What Is the Average Credit Score in America?
The average FICO® credit score in America is 717, as of October 2023. And as of May 2024, the average VantageScore® is 702. Both scores are considered to be in the good range and could help a borrower qualify for favorable loan and line of credit terms.
As you’re comparing your own credit score to the national average, it helps to understand how scores are calculated and how these three digits could impact your financial health and long-term goals. Here, learn more about credit scores and some steps you can take to build yours.
Key Points
• The average FICO credit score in the U.S. is 717, while the VantageScore is 702, both falling in the good range.
• Average credit scores differ by state across the U.S., and there are multiple types of credit scores (for auto loans vs. mortgages, for example).
• Key factors in a credit score include payment history, amount of debt vs. credit limit, credit history length, new credit requests, and credit mix.
• Monitoring one’s credit score and report is vital for financial health and can be done for free.
• Ways to build a credit score include being an authorized user on a credit card, obtaining a secured credit card or credit-builder loan, and always paying debt on time.
How Do Average Credit Scores Compare by State?
While there’s a national average credit score, there are also state numbers that vary a bit. The chart below shows the average credit score by state as of the third quarter of 2023, according to Experian®.
| State | Average Credit Score |
|---|---|
| Alabama | 692 |
| Alaska | 722 |
| Arizona | 713 |
| Arkansas | 696 |
| California | 722 |
| Colorado | 731 |
| Connecticut | 726 |
| Delaware | 715 |
| District of Columbia | 715 |
| Florida | 708 |
| Georgia | 695 |
| Hawaii | 732 |
| Idaho | 729 |
| Illinois | 720 |
| Indiana | 713 |
| Iowa | 730 |
| Kansas | 723 |
| Kentucky | 705 |
| Louisiana | 690 |
| Maine | 731 |
| Maryland | 716 |
| Massachusetts | 732 |
| Michigan | 719 |
| Minnesota | 742 |
| Mississippi | 680 |
| Missouri | 714 |
| Montana | 732 |
| Nebraska | 731 |
| Nevada | 702 |
| New Hampshire | 736 |
| New Jersey | 725 |
| New Mexico | 702 |
| New York | 721 |
| North Carolina | 709 |
| North Dakota | 733 |
| Ohio | 716 |
| Oklahoma | 696 |
| Oregon | 732 |
| Pennsylvania | 723 |
| Rhode Island | 722 |
| South Carolina | 699 |
| South Dakota | 734 |
| Tennessee | 705 |
| Texas | 695 |
| Utah | 731 |
| Vermont | 737 |
| Virginia | 722 |
| Washington | 735 |
| West Virginia | 703 |
| Wisconsin | 737 |
| Wyoming | 724 |
Why Do I Have More Than One Credit Score?
As mentioned, the chart above shows FICO scores, which are used in 90% of lending decisions. But that’s not the only credit score you have. The other is called VantageScore. You’ll find different credit scores for two main reasons. First, they are competitors in this category, and each one calculates credit scores differently.
The other reason you might see a different credit score is due to the fact that FICO has different credit scoring models based on what the lender is looking for (mortgage, auto, credit card). In addition, FICO also releases credit score updates, or versions, of their credit-scoring model, similar to an Apple or Microsoft software update.
Here’s an example of what FICO scores you might see and the purpose they serve. (Note: You will see that the numbering does not always go sequentially; for instance, there isn’t a FICO Bankcard Score 6 or 7 in use.)
| FICO credit-scoring model | Purpose |
|---|---|
|
FICO Score 2 FICO Score 5 FICO Score 4 |
Mortgage lending |
|
FICO Bankcard Score 9 FICO Bankcard Score 8 FICO Bankcard Score 5 FICO Bankcard Score 4 FICO Bankcard Score 3 FICO Bankcard Score 2 |
Credit card lending |
|
FICO Auto Score 9 FICO Auto Score 8 FICO Auto Score 5 FICO Auto Score 4 FICO Auto Score 2 |
Auto lending |
|
FICO Score 9 FICO Score 8 |
General |
|
FICO Score 10 FICO Auto Score 10 FICO Bankcard Score 10 FICO Score 10T |
Newly released scoring models |
As you can see, there are many scoring models currently in use. But your score likely won’t vary drastically with the different versions.
What Is a Good Credit Score Range?
Technically, a good credit score range is between 670 and 739, according to FICO, the original provider of credit scores. (For VantageScore, the good range runs from 661 to 780.) But if you’re casually talking about what a “good” credit score is, anything above 670 is considered good. A score of 850 is the maximum credit score and is considered excellent or exceptional.
If you are curious about what the starting credit score is, you’ll find two different answers: the lowest credit score and the first credit score you get. The lowest credit score is 300, but that’s not where you’ll start. If you take out your first loan and make on-time payments, for instance, you’ll get your first credit score about six months later. Chances are, your consistent payment history will bump it up closer to the 500-700 credit score range. A score lower than that would likely reflect bad marks on your credit report.
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Where Can I Check My Credit Scores?
If you are wondering how to check your credit score without paying, there are a number of resources available for you:
• Your bank or credit card issuer: You’ll often see a free credit score — and sometimes a full credit report — supplied by your bank or credit issuer located in your online account. Be sure to check if the credit score is supplied by VantageScore or FICO, as the numbers can be different.
• Nonprofit credit and housing counselors: You may be able to get help accessing your credit score through nonprofit agencies.
• Credit score service: You may be able to pay to monitor your credit score with various companies. Usually, there are more services they can offer in addition to monitoring your credit score to make it worth your while.
Checking your credit score can help you see where you are, if there are any errors on your report, and whether you might address areas that are dragging your score down.
What Affects Your Credit Scores?
What affects your credit score is related to how well you manage credit. Credit scoring models were developed as a way to help lenders evaluate how risky it is to lend you money based on how you have handled credit to date.
There are different ways lenders gain insight into how you manage credit with the credit scoring model, which is further broken down into categories. That said, key facets of your credit score (which are detailed below) include such aspects as whether you pay on time, how much you owe, the mix of ways in which you’ve accessed credit, and the length of time you’ve been using credit, among others.
Credit Score Factors by Percentage
The breakdown of factors contributing to FICO credit scores is 35% payment history, 30% amounts owed, 15% length of credit history, 10% new credit, and 10% credit mix. Here’s how they work.
Payment History: 35%
Payment history captures your past behavior of making payments on time or not. It also includes whether or not any of your accounts have fallen into delinquency. In other words, if you have a long history of paying on time, that can contribute positively to your credit score.
Amounts Owed: 30%
Most financial experts believe that you should only use 30% of your credit limit. Ten percent is better still. Using too much of the credit available to you is seen as a sign of risk to lenders, and it’ll pull down your score. Learning how to lower credit card utilization may help build your score.
Length of Credit History: 15%
When you have a short credit history, you are something of an unknown quantity to lenders. Those who have been accessing credit for a significant period of time have proven how well they can handle this aspect of their finances. That is why a longer credit history can positively impact your score.
If you are just starting out on your credit journey, you will likely need to manage your payments well for several months in order to start building your credit score.
New Credit: 10%
This factor reflects whether you have been seeking additional credit recently. Applying for a lot of new credit in a short period of time is typically seen as risky to lenders. They may see it as a sign that you’ll be overextended and have financial trouble ahead. For this reason, it’s best to limit the amount of credit you apply for.
Credit Mix: 10%
Credit mix refers to the different types of credit accounts you have. This includes installment accounts (such as auto loans, personal loans, and mortgages) and revolving credit accounts (such as credit cards and HELOCs). Good management of a mix of credit shows lenders you can be responsible with different types of credit.
What Information Credit Scores Do Not Consider
You might also be curious to know what doesn’t affect your credit score. FICO lists the following as factors that do not affect your FICO Score:
• Where you live
• Salary and employment
• Age and sex
• Color, ethnicity, race, or national origin
• Marital status
• Religion
• Receipt of public assistance
• Child or family support obligations
• Interest rate being charged on another card
• Any information not found on your credit report (such as your bank account details)
• Whether or not you’re participating in credit counseling of any kind
• Nonbankruptcy public records
How the VantageScore Is Calculated
Now that you know all about the FICO scoring system, consider how VantageScore is determined. The VantageScore calculation breakdown is a little different from FICO. The following breakdown is based on VantageScore 4.0, the most recent model released in 2017:
• Payment history: 41%
• Depth of credit: 20%
• Credit utilization: 20%
• Balances: 11%
• Recent credit: 6%
• Available credit: 2%
In this model, payment history is the biggest driver of your credit score, much like it is with FICO. But the weights and calculations are different from FICO’s, so it’s natural to see a different score when the credit score provided to you is a VantageScore instead of a FICO score.
Recommended: What Is a FICO Score? FICO Score vs Credit Score
Why There Are Different Credit Scores
The first credit score was the FICO score, launched in 1989 with the leading credit bureaus to help them evaluate a consumer’s creditworthiness. (FICO, incidentally, is an acronym for Fair Isaac Corporation.) The VantageScore was launched in 2006, a joint venture among the big three credit bureaus, Equifax®, Experian®, and TransUnion®.
Different lenders use different scoring models, and once they’ve committed to a version of the scoring model, it’s not easy to change. Each individual lender chooses when to update to new scoring models released by FICO or VantageScore.
One auto lender may use FICO® Auto Score 9 while another lender may use FICO® Auto Score 8. One credit card company may show you a VantageScore while another shows you a FICO score.
To sum up, the reason you see different credit scores is due to three main factors: different providers (VantageScore vs FICO) with different credit scoring models and different versions.
Why Having a Good Credit Score Is Important
A good credit score can benefit your financial life. Here’s how:
• Better loan rates: You may be able to secure a better interest rate on your loan.
• Easier to get a loan: A better credit score can help you qualify for a loan.
• Better insurance rates: You likely won’t pay as much for car insurance when you have a good credit score.
• Easier to get an apartment: If you apply for an apartment, your landlord may look favorably on a good credit score.
• Higher credit limits: A better score can help you be approved for a higher credit limit, which can help with your credit utilization ratio.
• Better rewards: You may be able to qualify for the premium travel cards and rewards programs with good credit.
• No security deposit for utilities: If you’re setting up utilities, your credit is typically checked. If you have a good credit score, the deposit may be waived.
How to Build Your Credit Scores
It’s not uncommon to need to build your credit score before applying for financing. Doing so can help your chances of being approved as well as possibly secure competitive terms.
• Check your credit report for errors. Any information that is incorrect, such as dates or amounts, can be disputed.
• Set up autopay. Your payment history makes up 35% of your FICO credit score, so you want to get your bills paid on time, every time. Putting your bills on autopay helps make this task a snap.
• Consolidate credit card debt. Replacing credit card balances with a personal loan can help improve your credit utilization ratios and get the debt paid off with the regularity that an installment loan brings.
• Use a money tracker app. Technology is incredible for facilitating money decisions. It can be helpful for seeing your income, spending, saving, investing, planning, credit score monitoring, and more. A good starting point: See what tools your financial institution offers.
Recommended: Why Did My Credit Score Drop After a Dispute?
What to Do If You Don’t Have a Credit Score
If you don’t have a credit score yet, don’t stress: There are plenty of ways to start building your credit. Here are some strategies to consider:
• Become an authorized user. Being added to another credit card account (like a parent’s) can build credit history.
• Get a secured credit card. A secured credit card requires a deposit in exchange for a line of credit. When you pay it off on time, you’ll build a positive credit history.
• Take out an installment loan. It may be possible to build credit history with an installment loan. Auto loans are an example of an installment loan that often advertise possible loan approvals with little to no credit history. In some cases, you may need a cosigner to get the loan approved.
• Consider a credit-builder loan. You may want to look at credit-building loans, which can benefit people who don’t have a credit score (or have a low credit score). They usually require a deposit or paychecks be automatically deposited to the account to qualify.
Recommended: How Long Does It Take to Build Credit?
Why Your Credit Score Changed
At times, you’ll see your credit score change, and it might worry you. Here are some common reasons why your credit score may have changed.
• Too many credit inquiries. Don’t apply for too much credit in a short period of time. This can look like risky behavior on your part (say, like you are strapped for funds), and your score will likely decrease.
• Late payment. If your payment is more than 60 days past due, it may show up on your credit report, and when it does, you may see a noticeable drop in your credit score.
• Maxed out a card. When your credit utilization ratio increases (how much credit you’re using relative to how much is available to you), you’ll typically see a decrease in your credit score.
• Paid off an account. It might seem illogical, but when you pay off a loan and close the account, your credit score may go down. This is because you’re decreasing the credit available to you and shortening the length of your credit history, both of which can pull down your credit slightly. But don’t panic — your score will usually recover quickly.
• Collection account, bankruptcy, foreclosure, or other derogatory mark: Your credit score may decrease drastically if there’s negative information in your credit report. These kinds of marks can stay on your credit report for seven to 10 years.
Monitor Your Credit Report and Score
Monitoring your credit score and report can help keep you on track to reach your financial goals. This is especially true if you are focused on building your score to a certain level (say, if you plan to apply for a mortgage in the near future).
There are a lot of smart tools you can use to monitor your credit report and score, as well as budgeting and spending apps that can help you manage your money more effectively and pay down debt
The Takeaway
The average credit score in America is 717 using the FICO system, while the average VantageScore is 702. Knowing the factors that comprise a credit score, how the different scoring systems compare, and where your score stands can be helpful information. You can check your score and empower yourself with the knowledge to build it so you have access to the best lending terms possible.
Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.
FAQ
How many Americans have an 800 credit score?
According to data collected by credit reporting agency Experian, 22% of Americans have a credit score of 800 or greater.
How common is a 750 credit score?
Approximately 25% of American have a credit score in the 750 range, according to data collected by credit reporting agency Experian.
Does anyone have a 900 credit score?
It’s impossible to have a 900 credit score, as both FICO and VantageScore models only go as high as 850.
What is the riskiest credit score?
Lenders may see a borrower with a “poor” credit score as a high risk. Poor credit scores fall between 300 and 579.
What is the most respected credit score?
While lenders use both VantageScore and FICO and consider them reliable, FICO is used in 90% of lending decisions.
What is a good credit score to buy a house?
Borrowers with higher credit scores are often in a better position to secure favorable rates on a home loan. Generally speaking, lenders require a credit score of at least 620 to buy a house with a conventional mortgage, though requirements vary based on the type of loan you’re pursuing.
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Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
This content is provided for informational and educational purposes only and should not be construed as financial advice.
Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .
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