older people have higher credit scores on average due to a more extensive borrowing history. Meanwhile Gen Z lags behind because they've had less time to build credit, and many members of Gen Z simply aren't old enough to have a credit score. Here's how it breaks down by age group, according to data from Experian:

GenerationAverage credit score (FICO) in 2023
Generation Z (18-25)680
Millennials (26-41)690
Generation X (42-57)709
Baby boomers (58-76)745
Silent generation (77+)760

Average credit score by state

Finances look very different across all 50 states, and the average credit score looks pretty different, too. While Mississippi has the lowest average credit score at 680, Minnesota has the highest credit score at 742.Here's the average credit score in each US state and the District of Columbia as of 2022, according to data from Experian:

StateAverage credit score (FICO) in 2023
Alabama692
Alaska722
Arizona713
Arkansas696
California722
Colorado731
Connecticut726
Delaware715
District Of Columbia715
Florida708
Georgia695
Hawaii732
Idaho729
Illinois720
Indiana713
Iowa730
Kansas723
Kentucky705
Louisiana690
Maine731
Maryland716
Massachusetts732
Michigan719
Minnesota742
Mississippi680
Missouri714
Montana732
Nebraska731
Nevada702
New Hampshire736
New Jersey725
New Mexico702
New York721
North Carolina709
North Dakota733
Ohio716
Oklahoma696
Oregon732
Pennsylvania723
Rhode Island722
South Carolina699
South Dakota734
Tennessee705
Texas695
Utah731
Vermont737
Virginia722
Washington735
West Virginia703
Wisconsin737
Wyoming724

Average credit score by year

Americans have more consumer debt than ever before, holding an average debt of $104,215 and a total of $17.50 trillion in 2023. Despite historic levels of debt, the average credit score continues to rise. Americans actually have better credit than ever.

The average score has increased by nearly 30 points in the past decade. Here's how it's risen, according to FICO data from April of each year:

YearAverage credit score (FICO) by year
April 2013691
April 2014692
April 2015695
April 2016699
April 2017700
April 2018704
April 2019706
April 2020708
April 2021716
April 2022716
April 2023718
April 2024717

The period spanning from June 2009 until early 2020 became America's longest-running period of economic expansion, which ended due to the brief, pandemic-induced recession. This extended period of growth yielded low unemployment rates. This could have contributed to America's rising credit scores, with more people possessing the means to pay back debt on time.

But with higher interest rates and lingering inflation, for the first time in a decade, the average credit score has dropped to 717. This suggests that consumers have been struggling financially and it has resulted in missed payments leading to a drop in credit scores.

But all is not lost. There is information available on the credit industry and how to raise your credit score. There is also an abundance of credit-builder products available that widen accessibility, boosting the average credit score over time. The best credit builder accounts don't require a credit check or a credit score. Some credit builder products come straight from the credit bureaus themselves, such as Experian Boost, which reports regular payments like utility bills and streaming service subscription fees.

There have even been changes in how credit scores are calculated which can further improve average credit scores. For example, paid collections under $500 have been removed from consumers' credit reports and are no longer reported. Changes to how medical debt affects your credit score have also improved consumers' credit histories.

How are credit scores used?

Credit scores are calculated using information about your borrowing, like your credit utilization ratio, the number and types of accounts you have open, and your repayment history. All of that information is drawn from your credit report, which has a detailed borrowing history.

Everyone has credit scores based on data gathered by the three major credit bureaus: Experian, Equifax, and TransUnion. There are two main credit scoring algorithms, known as FICO and VantageScore. While each one uses a slightly different calculation, your scores should generally be within a similar range.

Keeping track of these scores is crucial if you want to build credit. You should never be paying to view your credit score. You can usually access your scores for free through your lender or financial institution. You can also access your credit score free online from sites like Credit Karma.

It's a good idea tocheck your credit report regularly, too. You can get three free credit reports per week, one from each credit bureau, which you can access through AnnualCreditReport.com. You can check them all at once or ration your credit reports throughout the year. It's not uncommon for a report to contain an error affecting your score, but it's up to you to find any such error. If you do find one, you candispute your credit report with the agency.

How to improve your credit score

Your credit scores play a big role in your financial freedom. It figures into everything from qualifying for a mortgage or credit card to the rate you pay on your auto insurance. Bad credit can make your life difficult. But there are always things you can do to improve your credit score, including:

  • Making all your loan, credit card, and other monthly payments on time is essential
  • Pay off debts and bring past due accounts current
  • Pay your credit card balances in full each month
  • Avoid applying for new credit unless you really need it
  • Keep unused credit accounts open

If you don't have any credit history, it becomes challenging to borrow, making it hard to build a credit history. That's why some credit card issuers provide specific secured credit cards for people to use temporarily to build credit from scratch. You can also see our picks for the best starter credit cards here.

You can also use a credit-builder product, like a debit card that reports payments to the credit bureaus or a credit-builder loan, to build a credit history. The best credit builder accounts don't require a credit history, so you can qualify even if you've never borrowed money before.

You can subscribe to a credit monitoring service to help you keep track of your progress. The best credit monitoring services are even free.

Average credit score frequently asked questions

What percent of the population has a good credit score?

76.1% of consumers have a FICO credit score above a 650 as of April 2023.

Why are average credit scores increasing over time?

Average credit scores are increasing partially due to the amount of educational resources available. Credit-building products have also been created to make building credit more accessible.

What generation has the lowest credit score?

On average, Gen Z has the lowest credit score, though Gen Z also has the least amount of time to build their credit history.

Jennifer Streaks

Senior Personal Finance Reporter and Spokesperson

Jennifer is a Senior Personal Finance Reporter and Spokesperson for the Personal Finance vertical at Business Insider. She started her career covering personal finance at Black Enterprise Magazine, went on to CNBC where she covered personal finance, women and money and tech and then Forbes, where she reported on personal finance, business, tech and money matters related to the economy, investing, credit and entrepreneurship. Jennifer is also the author of Thrive!...Affordably: Your Month to Month Guide to living your Best Life without breaking the bank. The book offers advice, tips and financial management lessons geared towards helping the reader highlight strengths, identify missteps and take control of their finances. In addition, she has extensive experience as an on-air financial commentator and has been a featured expert discussing credit and savings, investing and retirement, mortgages and all things money and personal finance. She has an ability to discuss and simplify complex financial issues and make them easier to understand. Follow her on Twitter @jstreaks.

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The Average Credit Score by Age, State, and Year (2024)

FAQs

The Average Credit Score by Age, State, and Year? ›

For members of Gen Z, defined as those between 18 and 26, the average credit score is 680, according to Experian. Meanwhile, the average credit score for people 78 or older, categorized as the silent generation, is 761 — the highest of the generational cohorts.

What is the average credit score by age? ›

Average VantageScore 3.0 score by age
Age groupAverage VantageScore 3.0 score
Gen Z (1997+)669
Millennial (1981-1996)677
Gen X (1965-1980)696
Baby boomer (1946-1964)738
1 more row
Mar 7, 2024

What's the average credit score for Gen Z? ›

For members of Gen Z, defined as those between 18 and 26, the average credit score is 680, according to Experian. Meanwhile, the average credit score for people 78 or older, categorized as the silent generation, is 761 — the highest of the generational cohorts.

What age group has the highest credit score? ›

Still, average credit scores tend to increase with age. In 2021, people aged 18 to 24 averaged 679, while those 76 and up had an average credit score of 760.

What state has the highest average credit score? ›

Average credit scores by state in 2021

Minnesota had the highest credit score in the country as of 2021, the latest state data available from Experian, with an average score of 742. Minnesota is the only state in the country with an average credit score above 740.

How rare is an 800 credit score? ›

How rare is an 800 credit score? An 800 credit score is not as rare as most people think, considering that roughly 23% of adults have a credit score in the 800-850 range, according to data from FICO. A score in this range allows consumers to access the best credit card offers and loans with the most favorable terms.

Is a 900 credit score possible? ›

Highlights: While older models of credit scores used to go as high as 900, you can no longer achieve a 900 credit score. The highest score you can receive today is 850. Anything above 800 is considered an excellent credit score.

What percentile is a 720 credit score? ›

Who Has a 720 Credit Score?
Credit ScoreTierPercentage of Americans
720 – 850Excellent38.12%
660 – 719Good17.33%
620 – 659Fair/Limited13.47%
300 – 619Bad31.08%

What percentile is a 700 credit score? ›

A 700 credit score is considered a good score on the most common credit score range, which runs from 300 to 850. How does your score compare with others? You're within the good credit score range, which runs from 690 to 719. Your 700 score is better than 37.2% of consumers, according to credit scoring company FICO.

Is a 700 credit score good for a 20 year old? ›

So, given the fact that the average credit score for people in their 20s is 630 and a “good” credit score is typically around 700, it's safe to say a good credit score in your 20s is in the high 600s or low 700s.

What is the average FICO score in the US? ›

The latest credit score data is in and as of October 2023, the national average FICO® Score now stands at 717. This is one point lower than it was earlier in 2023 and reflects the first time the metric has decreased in a decade as shown in Figure 1.

What's a decent credit score to buy a house? ›

What credit score do you need to get a mortgage? Mortgage lenders typically want to see a score of 620 or better before approving a conventional mortgage. There are government-insured mortgages if your score is lower, and if your score is 760 or higher you'll qualify for the best interest rates.

What is the average credit limit in America? ›

When averaging credit limit data across generations from Experian®, the average credit limit in America is $28,929.80. Your credit card limit depends on your credit score, age, income, and other factors. Credit card limits can range anywhere from $300 to more than $100,000.

What is the toughest credit score? ›

What's the Range of Lowest to Highest Credit Score?
  • Exceptional Credit: 800 to 850.
  • Very Good Credit: 740 to 799.
  • Good Credit: 670 to 739.
  • Fair Credit: 580 to 669.
  • Poor Credit: Under 580.
Feb 24, 2024

What is a decent credit score to buy a car? ›

Your credit score is a major factor in whether you'll be approved for a car loan. Some lenders use specialized credit scores, such as a FICO Auto Score. In general, you'll need at least prime credit, meaning a credit score of 661 or up, to get a loan at a good interest rate.

What is the ideal credit score in USA? ›

Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.

What should my credit score be based on age? ›

FICO Average Credit Score by Age Bracket and Year, 2022
Age Bracket2022
18–25679 (Good)
26–41687 (Good)
42–57706 (Good)
58–76742 (Very Good)
1 more row

What is a normal FICO score? ›

For a score with a range between 300 and 850, a credit score of 700 or above is generally considered good. A score of 800 or above on the same range is considered to be excellent. Most consumers have credit scores that fall between 600 and 750. In 2022, the average FICO® Score in the U.S. reached 714.

Is 750 a good credit score for a 25 year old? ›

A 750 credit score is Very Good, but it can be even better. If you can elevate your score into the Exceptional range (800-850), you could become eligible for the very best lending terms, including the lowest interest rates and fees, and the most enticing credit-card rewards programs.

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