You can have the highest FICO score anywhere in the world. This score is a measure of creditworthiness that is based upon statistics about loan defaults. 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 are better at managing their credit than others and have a higher average credit score. They have lower credit scores and higher balances.
In addition, this group is more financially stable because they have many years of experience and are likely to be retired. They also tend to have more investment income, so they are less likely to be reliant on paychecks. This is why their average scores are higher than those of younger people.
Mississippi
The average credit score in America is 680 and Mississippi's average person has a credit score within the "good" range. However, the average American still holds 2.6 store and three regular cards. Fortunately, the average American carries less overall debt and credit cards debt than he/she did 10 or more years ago.
Good news: Mississippi is not the only state with low credit scores. Mississippi's average credit score has increased eight points to 675 from last year. And while this isn't the best news for those in the Magnolia State, it's still well above the national average.
Millennials
Credit scores are affected in many ways, including the length of your credit history. The average millennial has a fico score 670. But, it is not without risk. 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.
While the average credit score for all generations has been increasing over the last few years, the Millennials' credit score rose the most between 2019 and 2021. Their average score rose from 648 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.
Older Americans
FICO data indicates that credit scores of older Americans are at their highest when they are in their mid-to late 60s. The FICO(r) scores of this age group increase by more that twenty points. This is significant because they are more likely to have older accounts and a history of making payments. In addition, many 60-year-olds have already paid off debt.
Their FICO(r) average score is highest among older Americans. Younger consumers experience a decline in their score over a decade while older consumers see an increase. For instance, the average FICO (r) score of consumers aged 20-35 dropped by 11 percentage points between the ages twenty-three and thirty. However, the increase in score was more pronounced in older Americans who were born with greater debt than those of younger generations.