Education
Credit Score Trends & Analysis
The average FICO score has reached its highest point ever, and is currently at 704 with a steady upward trend. Here is how credit scores have moved over the years, across age groups, and against income.
How Is Your Credit Score Calculated?
A credit score is a way of evaluating the financial situation of the borrower and measuring the risk associated with lending them money. It is used by banks, credit card companies, and other third-party institutions.
There are several different credit scoring models used by lenders to evaluate a borrower's creditworthiness, and the FICO credit score is the most commonly used one. FICO scores range between 300 and 850.
Payment History
The most significant factor (35%) in determining your FICO score.
Read MoreAmounts Owed
Current debt burden and credit utilization ratio (30%).
Read MoreLength of History
How long your credit accounts have been established (15%).
Read MoreCredit Mix
The mix of credit cards, retail accounts, installment loans, etc (10%).
Read MoreFICO Score Ranges
Poor
< 580
16% of U.S. consumers
Fair
580 - 669
17% of U.S. consumers
Good
670 - 739
21% of U.S. consumers
Very Good
740 - 799
25% of U.S. consumers
Exceptional
800+
21% of U.S. consumers
Average Credit Scores by Age
The current data shows a strong correlation between a FICO score and age. Young people have a short credit history and limited borrowing capacity. People over 60 years old have the strongest scores since they have been using different credit products for a long time.
Age 18-29
659
Age 30-39
677
Age 40-49
690
Age 50-59
713
Age 60+
747
Average FICO score by age bracket. Bars are scaled 600–760 so the differences are readable.
Credit Score Trends Over The Years
After the 2008 financial crisis that shook the world, the average FICO credit score was at a low 686. Since then it has been in a constant rise.
Vertical axis scaled 680–710. Source: average FICO score by year.
Post-Crisis Recovery
Since hitting a low of 686 in 2008, the average score has been in a constant rise.
Breaking 700
The average score hit 700 for the first time in 2017 and maintained momentum.
Record Highs
In 2018, we saw a consistent 4-5 point rise across all age groups compared to 2017. Only 42.2% of people had 1 or more credit inquiries in the last year, a 1% decrease compared to 2017.
Knowledge Base
Credit Scores And Income
A 2018 study shows that income isn't the most significant factor for determining credit scores. According to research, there is no strong correlation between income and credit scores.
Most credit score models are based on the credit history and factors surrounding it, so income doesn't play a part in them directly. However, income limits signaling power to one's ability to repay potential loans.
Did you know?
A typical American consumer has a 704 FICO score, 675 VantageScore, 3.1 credit cards with $6,354 average balance, with average $201,811 mortgage, and $24,706 non-mortgage debt.
704
Avg Score
$45K
Avg Income
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