What is the current average credit score in the US?
In the U.S., the average credit score is 716, per Experian's latest data from the second quarter of 2023. And when you break down the average credit score by age, the typical American is hovering near or above that score.
The average credit score in the US is a 718 FICO score and 701 VantageScore. Gen Z (18-25) has the lowest average credit score at 680, and the Silent Generation (77+) has the highest at 760. Minnesota has the highest average credit score at 742, while Mississippi has the lowest average at 680.
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.
What Percentage of the Population Has a Credit Score Over 700? The same data referenced above also reveals the percentage of the population with a score of over 700. According to FICO.com, approximately 59.2 percent of the U.S. population has a credit score range between 700 to 850.
| Average FICO 8 Score by Generation | ||
|---|---|---|
| Generation | 2022 | 2023 |
| Generation Z (ages 18-26) | 679 - Good | 680 - Good |
| Millennials (27-42) | 687 - Good | 690 - Good |
| Generation X (43-58) | 707 - Good | 709 - Good |
Most consumers have credit scores that fall between 600 and 750. In 2022, the average FICO® Score☉ in the U.S. reached 714. Achieving a good credit score can help you qualify for a credit card or loan with a lower interest rate and better terms.
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.
If you have a 750 to 760 FICO, you qualify for the best terms on every type of credit, whether mortgage, auto loans/leases, personal loans, and so on. Having an 800 won't really make a difference.
Conventional loans: A credit score of 800 is well above the minimum needed to qualify for a conforming conventional loan, which is typically 620. In fact, with an 800, you ought to qualify for some of the best interest rates and terms available.
What is a good credit score to buy a house?
A 620 credit score is typically what you'll need to get a mortgage for a home purchase. Although you can buy a house with a credit score as low as 500, you'll pay a higher rate and make a larger down payment.
The credit score required and other eligibility factors for buying a car vary by lender and loan terms. Still, you typically need a good credit score of 661 or higher to qualify for an auto loan. About 69% of retail vehicle financing is for borrowers with credit scores of 661 or higher, according to Experian.
The minimum credit score needed for most mortgages is typically around 620. However, government-backed mortgages like Federal Housing Administration (FHA) loans typically have lower credit requirements than conventional fixed-rate loans and adjustable-rate mortgages (ARMs).
| Age | Average FICO Score |
|---|---|
| 25-40 | 686 |
| 41-56 | 705 |
| 57-75 | 740 |
| 76+ | 760 |
Lenders like to see a mix of both installment loans and revolving credit on your credit portfolio. So if you pay off a car loan and don't have any other installment loans, you might actually see that your credit score dropped because you now have only revolving debt.
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."
It depends on the type of mortgage you're seeking: Many loans vary when it comes to the credit score needed to qualify. Generally speaking, you'll likely need a score of at least 620 — what's classified as a “fair” rating — to qualify with most lenders.
However, with a 723 credit score, you should qualify for rates on-par with national averages. Also, even though your score qualifies you for a mortgage, it's important to know that the lower your score is, the stronger the rest of your qualifications are generally expected to be.
Now that you've seen your credit report and found out that you have a credit score of 730, this is excellent news! Your score is considered above average, and you are eligible for all types of mortgage loans currently on the market.
Payment history — whether you pay on time or late — is the most important factor of your credit score making up a whopping 35% of your score. That's more than any one of the other four main factors, which range from 10% to 30%.
What is the average credit score for a 60 year old?
For borrowers 60 and over, the average credit score is 749. As a person approaches retirement they have a long and detailed credit history and, again, many types of credit.
With the most popular credit-scoring models, the lowest credit score possible is 300, but some people may have no credit score due to limited or nonexistent credit histories.
Paying your entire debt by the due date spares you from interest charges on your balance. Paying off your credit card debt in full also helps keep a lower credit utilization ratio, which measures the amount of your available revolving credit you're using.
A perfect credit score of 850 is hard to get, but an excellent credit score is more achievable. If you want to get the best credit cards, mortgages and competitive loan rates — which can save you money over time — excellent credit can help you qualify.
When you have high-interest consumer debt, paying it down first can help you solve ongoing problems with managing your money. The more you reduce your principal and the amount of interest you owe, the more money you'll have in your budget each month to devote to savings or other line items.
