What is the Average Credit Score in America

Understanding where you stand relative to the national average can provide valuable context when evaluating your own credit health. The average credit score in America has been on a notable trajectory over the past several years, influenced by economic conditions, consumer behavior, and shifting lending practices. This guide breaks down the latest data on average credit scores, how they vary by age, state, and other factors, and what these numbers may mean for your financial goals.

What Is the Current Average Credit Score in America?

As of 2024, the average FICO® Score in the United States stands at 717, according to Experian’s annual consumer credit review. This figure represents a slight decrease from the record high of 718 reached in 2023 (Experian, “State of Credit 2024”). The average VantageScore® sits in a similar range, though the two scoring models use slightly different calculation methods and scales.

A score of 717 falls within what FICO® categorizes as the “good” credit range (670 to 739). This means the typical American consumer generally qualifies for competitive interest rates and favorable lending terms, though not necessarily the very best rates reserved for those in the “exceptional” range (800 and above).

How the Average Credit Score Has Changed Over Time

The national average credit score has generally trended upward over the past decade. Here is a look at the progression based on Experian’s annual data:

• 2014: 695
• 2016: 699
• 2018: 701
• 2020: 710
• 2021: 714
• 2022: 714
• 2023: 718
• 2024: 717

Several factors likely contributed to this upward trend, including reduced spending during the COVID-19 pandemic, government stimulus payments that helped consumers pay down debt, and the removal of certain medical collections from credit reports starting in 2022 (Consumer Financial Protection Bureau, 2022). The slight dip in 2024 may reflect rising consumer debt levels, particularly in credit card balances, which reached $1.14 trillion in Q3 2024 according to the Federal Reserve Bank of New York.

Average Credit Score by Age Group

Credit scores tend to correlate strongly with age, as older consumers typically have longer credit histories, which is a significant factor in score calculations. According to Experian’s 2024 data:

• Generation Z (ages 18–27): 680
• Millennials (ages 28–43): 690
• Generation X (ages 44–59): 709
• Baby Boomers (ages 60–78): 745
• Silent Generation (ages 79+): 761

It is important to note that a lower score among younger consumers does not necessarily indicate poor financial habits. Younger adults typically have shorter credit histories, fewer account types, and less time to build the track record that scoring models reward. Credit scores generally improve with age as these factors mature.

Average Credit Score by State

Geographic location also plays a role in average credit scores, often reflecting regional differences in income levels, cost of living, and economic conditions. According to Experian’s 2024 state-by-state data:

States with the Highest Average Credit Scores

• Minnesota: 742
• Wisconsin: 737
• Vermont: 736
• New Hampshire: 736
• South Dakota: 734

States with the Lowest Average Credit Scores

• Mississippi: 680
• Louisiana: 689
• Alabama: 691
• Texas: 695
• Oklahoma: 695

These disparities may reflect a range of socioeconomic factors, including median household income, access to financial education, and regional employment conditions. A lower state average does not mean that individuals in those states cannot achieve excellent credit.

FICO® Score Ranges Explained

To put the national average into context, here is how FICO® categorizes its scoring ranges (FICO®, 2024):

• Exceptional (800–850): Approximately 21% of Americans fall in this range
• Very Good (740–799): Approximately 25% of Americans
• Good (670–739): Approximately 21% of Americans
• Fair (580–669): Approximately 17% of Americans
• Poor (300–579): Approximately 16% of Americans

With the national average at 717, the typical American falls in the upper portion of the “good” range. However, these averages can mask significant variation. Millions of consumers have scores well below or well above the average, and individual circumstances vary widely.

What Factors Influence the Average Credit Score?

The same factors that determine individual credit scores also drive national trends. FICO® scores are generally calculated based on five categories (myFICO.com):

• Payment history (35%): Whether bills are paid on time
• Amounts owed (30%): Credit utilization and total debt levels
• Length of credit history (15%): How long accounts have been open
• Credit mix (10%): Variety of account types (credit cards, loans, mortgages)
• New credit (10%): Recent credit inquiries and newly opened accounts

National economic events can shift these factors across millions of consumers simultaneously. For example, when credit card balances rise nationwide, increased utilization may put downward pressure on average scores. Conversely, when consumers collectively pay down debt, average scores may improve.

Average Credit Score and Its Impact on Borrowing

Your credit score relative to the national average can have significant financial implications. While lenders set their own criteria, credit scores generally influence:

Mortgage Rates

According to myFICO’s loan savings calculator, a borrower with a FICO® Score of 760 or above may receive a mortgage interest rate roughly 0.5% to 1.5% lower than a borrower with a score in the 620–639 range. Over a 30-year mortgage, this difference could amount to tens of thousands of dollars in interest payments.

Credit Card Approval and Terms

Consumers with scores above the national average typically have access to credit cards with lower interest rates, higher credit limits, and more robust rewards programs. Those with scores significantly below average may face higher APRs or may need to consider secured credit cards as a starting point.

Auto Loans

The average auto loan interest rate varies significantly by credit tier. According to Experian’s State of the Automotive Finance Market report (Q3 2024), borrowers with scores above 720 may receive rates several percentage points lower than those with subprime scores (below 580).

Insurance Premiums

In most states, auto and homeowner’s insurance companies may use credit-based insurance scores as part of their rate-setting process. A lower credit score could result in higher premiums, though regulations vary by state, and some states prohibit this practice.

How Does the U.S. Average Compare Internationally?

Direct international comparisons are difficult because different countries use different scoring models and credit reporting systems. However, the concept of credit scoring exists in many developed economies. The United States has one of the most established credit reporting ecosystems, with three major bureaus (Equifax, Experian, and TransUnion) maintaining files on roughly 220 million consumers (Consumer Financial Protection Bureau). Many countries use different scales or proprietary systems, making apples-to-apples comparisons impractical.

Who Is Left Out of the Average?

The national average credit score only accounts for consumers who have scoreable credit files. An estimated 26 million Americans are “credit invisible,” meaning they have no credit file with a major bureau, and another 19 million have files that are too thin or too stale to generate a score, according to a study by the Consumer Financial Protection Bureau. These 45 million adults are not reflected in the national average, and their exclusion means the reported average may appear higher than it would if all adults were included.

Credit invisibility disproportionately affects certain populations, including younger adults, recent immigrants, lower-income communities, and communities of color. Various programs and alternative data initiatives are working to address this gap, but it remains a significant consideration when interpreting national averages.

Tips That May Help Improve Your Credit Score

If your score falls below the national average and you are looking to improve it, several strategies are commonly cited by financial educators. Keep in mind that results vary, and improvement typically takes time:

• Prioritize on-time payments: Since payment history accounts for the largest portion of your FICO® Score, consistently paying bills by their due dates is generally considered one of the most impactful habits.
• Manage credit utilization: Keeping your revolving credit balances below 30% of your total credit limit is often cited as a benchmark, though lower utilization (under 10%) may be associated with higher scores.
• Review your credit reports: Errors on credit reports are not uncommon. The Federal Trade Commission found in a 2012 study that roughly 1 in 5 consumers had a verified error on at least one of their credit reports. You can access free weekly credit reports from all three bureaus at AnnualCreditReport.com.
• Avoid opening too many accounts at once: Multiple hard inquiries in a short period may temporarily lower your score.
• Keep older accounts open: The length of your credit history matters. Closing your oldest credit card could shorten your average account age and potentially lower your score.
• Consider credit-building tools: Secured credit cards, credit-builder loans, and authorized user arrangements may help those with thin files or low scores begin establishing a positive payment history.

It is worth noting that there are no guaranteed shortcuts to improving credit scores. Be cautious of any service or product that promises dramatic, immediate score increases, as these claims are often misleading or associated with fraudulent practices.

The Bottom Line

The average credit score in America of 717 reflects a generally healthy consumer credit landscape, though this number does not tell the whole story. Significant variations exist across age groups, states, and demographics, and millions of Americans remain outside the scored credit system entirely. Your individual score may differ substantially from the national average, and what matters most is how your score positions you relative to your own financial goals, whether that is qualifying for a mortgage, securing a lower interest rate, or simply building a stronger credit foundation over time.

Understanding the average can serve as a useful benchmark, but it is typically more productive to focus on the specific factors within your own credit profile that you can address. Consistent, responsible credit management over time is generally the most reliable path toward a stronger score.

Credit-Factor is not a credit repair company, lender, or financial advisor. This content is for educational purposes only.

This article was created with the assistance of AI technology and reviewed for accuracy and compliance.

Sources

• Experian, “State of Credit 2024” and annual consumer credit review reports
• Federal Reserve Bank of New York, Quarterly Report on Household Debt and Credit, Q3 2024
• Consumer Financial Protection Bureau, “Data Point: Credit Invisibles” (2015)
• Consumer Financial Protection Bureau, Medical Debt and Credit Reporting Rule Updates (2022)
• FICO®, “What Is a FICO® Score?” and score range documentation (fico.com)
• myFICO.com, Loan Savings Calculator and credit education resources
• Federal Trade Commission, “Report to Congress Under Section 319 of the Fair and Accurate Credit Transactions Act of 2003” (2012)
• Experian, “State of the Automotive Finance Market,” Q3 2024
• AnnualCreditReport.com, free credit report access information