It is possible for a person to have the highest FICO rating in the whole world. This score is a measure of creditworthiness that is based upon statistics about loan defaults. This score can vary depending on the individual, but it does not necessarily mean you're high-risk credit.
Silent Generation
The Silent Generation, which is the oldest group of consumers, has the highest credit score of any generation. These people have been managing their credit for the longest time, resulting in a higher average credit score than any other group. They also tend not to have as many credit cards or as large credit balances.
Additionally, they are more financially secure as they have more experience and are more likely be retired. These people are also more likely to have a higher level of investment income than others, which means they are less dependent on their paychecks. This is why they have higher average scores than the younger generation.
Mississippi
The average credit score in the United States is 680, and the average person in Mississippi has a credit score that falls within the "good" category. However, Americans still have an average of 2.6 credit cards and three regular ones. Fortunately, Americans are carrying less total debt and credit card debt than they did 10 years ago.
The good thing is that Mississippi isn’t alone in having a low credit rating. In fact, the average score in Mississippi is now 675, up eight points from the previous year. While this isn’t the best news, it’s still well above national average.
Millennials
Credit scores are affected by many factors including credit history and length. The average millennial has a fico score 670. But, it is not without risk. According to a study, nearly a third were denied financial products by 2020. That statistic, however, motivated lenders to tighten their requirements.
Although credit scores have been improving over the years for all generations, Millennials' credit scores rose the most between 2019-2021. Their average score increased from 648 points to 667. The score fell slightly after that. The Silent Generation, on the other hand, experienced a more modest decline, only falling from 730 to 727. Higher credit scores can help you get lower-interest loans or secure a place to call your own.
Senior Americans
According to FICO data, older Americans' credit scores are at their highest during their mid-to-late 60s. In this age group, their FICO(r), Scores rise by more than 20 points. This is a huge boost as their accounts are likely older and they have a track record of paying. Many 60 year-olds have repaid their debt.
This is why their FICO(r score) is the highest among seniors. Younger consumers experience a decline in their score over a decade while older consumers see an increase. The average FICO(r), score for consumers between the ages of twenty-five and thirty dropped 11 points. However, the increase in score was more pronounced in older Americans who were born with greater debt than those of younger generations.