We love to compare ourselves to others – our salary, what car we drive, and, unfortunately, how in shape we are for summer next to everyone else on the beach. But few people know how their credit score ranks against the rest of the country. So we decided to dig up some credit score statistics by demographic from StatisticBrain.com so you can make sure to keep up with the Joneses!
Going by FICO scores, the national average is 691.
Only 39% of people have obtained a copy of their credit report, while 37% of people have no clue what their score is.
And the average person has 13 trade lines reporting on their report.
The data on average FICO by state is a little older, so you will see it's below the national average, but it still gives us a sense of highest and lowest states.
Hawaii and Wisconsin have the highest average credit scores, at 681.
Massachusetts is next at 677, followed by New Jersey at 676 and Minnesota at 674.
The state with the lowest credit score is Mississippi, at 618.
Louisiana averages 625, Arkansas at 628, Alabama, South Caroline at 629, and then Kentucky at 632.
For some reason, a lot of southern states average lower credit scores.
There is a correlation between age and credit score, with 18-24 year olds averaging 643, 25-34 year olds at 651, and then scores going up from there. The 45-54 age bracket averages a 660 credit score, and 55+ are the highest at 693.
Experts speculate that this is due to the fact that many younger people make mistakes with their finances and credit score, and learn and become more financially stable – and responsible – from there. There may also be a cultural shift in credit use by age that sees the older generations more conscious of financial responsibility.
What does that mean for you? Thankfully, nothing! No matter where you live or how old you are, you can build good financial practices that will earn you a great credit score – and the money-saving benefits!
For more information, or a complimentary consultation about your credit score, feel free to contact Blue Water Credit!
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