The average credit score in the United States is 698, based on VantageScore® data from February 2021. How do your scores compare? [Duration - 0:53]
Highlights:
- Credit scores are three-digit numbers that show an important piece of your financial history. Credit scores help lenders decide whether to grant you credit.
- The average credit score in the United States is 698, based on VantageScore® data from February 2021.
- It's a myth that you only have one credit score. In fact, you have many credit scores.
- It's a good idea to check your credit scores regularly.
Credit scores are three-digit numbers that show an important piece of your financial history. Credit scores help lenders decide whether to grant you credit.
Credit scores are calculated based on past financial habits. This includes your payment history on credit accounts, the credit you use compared to total credit available and the length of your credit history. It may also include negative financial events such as a bankruptcy.
How do average credit scores compare state by state?
The average credit score in the United States as of February 2021 is 698 based on the VantageScore 3.0 credit score model. Here are the average credit scores, in every state, plus the U.S. territories of Puerto Rico, Guam and the Virgin Islands.
State/ Territory | Average VantageScore Feb 2021 | State/ Territory | Average VantageScore Feb 2021 |
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Alaska | 697 | Montana | 708 |
Alabama | 671 | North Carolina | 684 |
Arkansas | 677 | North Dakota | 715 |
Arizona | 698 | Nebraska | 715 |
California | 709 | New Hampshire | 718 |
Colorado | 714 | New Jersey | 710 |
Connecticut | 710 | New Mexico | 683 |
District of Columbia | 699 | Nevada | 681 |
Delaware | 696 | New York | 712 |
Florida | 689 | Ohio | 695 |
Florida | 689 | Ohio | 695 |
Georgia | 674 | Oklahoma | 675 |
Guam | 681 | Oregon | 713 |
Hawaii | 716 | Pennsylvania | 708 |
Iowa | 711 | Puerto Rico | 689 |
Idaho | 706 | Rhode Island | 709 |
Illinois | 704 | South Carolina | 675 |
Indiana | 693 | South Dakota | 717 |
Kansas | 701 | Tennessee | 682 |
Kentucky | 680 | Texas | 674 |
Louisiana | 669 | Utah | 708 |
Massachusetts | 720 | Virginia | 700 |
Maryland | 698 | Virgin Islands | 676 |
Maine | 708 | Vermont | 721 |
Michigan | 705 | Washington | 715 |
Minnesota | 724 | Wisconsin | 717 |
Missouri | 692 | West Virginia | 679 |
Mississippi | 662 | | |
Why do I have more than one credit score?
It's a myth that you only have one credit score. In fact, you have many credit scores.
There are three nationwide credit reporting agencies (CRAs) — Equifax®, Experian® and TransUnion®. These CRAs use similar but not identical formulas to calculate credit scores. Other credit scoring companies use their own formulas. Credit scoring models generally take the same parts of your borrowing history into account. However, where one model might focus on your payment history, another may focus on your total debts. Differences in focus may result in different credit scores.
What's the difference between a FICO score and a VantageScore?
FICO is a leading analytics company. VantageScore is a collaboration between the three CRAs to provide greater credit score consistency.
FICO scores consider five categories from your credit reports:
- Payment history: 35%
- Amounts owed: 30%
- Length of your credit history: 15%
- New credit accounts: 10%
- Mix of credit used: 10%
VantageScore models use similar categories but rank them by influence:
- Payment history: extremely influential
- Credit utilization: highly influential
- Length of your credit history and your credit mix: highly influential
- Amounts owed: moderately influential
- Recent credit behavior: less influential
- Available credit: less influential
What is a good credit score range?
Credit scores can generally be grouped as follows:
- 800 and above: excellent
- 740 to 799: very good
- 670 to 739: good
- 580 to 669: fair
- 579 and below: poor
Just remember that everyone's financial situation is unique. There's no magic number that will guarantee you better loan rates and terms.
Where can I check my credit scores?
It's a good idea to check your credit scores regularly. You can create a myEquifax™ account at myequifax.com to get six free Equifax credit reports each year. You can also click “Get my free credit score” on your myEquifax dashboard to enroll in Equifax Core Credit™. Equifax Core Credit™ offers you a free monthly Equifax credit report and a free monthly VantageScore® 3.0 credit score, based on Equifax data. You can also get free weekly Equifax credit reports through April 2022 at www.annualcreditreport.com.
FAQs
According to a report by FICO, only 23% of the scorable population has a credit score of 800 or above.
What is the average credit score by state? ›
Average credit score by state
State | Average credit score (FICO) in 2023 |
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California | 722 |
Colorado | 731 |
Connecticut | 726 |
Delaware | 715 |
47 more rows4 days ago
How rare is an 800 credit score? ›
According to a report by FICO, only 23% of the scorable population has a credit score of 800 or above.
How common is a 750 credit score? ›
A score of 750 puts you in a strong position. Roughly 48% of Americans had a score of 750 or above as of April 2023, according to credit scoring company FICO.
How rare is 825 credit score? ›
Membership in the 800+ credit score club is quite exclusive, with fewer than 1 in 6 people boasting a score that high, according to WalletHub data.
How rare is an 850 credit score? ›
How many Americans have an 850 credit score? Only 1.31% of Americans with a FICO® Score have a perfect 850 credit score. While a score this high is rare among any demographic, older generations are more likely to have perfect credit. Baby boomers make up a whopping 59.4% of the people with an 850 credit score.
Is a 900 credit score possible? ›
Highlights: 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.
Is there a difference between a 750 and 800 credit score? ›
A 750 credit score is Very Good, but it can be even better. If you can elevate your score into the Exceptional range (800-850), you could become eligible for the very best lending terms, including the lowest interest rates and fees, and the most enticing credit-card rewards programs.
How rare is an 820 credit score? ›
Your score falls in the range of scores, from 800 to 850, that is considered Exceptional. Your FICO® Score and is well above the average credit score. Consumers with scores in this range may expect easy approvals when applying for new credit. 21% of all consumers have FICO® Scores in the Exceptional range.
What APR can I get with an 800 credit score? ›
The importance of credit scores and down payments
FICO Score | National average mortgage APR |
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660 to 679 | 7.589% |
680 to 699 | 7.375% |
700 to 759 | 7.198% |
760 to 850 | 6.976% |
2 more rowsApr 18, 2024
You'll typically need a credit score of 620 to finance a home purchase. However, some lenders may offer mortgage loans to borrowers with scores as low as 500. Whether you qualify for a specific loan type also depends on personal factors like your debt-to-income ratio (DTI), loan-to-value ratio (LTV) and income.
Can I buy a house with a 704 credit score? ›
A conventional mortgage is often best for those with a credit score of 700 or higher. (Generally, the credit score requirement is 620 and above.) Benefits of a conventional loan include: Buy a house with as little as a 3% down payment.
Can I buy a house with a 723 credit score? ›
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.
What is a good credit score by age? ›
How Credit Scores Breakdown by Generation
Average FICO 8 Score by Generation |
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Generation | 2022 | 2023 |
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Generation Z (ages 18-26) | 679 - Good | 680 - Good |
Millennials (27-42) | 687 - Good | 690 - Good |
Generation X (43-58) | 707 - Good | 709 - Good |
2 more rows
What is the riskiest credit score? ›
A bad credit score is a FICO score below 580, meaning it falls in the poor credit range. Along the same lines, a bad score in the VantageScore model is one below 601, which would belong in the poor or very poor credit ranges.
What is the poorest credit score? ›
Well, there are several credit score ranges. For instance, 780–850 may be considered "excellent" while 720–780 may be seen as "good." But when it comes to a range that may be seen as bad, a score between 300 (the lowest) and 660 fits into the “poor” category.
What percentage of the US has a 700 credit score? ›
Credit score distribution: How rare is an exceptional 800 to 850 score?
FICO® Score range | Percent within range |
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650-699 | 12% |
700-749 | 17% |
750-799 | 24% |
800-850 | 23% |
4 more rowsMay 31, 2023
How common is a 740 credit score? ›
A 740 FICO® Score is above the average credit score. Borrowers with scores in the Very Good range typically qualify for lenders' better interest rates and product offers. 25% of all consumers have FICO® Scores in the Very Good range.
How bad is a 300 credit score? ›
Your score falls within the range of scores, from 300 to 579, considered Very Poor. A 300 FICO® Score is significantly below the average credit score. Many lenders choose not to do business with borrowers whose scores fall in the Very Poor range, on grounds they have unfavorable credit.
Is a FICO Score of 8 good or bad? ›
FICO 8 scores range between 300 and 850. A FICO score of at least 700 is considered a good score. There are also industry-specific versions of credit scores that businesses use. For example, the FICO Bankcard Score 8 is the most widely used score when you apply for a new credit card or a credit-limit increase.