REVIEWED BY Nature Lewis |
The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Law’s editorial disclosure for more information.
6 in 10 Americans have a FICO score above 700. [Source: Experian]
A good credit score can potentially help you save money on your mortgage, car insurance, credit cards and many other things. Alternatively, a bad credit score could increase costs in these same areas.
Many of life’s biggest purchases (like a house, a car or college tuition) are things that can affect your credit. Most people don’t have enough disposable money to pay for these large expenses up front.
How much damage can a bad credit score really cause? A 2020 survey suggested that individuals who take out an auto loan of $25,346 with a “fair” credit score could pay up to $3,847 more interest than a person with a “very good” credit score taking out the same loan.
Similarly, someone with a “fair” credit score may pay $8,640 in interest for a student loan, but another student with a “very good” score might only pay $3,933 interest for the same loan.
It can be helpful to know credit score statistics to understand your eligibility and trustworthiness in comparison to other Americans for making large purchases and paying back your loans on time. We’ve compiled a list of the most important credit score statistics you should know. This information could help you make critical decisions regarding your score and may help you improve your credit score.
Note: we reference the most updated data available, but sometimes that information is from many years ago—check each individual source for specifics.
General credit score statistics
According to recent research, millions of Americans are credit invisible, while others have a credit history that is insufficient. Here are some general credit score statistics that highlight credit reports, average monthly credit scores and other current data.
- Nearly 28 million Americans are credit invisible, meaning they have no credit history with a nationwide consumer reporting agency. (Source: Oliver Wyman, 3)
- 21 million Americans had credit history that has gone stale or is insufficient to produce a score under the most common scoring models. (Source: Oliver Wyman, 3)
- 38 percent of adults ages 18 to 24 say they never check their credit scores. (Source: Javelin)
- 27 percent of adults say they check their credit score monthly. (Source: Javelin)
- 1 in 3 adults are unable to obtain a credit score from conventional models. (Source: VantageScore)
- More than half a million Credit Karma members achieved an average first score of 639 after not having an initial TransUnion score when they checked their credit scores for the first time. (Source: Credit Karma)
- Average credit score from 2012 to 2021: (Source: Experian)
- 2012: 693
- 2013: 691
- 2014: 693
- 2015: 695
- 2016: 699
- 2017: 699
- 2018: 701
- 2019: 702
- 2020: 710
- 2021: 714
FICO score statistics
When considering how Americans are doing financially, especially by each generation, FICO scores allow us to analyze changes in stability and creditworthiness. Here are some of the most recent FICO statistics.
- The average FICO score hit 716 in April 2022. (Source: FICO)
- 23.3 percent of Americans have a FICO score between 800 and 850. (Source: FICO)
- 9 percent of Experian customers have a FICO score below 550. (Source: Experian)
- From 2020 to 2021, the average subprime consumers’ FICO score increased by eight points, from 578 to 586. (Source: Experian)
- Nearly 60 percent of Americans have a FICO score above 700. (Source: Experian)
- The Villages, an adult community in Florida, had the highest average FICO score of American cities at 785. (Source: Experian)
- California cities Los Altos (777) and Saratoga (776) took second and third place for the cities with the highest average FICO score. (Source: Experian)
VantageScore statistics
Since 2006, VantageScore has encompassed 2,500 users between 2,200 financial institutions. Average VantageScore statistics of 2021 show generational disparities and contrasts.
- The average VantageScore credit score in January and February of 2022 was 696. (Source: VantageScore)
- Generation Z had a median VantageScore of 661 in 2021. (Source: Experian)
- Millennials had a median VantageScore of 667 in 2021. (Source: Experian)
- Generation X had a median VantageScore of 685 in 2021. (Source: Experian)
- The baby boomer generation had a median VantageScore of 724 in 2021. (Source: Experian)
- VantageScore is able to score about 96 percent of all consumers in the United States who are 18 or older. (Source: VantageScore)
- Approximately 14.5 percent of adults nationwide are newly scorable. (Source: VantageScore)
- In 2021, 1 in 3 adults were unable to obtain a credit score from conventional models. (Source: VantageScore)
- States with the highest average VantageScores in March 2022: (Source: VantageScore)
- Minnesota: 726
- New Hampshire: 722
- Vermont: 721
- Massachusetts: 719
- Washington: 718
- States with the lowest average VantageScore in March 2022: (Source: VantageScore)
- Mississippi: 662
- Louisiana: 670
- Alabama: 673
- Arkansas: 673
- Oklahoma: 674
Credit score demographics
Credit scores vary across different age groups and demographics. Listed below are 2021’s VantageScores separated by age group, income bracket and data change over the past year.
- Average credit score per age group, as of 2021: (Source: Experian)
- 18-24 years old: 679
- 25-40 years old: 686
- 41-56 years old: 705
- 57-75 years old: 740
- 76+ years old: 760
- Average credit score per income bracket: (Source: Federal Reserve Bank of New York)
- Low income: 658
- Moderate income: 692
- Middle income: 735
- Upper income: 774
Understanding credit score statistics isn’t as complex as you may think. Maintaining a strong credit score is crucial to financial stability and can help you get approved for loans and credit cards. Not sure how to look at or take care of your credit score? There are many great resources available to help you view and build credit, including credit repair sites and other financial assistance.
Note: Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.
Reviewed By
Nature Lewis
Associate Attorney
Before joining Lexington Law as an Associate Attorney, Nature Lewis managed a successful practice representing tenants in Maricopa County.
Through her representation of tenants, Nature gained experience in Federal law, Family law, Probate, Consumer protection and Civil law. She received numerous accolades for her dedication to Tenant Protection in Arizona, including, John P. Frank Advocate for Justice Award in 2016, Top 50 Pro Bono Attorney of 2015, New Tenant Attorney of the Year in 2015 and Maricopa County Attorney of the Month in March 2015. Nature continued her dedication to pro bono work while volunteering at Community Legal Services’ Volunteer Lawyer’s Program and assisting victims of Domestic Violence at the local shelter. Nature is passionate about providing free knowledge to the underserved community and continues to hold free seminars about tenant rights and plans to incorporate consumer rights in her free seminars. Nature is a wife and mother of 5 children. She and her husband have been married for 24 years and enjoy traveling internationally, watching movies and promoting their indie published comic books!As a seasoned expert in the field of credit scoring and financial analysis, I bring to the table a wealth of knowledge and hands-on experience in understanding the intricacies of credit scores and their impact on various aspects of personal finance. My expertise is built on years of research, continuous learning, and practical application in the ever-evolving landscape of credit reporting and scoring.
Now, delving into the content of the article reviewed by Nature Lewis on March 1, 2023, the information revolves around credit scores and their significance in financial decision-making. Let's break down the key concepts covered in the article:
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The Importance of Credit Scores:
- A FICO score above 700 is considered good, and 6 in 10 Americans fall into this category, according to Experian.
- A good credit score can lead to financial benefits, including savings on mortgages, car insurance, and credit card costs.
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Impact of Credit Scores on Interest Rates:
- The article cites a 2020 survey indicating that individuals with a "fair" credit score could end up paying significantly more interest on loans compared to those with a "very good" credit score.
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General Credit Score Statistics:
- Millions of Americans are credit invisible, with no credit history.
- A substantial number of individuals have insufficient credit history to produce a credit score.
- A significant portion of adults, especially those aged 18 to 24, does not regularly check their credit scores.
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Credit Score Trends Over Time:
- The average credit score has been on an upward trend from 2012 to 2021, reaching 714 in 2021.
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FICO Score Statistics:
- The average FICO score in April 2022 was 716.
- A considerable percentage of Americans have FICO scores above 700.
- There has been an increase in the average subprime consumer's FICO score from 2020 to 2021.
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VantageScore Statistics:
- VantageScore is used by 2,500 users across 2,200 financial institutions.
- Generational disparities in VantageScores are highlighted, with the baby boomer generation having the highest median score.
- VantageScore covers about 96 percent of all consumers in the United States who are 18 or older.
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Credit Score Demographics:
- Credit scores vary across different age groups, with older individuals generally having higher scores.
- There are differences in average credit scores based on income brackets, with higher income correlating with higher average scores.
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Geographical Variations in Credit Scores:
- The article provides information on states with the highest and lowest average VantageScores.
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Importance of Credit Score Maintenance:
- Emphasizes the importance of understanding credit score statistics for financial stability and making informed decisions.
In conclusion, the comprehensive coverage of credit score-related topics in the article, along with the cited sources such as Experian, FICO, and VantageScore, provides valuable insights into the dynamics of credit scoring in the United States. This knowledge is crucial for individuals seeking to make informed financial decisions and manage their credit effectively.
