How Does Your Credit Score Compare to Other Americans?
Last Updated: September 25, 2017
How does your credit score stack up against the average American credit score or even most Americans? FICO scores range from a low of 300 to a high of 850 (a perfect credit score which is achieved by only 1 percent of all consumers). The national average credit score is 700, and only 13 percent of the nation's population has a score above 800. Roughly 15 percent of the population has a credit score lower than 550. A good credit score is anything above 700 and a very good credit score is 720 or higher.
How Does Your Credit Score Compare?
Based on data compiled by WalletHub, there is a correlation between age and average credit scores, with scores rising along with age. According to their data for 2016, the average credit score by age is as follows:
- 20 & Under — average credit score is 631
- 21 to 34 — average credit score is 634
- 35 to 49 — average credit score is 655
- 50 to 69 — average credit score is 700
- 70 and older — average credit score is 730
The Experian National Credit Index study found that people in the 18-39 age group has the greatest number of late payments. The 40 to 59 age group held the greatest amount of debt; and the 60+ age group used the least amount of credit that was available to them.
Experian's 2016 State of Credit report showed the following facts:
- The national average VantageScore was 673.
- Consumers had an average of 2.35 bankcards with an average balance of $5,551.
- Average debt per consumer was up 0.59 percent from the previous year to $39,216.
- Mankato, Minnesota had the highest average credit score in the nation — 708.
- Greenwood, Mississippi had the lowest average credit score in the nation — 622.