Average Credit Scores by Age, State, and Income (2024)

The average FICO (Fair Isaac Corporation) credit score for Americans rose to 716 in April 2021 and held steady at that number as of April 2022, having risen steadily since 2013.¹ By most lending standards, 716 is considered a “good” credit score. And anyone at any age, location, or income level can build a good – or even excellent – credit score. Yet not all age groups, states, or income levels tend to have the same average scores.

So when, where, and why do credit scores tend to flourish? Let’s explore average FICO credit scores by age, state, and income level to find out.

In a way, FICO does pay attention to age when it comes to calculating yourcredit score, but not the way you might expect. The average length of your credit history is what matters, not how many times you’ve revolved around the sun. In other words, your age is generally not a great indicator of credit score, and it’s entirely possible for a young person to have a high score and an older person to have a low score.

Still, average credit scores tend to increase with age. In 2021, people aged 18 to 24 averaged 679, while those 76 and up had an average credit score of 760.²

Average Credit Score by Age, Second Quarter 2021²

If age isn’t factored into credit score, why the upward trend? For one, we have to earn our credit scores, which takes time. A younger person is more likely to have a lower credit score than an older person simply because they have shorter payment and credit histories than their older counterparts. Consider how age plays a role in relation to the five variables used to calculate a FICO score and their relative weighting in FICO’s scoring model:

• 35% Payment History: Older accounts have made more payments, increasing their scores if those payments were consistently on time or decreasing them if too many were made late. The older you are, the longer the account history it’s possible to have.
• 30% Credit Utilization Ratio: As we age, our income tends to grow. And income can affect how high a credit limit we receive. The lower your credit utilization ratio – how much of your total available credit limit is in use – the greater the chance it will positively affect your credit score.
• 15% Length of Credit History: Account age increases over time, and as long as you keep your oldest accounts open, they’ll be calculated into your average account age.
• 10% Credit Mix: Credit scorers like to see that you can responsibly handle various types of debt. As you age, you’ll likely have more opportunities to open different types of accounts. An 18-year-old might only have a credit card account, while a 40-year-old might have a car loan, mortgage, personal loan, and several credit cards.
• 10% Recent Inquiries and Newly Opened Accounts: Any time you open a new account, you’ll see a ding in your credit score. This is because the lender makes a hard inquiry into your account. A hard inquiry will stop affecting your credit score in a year. If you’re older and already have all of your desired accounts established, you may be less likely to incur hard inquiries that lower your score.

10 States with Highest Average Credit Scores³

Meanwhile, a WalletHub analysis found the average credit score in the South was lower than the rest of the U.S. – 702 in the Southeast and 696 in the Southwest – while the average credit score for Mississippi residents, the state with the lowest average credit score, was 681.⁴

Since where you live is never considered when calculating your credit score, why some states have higher average credit scores than others comes down to other common characteristics that can influence scores, according to several experts interviewed in the WalletHub analysis. Factors like demographics, unemployment rates, poverty levels, education, and income can all contribute to one’s ability to build a high credit score.

Average Credit Score by Income⁵

Like age and location, income bears no direct impact on your credit score, but the two factors still seem to be related. Why? One possible reason is that lower income may result in a lower ability to pay debts consistently, while higher income may result in a stronger payment history. Of course, this varies according to personal expenses and total levels of debt. But someone with a $100,000 salary may be more able to pay back $15,000 in credit card debt than someone with a $30,000 salary.

Credit utilization ratio also plays a factor here. Credit card issuers might look at your income when determining your credit limit, so the higher your income, the more likely you’ll be approved for a higher credit limit. When you have a high credit limit, it can be easier to keep your credit utilization ratio under 30%, which can positively affect your credit score.

Still, it’s important to remember that despite the correlation between average credit score and income, you don’t need to earn a lot in order to build an excellent credit score. Financial responsibility takes precedence. So as long as you spend mindfully – and always pay your bills on time – you are more likely to establish and maintain great credit.