Contents
Let’s start with the big news.
The average FICO Score currently hits a 704, which is strongly considered a good credit scope.
According to the official issuer – the Fair Isaac Corporation (FICO) – the average FICO Score in America continued an eight-year ascension before reaching an all-time high in September, 2018.
Compiled using the latest information from both FICO and Experian, our study breaks down the data into various subgroupings to provide the most accurate depiction of American consumer credit.
But, before we start: is there a difference between FICO and Vantage Scores?
In a material sense – no.
While FICO consolidates anonymous data from credit bureaus, a Vantage Score is generated from a combination of similar consumer credit filings.
As well, each of their final scores – ranging from 300 to 850 – are calculated use similar model inputs:
The Average FICO score in America is 704. After reaching a low-point in 2009, the national average has shown a continuous upward trend over the last eight years.
While the data suggests credit scores tend to increase with income levels, a recent Federal Reserve study says “we find a low correlation between credit score levels and income.”
FICO Scores tend to show a positive correlation with age. Borrowers over the age of 60 have an average FICO score of 747, while borrowers in the 30-39 bracket have a FICO score of 677.
A recent Federal Reserve Study shows single males – ages 21-40 – have higher credit scores than their female counterparts.
Minnesota (709) has the highest Experian Vantage Score, while Mississippi (647) has the lowest.
The number of credit card delinquencies have remained relatively flat.
2019 Update:
Just recently, the Fair Isaac Corporation – issuer of FICO Scores – announced an update to its scoring model. Instead of relying solely on consumer credit history, the new Ultra FICO Score will incorporate other variables such as how consumers manage their checking, savings and money market accounts.
It’s worth noting, if you maintain an average savings account balance of $400 – and have no negative balances within a three month period – it can generate an initial boost in your credit score by as much as 20 points.
As mentioned above, the average FICO Score continues to demonstrate a strong upward trend. Bottoming nearly a year after the 2008 financial crisis, the data shows borrowers are becoming increasingly knowledgeable about debt service.
| Year: | Average FICO Score: |
| 2009 | 686 |
| 2010 | 687 |
| 2011 | 688 |
| 2012 | 690 |
| 2013 | 691 |
| 2014 | 692 |
| 2015 | 695 |
| 2016 | 699 |
| 2017 | 700 |
| 2018 | 704 |
ElitePersonalFinance analysis of Fair Isaac Corporation (FICO) data
Similar to the average FICO Score, the average Vantage Score shows a parallel – though somewhat delayed – participation in the upward trend.
Sourced from the latest Experian State of Credit Study: 2017, the data depicts the average Vantage Score bottoming in 2014, before beginning a slow climb back to the near-highs of 2013.
| Year: | Average Vantage Score: |
| 2013 | 681 |
| 2014 | 666 |
| 2015 | 669 |
| 2016 | 673 |
| 2017 | 675 |
ElitePersonalFinance analysis of Experian State of Credit: 2017 data
Organized from highest to lowest, the average Vantage Score by state ranges from 647 to 709. Even without an identifiable trend, you can still see that 30 states sit either at or above the national average, while the other 21 states (including DC) fall below the 675 mark.
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| State: | Average Vantage Score: |
| Minnesota | 709 |
| Vermont | 702 |
| New Hampshire | 701 |
| South Dakota | 700 |
| Massachusetts | 699 |
| North Dakota | 697 |
| Wisconsin | 696 |
| Iowa | 695 |
| Nebraska | 695 |
| Hawaii | 693 |
| Washington | 693 |
| Connecticut | 690 |
| Montana | 689 |
| Maine | 689 |
| Colorado | 688 |
| Oregon | 688 |
| New York | 688 |
| Rhode Island | 687 |
| Pennsylvania | 687 |
| New Jersey | 686 |
| Utah | 683 |
| Illinois | 683 |
| Idaho | 681 |
| California | 680 |
| Virginia | 680 |
| Kansas | 680 |
| Wyoming | 678 |
| Ohio | 678 |
| Michigan | 677 |
| Missouri | 675 |
| Maryland | 672 |
| Delaware | 672 |
| District of Columbia (DC) | 670 |
| Arizona | 669 |
| Alaska | 668 |
| Florida | 668 |
| Indiana | 667 |
| North Carolina | 666 |
| Kentucky | 663 |
| Tennessee | 662 |
| New Mexico | 659 |
| West Virginia | 658 |
| Arkansas | 657 |
| South Carolina | 657 |
| Oklahoma | 656 |
| Texas | 656 |
| Nevada | 655 |
| Alabama | 654 |
| Georgia | 654 |
| Louisiana | 650 |
| Mississippi | 647 |
Like a few of the figures above, the data shows a strong correlation between age and one’s average credit score. And when considering the inputs we outlined at the start, this result is somewhat expected.
Why?
Because most young people have a limited borrowing capacity as well as a limited credit history. Considering FICO models are data driven – a lack of credit usage works against those in the lowest age cohorts.
Conversely, borrowers over the age of 40 – or 30 for that matter – usually have established careers, predictable earnings and carry a significant amount of mortgage debt. The longer duration of credit usage combined with an established repayment history signifies higher creditworthiness in the eyes of analysts.
| Age Bracket: | Average Credit Score |
| 18-29 | 659 |
| 30-39 | 677 |
| 40-49 | 690 |
| 50-59 | 713 |
| 60+ | 747 |
ElitePersonalFinance analysis of Fair Isaac Corporation (FICO) data
While at first glance, the data shows a positive correlation between income and one’s average credit score, a recent Federal Reserve study cautions not to make too much of the relationship.
After statistically regressing several Mintel/Comperemedia data sets using its proprietary inputs, researchers concluded that, “credit score distributions of high- and low-income consumers are both widely dispersed [and] that income is not a strong predictor of credit scores , or vice versa.”
Technically speaking, the results showed a correlation of 0.27 and an R-squared of roughly 0.08. To feel confident in the linear relationship between two variables, most statisticians want to see a correlation greater than 0.60.
| Income Grouping: | Percentage of Median Family Income (MFI): | Average Credit Score: |
| Low Income | < 50% | 664 |
| Moderate Income | 50-79% | 716 |
| Middle Income | 80-119% | 753 |
| High Income | 120% | 775 |
ElitePersonalFinance analysis of Federal Reserve data
Citing data from a 2016 study, the table below shows men have a higher average credit score than women. While many variables are at play, the main difference between the two is employment earnings.
Men – on average – earn more money than women in the workplace.
Higher average earnings lead to increased borrowing capacity, which seems to result in a higher average credit score.
| Income Range ($): | Male Average Credit Score: | Female Average Credit Score: |
| 35,000 – 54,999 | 646 | 634 |
| 55,000 – 74,999 | 651 | 639 |
| 75,000 – 99,999 | 666 | 652 |
| 100,000 – 149,999 | 683 | 671 |
| > 150,000 | 700 | 690 |
ElitePersonalFinance analysis of Federal Reserve data
Confirming the trend, a recent Federal Reserve study – released June 22, 2018 – compares the average credit score of single males and females within the 21-40 age bracket. The study compiles 10-years of Mintel and TransUnion data to generate its average Vantage Score.
| Age: | Male Average Vantage Score: | Female Average Vantage Score: |
| 21-30 | 768 | 762 |
| 31-40 | 793 | 785 |
ElitePersonalFinance analysis of Federal Reserve data
As part of their findings, researchers concluded that single women tend to have higher debt usage, longer credit histories, higher debt outstanding, increased use of credit revolvers as well as higher installment loan balances.
The study also concluded that single women are more likely to have payment delinquencies included within their credit history.
Conversely, males tend to exhibit higher rates of bankruptcy.
According to a report published by the Federal Reserve Bank, Asians (745) have the highest average credit score, while Blacks (677) have the lowest average credit score.
| Race: | Average Credit Score: |
| Blacks | 677 |
| Hispanics | 701 |
| Other | 732 |
| Whites | 734 |
| Asians | 745 |
ElitePersonalFinance analysis of Federal Reserve data
When applying for a loan, the first step taken by banks and alternative lenders is to check your credit score.
While many other variables are taken into consideration, your credit score plays an important role in determining the loan terms, and most importantly, the cost of borrowing.
Using their own risk-based models, lenders roughly characterize and price borrowers as such:
| Credit Score: | Expected Interest Rate: |
| 670 – 800+ | 5% – 10% |
| 580 – 669 | 10% – 20% |
| 300 – 579 | 20% – 35.99% |
At the bottom-end of the scale, borrowers with low credit scores often face diminishing prospects when trying to obtain a loan. As a result, payday loans and auto tittle loans – with interest rates as high as 300% to 400% – are usually their only option.
Consumer studies also show:
Cut from the same cloth, a stable and reliable credit score will also benefit you when it comes to credit card applications. As an unsecured form of borrowing, lenders are wary to extend large credit limits to high-risk borrowers.
As such, maintaining a respectable score will not only lower your annual interest rate – but also allow you to qualify for options with higher minimum balances, lower annual fees and greater rewards as well.
Updated to reflect the latest information available in 2019, our study combed through official credit scoring data from Experian, the Fair Isaac Corporation (FICO) and the US Federal Reserve. We also included statistics from the Consumer Financial Protection Bureau (CFPB), then summarized our findings to provide the most accurate depiction of American consumer credit.
When analyzing the numbers, you see a clear eight-year upward trend in the average FICO Score. While the average Vantage Score shows a similar trend, the slower climb has kept it from reaching its high of 2013.
When crunching the numbers at the state-level, 30 states sit either at or above the national average Vantage Score, while 21 other states (including DC) sit below the 675 threshold.
When analyzing the data by age, there is a clear correlation between average age and one’s average credit score. While it’s a function of many factors – greater financial earnings, increased debt usage as well as a longer repayment history seem to hold the greatest weight.
On the other hand, income presents a different story.
While the data shows a positive correlation between income and credit scores, a recent statistical study by the Federal Reserve poured cold water on that notion.
All in all though, the average credit score is headed in the right direction.
As borrowers become more educated about their finances and take better care to avoid mistakes of the past – the end result should be a healthier financial system for all parties involved.
FICO Scores vs. Vantage Scores
Experian: State of Credit 2017
Federal Reserve Study of Credit Scores and Gender
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