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  • The average American has a credit score of 714, according to data from Experian. That’s considered ‘good’ by FICO’s score ranges.
  • Credit scores are numerical ratings of your borrowing and repayment history, commonly used by banks to determine eligibility for loans and interest rates. 
  • People over 50 have average credit scores higher than the national average. Scores in some states, including Minnesota, Wisconsin, and Vermont, tend to exceed the US average, too.

 

The average credit score in the US is 714, according to credit reporting company Experian, calculated using the FICO scoring model.

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 — people with higher credit scores tend to get better interest rates on loans, have access to credit cards with better perks and lower interest rates, and could even pay less for insurance.

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

  • Very poor: 300-579
  • Poor: 580-669
  • 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, the average credit score is different by demographic.

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. Here’s how it breaks down by age group, according to data from Experian:

Average credit score by year

Americans actually have better credit than ever. The average score has increased by about 10 points in the past seven years. Here’s how it’s risen, according to FICO data from October of each year:

Americans have more consumer debt than ever before, holding a total of $14.3 trillion in debt in the first quarter of 2020. But at the same time, credit scores are rising. The period spanning from June 2009 until early 2020 became America’s longest-running period of economic expansion, and brought low unemployment rates. This could have contributed to America’s rising credit scores, with more people borrowing money and paying bills on time. 

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, Minnesota has the highest credit score at 742. Here’s the average credit score in each US state and the District of Columbia, according to data from Experian.

What is a credit score?

Credit scores are calculated using information about your borrowing, like the amount of credit you’re currently using, 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 credit reporting agencies: Experian, Equifax, and TransUnion. There are two methods of calculation, known as FICO and VantageScore. While each one uses a slightly different calculation, all scores should be similar. 

Your credit score can be found for free online from sites like Credit Karma, or even from certain credit card issuers that partner with the agencies to give you one (or more) of your scores.

It’s a good idea to check your credit report regularly, too. Annualcreditreport.com, a site established by the federal government, will give you access to your report from each of the three agencies once per year. You can check them all at once, or check one every few months to keep a close eye on your credit. It’s not uncommon for a report to contain an error that then affects your score, but it’s up to you to find any such error. If you do find one, you can dispute it with the agency.

Read more: How to check your credit score

If you don’t have any credit history, it becomes very difficult to borrow and get the best rates, going forward. That’s why some credit card issuers provide specific credit cards meant for people to use temporarily, to build their credit in the first place. You can see our picks for the best starter credit cards here.



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