What is the average credit score in 2023?

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.

The average credit score in the U.S. is 714. (Experian Q3 2022)

FICO and VantageScore are the most popular credit score models used in the industry, and both use scores ranging from 300 to 850. The average American credit score has been on the rise since the 2008 recession, when the average credit score took a sharp drop due to defaulting loans.

When looking at how your credit score compares to the average American’s, there are many factors to consider. Credit reports are updated on a monthly basis, so the averages fluctuate from month to month. Additionally, lenders do not use national averages to determine what a good score is, but rather a range of credit scores.

Key takeaways:

  • The average FICO credit score is 714 as of Q3 2022.
  • Minnesota has the highest average credit score at 742.
  • Mississippi has the lowest average credit score at 680.

Credit score distribution in America

Americans’ FICO credit score range shows that over half of Americans (67 percent) have a credit score between 670 and 850. These scores are considered good, very good and excellent. The 33 percent of Americans with a score under 670 may have difficulty being approved for loans and can expect to pay more with higher interest rates on credit cards and loans.

Credit score range Percentage of Americans
800-850 21%
740-799 25%
670-739 21%
580-669 17%
300-579 16%

Source: Experian

Average credit score by state

The U.S. average credit score by state varies drastically from a mid-prime credit score to a mid-nonprime score. This large variation is due to differences in population and open credit accounts. Overall Mississippi has the lowest average credit score of 680 and Minnesota has the highest average credit score of 742.

States with the highest credit scores

The five states with the highest credit score averages all have an average income above $60,000. These factors can contribute to higher credit scores by making it easier to make payments on time and borrow less overall. Federal Reserve Bank of New York data also shows that the states with the top five highest credit scores have some of the lowest default rates under 7 percent.

State Average credit score
Minnesota 742
Vermont 736
Washington 735
Wisconsin 735
New Hampshire 734

Source: Experian

States with the lowest credit scores

With the exception of Texas, the five states with the lowest credit scores have average incomes under $55,000 a year. With a lower income, some households may be more reliant on loans and use credit to pay bills and make ends meet. The states with the lowest credit scores also have some of the highest delinquency rates, with credit card delinquencies over 8 percent.

State Average credit score
Mississippi 680
Louisiana 689
Alabama 691
Oklahoma 693
Texas 693

Source: Experian

Average credit score by age

The largest difference in credit score averages is apparent when comparing scores across each generation. With a difference of 81 points from Generation Z to the Silent Generation, it shows how much debt and length of credit history play into an overall credit score. Younger Americans, including millennials and Gen Xers, carry the most debt in the country.

Generation Average credit score
Gen Z 679
Gen Y 687
Gen X 706
Baby boomers 742
Silent generation 760

Source: Experian

Average credit score by year

The average credit score in the U.S. (714) hasn’t changed since 2021. However, the average score has increased by 21 points in the last decade. Here’s how the average FICO score has progressed since 2010.

What is a good credit score?

A good FICO credit score is generally anything above 670 (see chart below for more details). Anyone with a good credit score should not have difficulty applying for a loan with a competitive interest rate. Although there are slightly different distributions of credit score models, you can generally use the credit score range chart below to find out if your credit score is good.

Credit score ranges

  • Exceptional: 800 – 850
  • Very good: 740 – 799
  • Good: 670 – 739
  • Fair: 580 – 669
  • Poor: 300 – 579

Top-tier credit scores, categorized as exceptional, range from 800 to 850. Anyone with an exceptional score can expect to get the lowest interest rates offered in the industry and can often be preapproved for most loans. Obtaining an exceptional credit score can be difficult and may take years of responsible credit usage.

Anyone with a credit score under 670 may be considered higher risk and could have difficulty getting approved for loans. However, even if you are on the lower end of the credit score range, you can still make positive changes and work to improve your credit score over time.

How are credit scores used?

Credit scores are used to determine your eligibility for credit cards, mortgages, auto loans, and other financial products, like insurance.

Credit scores are measured using borrowing information from your credit reports, such as your payment history, the number and types of accounts you have open and your credit utilization ratio. FICO and VantageScore, the main credit score models, use slightly different methodologies, but your credit scores across models should be in the same ballpark.

You should check your credit report once a year for free from each of the three credit bureaus. It’s possible to have an inaccuracy or unfair item on your report that affects your credit score. If you locate an error, you can challenge it with your creditor and the credit bureau.

How do you raise your credit score?

If comparing your credit score to the national averages overwhelms you, don’t worry, you can take steps to increase your score over time. Improving your credit does not have to be intimidating, especially when you have the right tools for the job. Here are some ways to work on your credit:

  • Pay any existing bills and bring past-due bills up to date: This can help guarantee that your payment history demonstrates to lenders that you have a track record of using credit responsibly.
  • Pay your credit card balance in full each month: Your credit utilization ratio will remain healthy if you pay the full amount on time.
  • Don’t apply for new credit unless you absolutely need it: A hard inquiry is recorded on your credit report when you submit a credit application. If you frequently apply for more credit, your credit score will likely take a hit.

Simply reading through your credit history will tell you what you need to work on to help your credit. Whether you need to address negative items on your report or improve your borrowing practices, there are resources out there that can help you. Contact our team if you’re interested in learning more about Lexington Law’s credit repair services.

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

Paola Bergauer

Associate Attorney

Paola Bergauer was born in San Jose, California then moved with her family to Hawaii and later Arizona. In 2012 she earned a Bachelor’s degree in both Psychology and Political Science. In 2014 she graduated from Arizona Summit Law School earning her Juris Doctor. During law school, she had the opportunity to participate in externships where she was able to assist in the representation of clients who were pleading asylum in front of Immigration Court. Paola was also a senior staff editor in her law school’s Law Review. Prior to joining Lexington Law, Paola has worked in Immigration, Criminal Defense, and Personal Injury. Paola is licensed to practice in Arizona and is an Associate Attorney in the Phoenix office.