Selflender logo Back to Data & Guides

Average FICO Credit Score in America

Despite the financial challenges that many households are facing throughout the country, the average American has been able to maintain good credit. As of April 2024, the average FICO® Score in the United States is 717. [1] FICO.com. “Average U.S. FICO® Score stays at 717 even as consumers are faced with economic uncertainty.” https://www.fico.com/blogs/average-u-s-ficor-score-stays-717-even-consumers-are-faced-economic-uncertainty

Most credit scores measure how well you manage your bills—or rather the financial obligations that appear on your credit reports. The most common credit scoring models that lenders use (such as FICO and VantageScore) predict the likelihood that you’ll make a late payment by 90 days or worse on a credit obligation within the next 24 months. [2] Experian.com. “Credit Score Basics: Everything You Need to Know.” https://www.experian.com/blogs/ask-experian/credit-education/score-basics/understanding-credit-scores/ The higher your credit score, the less likely you are to pay your credit obligations late.

Read on to learn more about the average credit score in the U.S. and how average credit scores have changed over time. You’ll also discover how your credit score can impact your personal finances—especially when you apply for financing, take out insurance, and seek to rent housing like an apartment or home.

Key statistics

What is the average credit score in the U.S.?

The national average FICO® Score is 717 as of April 2024. In general, most lenders classify the current average FICO Score as a good credit score. Yet every lender makes its own decisions regarding what it considers to be a good FICO Score and how it uses your credit information to approve, deny, or price loans, credit cards and other types of financing.

Using the general FICO Score scale of 300 to 850, here are the basic credit score ranges and how many lenders may classify credit scores.

FICO Score Ranges
Credit Rating FICO Scores Results
Exceptional 800 and above Your FICO Score is above average. You might be eligible for the most attractive financing offers lenders make available (depending on other factors on your application).
Very Good 740-799 Your FICO Score is above average. You might be eligible for attractive financing offers (depending on other factors on your application), though not necessarily the top offers available.
Good 670-739 Your FICO Score is near or slightly above average. Most lenders consider this a good credit score and you might be eligible for financing (though not necessarily the most competitive rates and offers).
Fair 580-669 Your FICO Score is below average. Some lenders may still approve you for financing, but interest rates and terms are typically less competitive.
Poor 580 and below Your FICO Score is considerably below average. You may have a harder time qualifying for financing due to your credit risk, and you may pay higher interest rates when you do qualify.

Source: myFICO [3] myFICO.com. “What is a FICO® Score?” https://www.myfico.com/credit-education/what-is-a-fico-score#:~:text=What%20is%20a%20FICO%C2%AE,cost%20(the%20interest%20rate).

It’s also interesting to note that although the overall average FICO Score was 717 in April 2024, a larger percentage of consumers had FICO Scores in the higher score ranges compared to the lower ranges. Also, according to Experian data from Q3 2023, 1.54% of consumers accomplished the challenging task of earning a perfect 850 FICO Score. [4] Experian.com. “How Many Americans Have a Perfect 850 Credit Score?” https://www.experian.com/blogs/ask-experian/perfect-scores-who-has-them-and-what-do-they-have-in-common/

Below is a breakdown of the FICO Score distribution by percent of population, according to the most recent data available (April 2024).

FICO® Score 8 Distribution April 2024
FICO Score Range Percent of Population
300-499 3.1
500-549 6.1
550-599 7.1
600-649 8.3
650-699 11.4
700-749 16.0
750-799 23.5
800-850 24.4

Source: FICO.com [1] FICO.com. “Average U.S. FICO® Score stays at 717 even as consumers are faced with economic uncertainty.” https://www.fico.com/blogs/average-u-s-ficor-score-stays-717-even-consumers-are-faced-economic-uncertainty

Average credit scores over time

FICO releases updates on the average score in the United States every six months. In April 2024, the average FICO Score held steady at 717 compared to the last update from October 2023. But the average score did decline by one point compared to a year earlier in April 2023. [1] FICO.com. “Average U.S. FICO® Score stays at 717 even as consumers are faced with economic uncertainty.” https://www.fico.com/blogs/average-u-s-ficor-score-stays-717-even-consumers-are-faced-economic-uncertainty

Still, for the most part FICO Scores have been trending upward for the last decade.

Average FICO® Score 8 Over Time
Date Average FICO Score
Average FICO® Score 8 Over Time
Date Average FICO Score
October 2005 688
October 2006 690
October 2007 689
April 2008 690
October 2008 689
April 2009 687
October 2009 686
April 2010 687
October 2010 687
April 2011 688
October 2011 689
April 2012 690
October 2012 689
April 2013 691
October 2013 690
April 2014 692
October 2014 694
April 2015 695
October 2015 696
April 2016 699
October 2016 699
April 2017 700
October 2017 701
April 2018 704
October 2018 705
April 2019 706
October 2019 706
April 2020 708
October 2020 713
April 2021 716
October 2021 716
April 2022 716
October 2022 716
April 2023 718
October 2023 717
April 2024 717

Source: FICO.com [1] FICO.com. “Average U.S. FICO® Score stays at 717 even as consumers are faced with economic uncertainty.” https://www.fico.com/blogs/average-u-s-ficor-score-stays-717-even-consumers-are-faced-economic-uncertainty

Why have average FICO Scores changed over time?

The reason FICO Scores change over time is because borrower and credit behaviors shift over the years—often due to underlying economic influences. And when the information on consumer credit reports changes, credit scores adjust to help lenders and other businesses better predict borrower risk.

During the COVID-19 pandemic, for example, credit scores experienced a big upward jump. The average FICO Score climbed by five points from 708 in April 2020 to 713 in October 2020.

It may seem unexpected that FICO Scores increased during a time of economic uncertainty. But if you take a closer look at the facts, you can see how average credit scores trended upward so dramatically during this period.

Despite the fact that unemployment soared to a record 14.8% in April 2020 and millions of Americans were out of work, other factors were also at play at the time. [5] CRSReports.Congress.gov. “Unemployment Rates During the COVID-19 Pandemic: In Brief.” https://crsreports.congress.gov/product/pdf/R/R46554/9#:~:text=This%20report%20shows%20the%20following%3A&text=The%20unemployment%20rate%20peaked%20at,to%20February%202020%20(3.5%25). During the pandemic, eligible taxpayers also received several rounds of stimulus checks. Many people used their stimulus payments to pay down credit card debt—an action that tends to lift credit scores. [6] GAO.gov. “Credit Cards: Pandemic Assistance Likely Helped Reduce Balances, and Credit Terms Varied Among Demographic Groups.” https://www.gao.gov/products/gao-23-105269 Additionally, loan forbearance programs helped reduce the number of late payments (aka delinquencies) during this time which also had a positive credit score impact. [7] Newsroom.TransUnion.com. “More Consumers Migrating to Higher Credit Scores Since Beginning of Pandemic, Though Some Borrowers Performing Like Those at Lower Levels.” https://newsroom.transunion.com/score-migration-study/

According to the most recent data, the average FICO Score was 717 as of April 2024. And while that’s still a good credit score, it’s also one point lower compared to the previous year. There are several key factors contributing to this change according to FICO.

Keep in mind that details like the ones above could have a meaningful effect on credit scores. When a late payment shows up on your credit report, for example, it typically affects your credit score in a negative way (and may continue to damage your credit score to some degree for up to seven years). Likewise, if your credit utilization rate goes up, your credit score often declines in response. But a lower number of hard credit inquiries and new accounts might be positive (albeit to a lesser degree). As a result, it’s important to learn about the factors that impact your credit scores so you can discover how to earn and maintain good credit in the future.

How your credit score can impact your finances

Keeping track of the average credit score is interesting because it provides insight into how you measure up to other borrowers. But there’s more important information to focus on where your credit is concerned. Namely, it’s important to understand the health of your own credit and how your credit score may impact your personal finances.

Good credit has the potential to save you money in numerous ways—sometimes to the tune of hundreds or even thousands of dollars each year. A bad credit score, on the other hand, could cost your money and might make it difficult to qualify for financing and other essential needs like housing and insurance.

Below are some examples to demonstrate how your credit score could affect your financial life in various ways.

Mortgage rates by credit score

Working on your credit score could have big benefits when you’re ready to buy a home. While it might be possible to buy a house with bad credit, buying a home with a lower credit score typically means a higher interest rate if you qualify for financing. A good credit score, by comparison, could put you in a much better position when you apply for a mortgage.

Consider the following scenario. The median home sales price in the United States is $404,500 as of September 2024 according to the National Association of Realtors (NAR). [9] NAR.Realtor. “Latest Housing Indicators.” https://www.nar.realtor/research-and-statistics If you take out a mortgage for that amount, your credit score could have a big impact on the interest rate a lender offers you.

Here are some estimates of just how much your FICO® Score could affect the cost of your mortgage—including your interest rate, monthly payment size, and overall interest charges.

Mortgage Cost Estimate Based on FICO Score Range (Interest Rates as of 11/01/2024)
FICO Score Range Mortgage APR Monthly Payment Total Interest Paid
620-639 7.785% $2,911 $643,058
640-659 7.668% $2,879 $631,279
660-679 7.564% $2,850 $620,852
680-699 7.507% $2,834 $615,154
700-759 7.38% $2,799 $602,501
760-850 7.148% $2,735 $579,546

Source: myFICO Loan Savings Calculator [10] myFICO.com. “Loan Savings Calculator.” https://www.myfico.com/credit-education/calculators/loan-savings-calculator/

With many lenders, you might qualify for a mortgage with a FICO Score as low as 620. (In some cases, lenders may issue certain home loans to borrowers with lower credit scores as well.) But you’ll often pay more to purchase a home when you have poor credit than you would pay if you worked to build your credit first and apply for a mortgage afterward.

In the hypothetical scenario above, a borrower with a 620-639 FICO Score would pay an extra:

compared to a borrower with FICO Scores in the highest score range (760-850).

Borrowing

Aside from mortgages, your credit score can also affect you when you need to borrow money for other types of loans. Whether you’re applying for a car loan, a personal loan, or some other type of financing, it’s typical for the lender to review your credit score and credit history as part of the application process.

When you apply for a loan, a lender will often first check to see if your credit score meets the minimum criteria to be considered for financing. If you meet the basic eligibility criteria, the lender will typically refer to your credit score again to determine your borrowing terms such as your interest rate, fees, repayment terms, etc. (Note: Other factors besides your credit often affect your ability to qualify for financing and your loan terms as well.)

Consider an auto loan as an example. Assuming you’re approved for a car loan, a lender will generally use your credit score to determine the interest rate it offers you. For a 60-month new auto loan, here’s what you might pay for financing on a $40,000 vehicle with no down payment based on your FICO Score.

Auto Loan Cost Estimate Based on FICO Score Range (Interest Rates as of 11/01/2024)
FICO Score Range Auto Loan APR Monthly Payment Total Interest Paid
500-589 17.618% $1,007 $20,447
590-619 16.836% $991 $19,435
620-659 12.506% $900 $14,002
660-689 10.354% $857 $11,412
690-719 8.569% $822 $9,320
720-850 7.396% $800 $7,973

Source: myFICO Loan Savings Calculator [10] myFICO.com. “Loan Savings Calculator.” https://www.myfico.com/credit-education/calculators/loan-savings-calculator/

Credit cards

Your credit score can influence the types of credit cards you may be eligible to open. If you have no credit score or bad credit, you might want to consider secured credit cards, student credit cards, or subprime credit card offers while you’re working to establish or rebuild credit.

A secured credit card, for example, requires a cash security deposit when you open the account. The credit card issuer typically places the deposit in a savings account or certificate of deposit (CD) where the cash serves as collateral. This arrangement reduces the credit card company’s risk and may help you get approved even with no credit score or credit problems.

If you have good credit or an excellent credit score, however, you might be eligible for more competitive credit card offers. Rewards credit cards that offer points, miles, or cash back on your everyday purchases might be worth considering if you’re able to manage the account responsibly and pay off your full balance each month to avoid paying credit card interest.

Just keep in mind that it’s wise to review multiple credit card offers to make sure you find the best fit for your situation before you apply for a new account. Research card details such as annual fees, rewards, APR, benefits, and other features upfront to avoid surprises later.

Insurance

In most states, your credit score could also have an impact on the price you pay for certain types of insurance coverage like car insurance. Credit-based insurance scores help insurance companies predict the likelihood that a consumer will file a claim that could result in a loss for the insurer. Lower scores equal higher risk for the insurance provider, and that could equal higher insurance rates for you as a customer. [11] TransUnion.com. “Understanding Credit-Based Insurance Scores.” https://www.transunion.com/industry/insurance/credit-based-insurance-scores-faqs#accordiongroup-0112dfbd49-item-e11f6dd0f1

The impact your credit-based insurance score has on your car insurance rates is often significant. Good credit could save you money but bad credit could come with costly penalties.

Some insurers may place more importance on your credit-based insurance score than on your driving record when setting the price of your auto insurance premium. ConsumerFed.org reports that in many states if you have a clean driving record and bad credit you could pay more for car insurance than you would pay with a DUI conviction. [12] Consumerfed.org. “Report Details Severe Credit Score Penalties in Auto Insurance.” https://consumerfed.org/press_release/report-details-severe-credit-score-penalties-in-auto-insurance/

According to data from Bankrate, drivers with poor credit pay 118% more for full coverage auto insurance compared to drivers with excellent credit. The average annual full coverage car insurance premiums in the U.S. based on credit rating are as follows.

Renting

It’s common for landlords, apartment complexes, and property management companies to also use credit scores to screen potential tenants. So, if you want to lease a new apartment or home, there’s a good chance someone will review your credit information (along with other details) as part of the application process.

Every landlord determines its own approval criteria for new tenants, and credit score minimums can vary in different areas of the country and even from one property to the next. Yet although there’s no universal minimum credit score to rent an apartment or lease a home, trying to rent with bad credit or even fair credit might be more challenging. According to FICO, if you have a credit score below 670 a landlord may take a closer look at your credit details when reviewing your application to rent. [14] myFICO.com. “What Do Landlords Look for in a Credit Check?” https://www.myfico.com/credit-education/blog/credit-score-to-rent-apartment

A good credit score could improve your chances of renting a home or an apartment, and it might lower the cost of any security deposit you need to provide as a new tenant. But if you need to rent while working on credit challenges, finding ways to reduce the landlord’s risk might improve your chances. [15] Multifamily.FannieMae.com. “Multifamily positive rent payment reporting is a win-win.” https://multifamily.fanniemae.com/positive-rent-payment

Adding a roommate or co-signer with good credit, offering to pay a higher security deposit, or providing letters of recommendation are a few possible ways to strengthen your rental application when you’re trying to compensate for a less-than-stellar credit score. Once you’re a tenant, you could also consider rent reporting as a possible way to build credit and hopefully improve your situation for the future.

Bottom line

Having good credit can pay off in many ways—potentially saving you money and opening doors to opportunities you might not otherwise be able to access. If your credit score is below average, it’s wise to work toward building your credit so it’s in better shape the next time you need to use it.

Of course, once you achieve an average credit score, there’s no reason to stop. It’s wise to continue to manage your credit responsibly with on-time payments, a low credit utilization ratio, and avoid applying for new credit accounts in excess. As long as you avoid setbacks along the way, your good credit habits should pay off over time.

Sources

Creative Commons License
You are leaving Self Close
Self Financial, Inc. and the issuer(s) of the Credit Builder Account and Secured Credit Card make no representation concerning and is not responsible for the quality, content, nature, or reliability of any hyperlinked site and is providing this hyperlink to you only as a convenience. The inclusion of any hyperlink does not imply any endorsement, investigation, verification or monitoring by Self Financial, Inc and the issuer(s) of the Credit Builder Account and Secured Credit Card of any information in any hyperlinked site. In no event shall Self Financial, Inc. or the issuer(s) of the Credit Builder Account and Secured Credit Card be responsible for your use of a hyperlinked site.