You can have the highest FICO score anywhere in the world. Based on data about loan defaults, this score gives a snapshot of creditworthiness. Although it may vary from person to person, this score does not necessarily indicate that you are a high credit risk.
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 to have fewer credit cards and lower balances.
Additionally, they are more financially secure as they have more experience and are more likely be retired. They are also likely to have more income from investments, making them less dependent on the paycheck. They tend to have higher average scores that younger people.
Mississippi
The average credit score in America is 680 and Mississippi's average person has a credit score within the "good" range. The average American still has three regular credit cards and 2.6 store cards. The average American has less debt overall and credit card debt today than 10 years ago.
The good news? Mississippi isn’t the only state that has a low credit score. 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 can be affected by many factors, including credit history length. Although the average millennial has a fico rating of 670, there are still risks. In fact, one study found that almost a third of the millennial population was turned down for a financial product in 2020. That statistic, however, motivated lenders to tighten their requirements.
The average credit score for all generations is increasing, but the Millennials have seen their credit score increase the most in the period 2019-2021. Their average score went up from 648 % to 667 %. It then fell slightly. The Silent Generation saw a smaller decline and fell from 730 - 727. A higher credit score can lead to many opportunities, including lower-interest loans and securing a home.
Senior Americans
FICO data suggests that credit scores in the 60s and older are their highest. In this age group, their FICO(r), Scores rise by more than 20 points. This is because older people are more likely than younger to have made regular payments. Many 60 year-olds have repaid their debt.
Their average FICO(r), score is therefore the highest among older Americans. While younger consumers see a decrease in their score over the course of a decade, older consumers see an increase. In fact, between the ages 20 and 30, the average FICO(r), score among consumers in their 20s fell by 11 points. Older Americans had a higher score than younger consumers, owing to their higher debt.