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Credit Scores Just Hit a Record High. How Does Yours Compare?

The average American’s credit score has reached record heights. Here’s what consumers have been doing right and what you can do to keep pace.


By Lyle Daly, The Motley Fool

Americans get plenty of flak for their financial issues, so it’s always nice to see some good news for a change. This piece of good news comes from FICO, which reported that the average FICO® Score for U.S. consumers is now 704, the highest it has ever been.

Here’s a closer look at what FICO found in its research, the factors that have helped consumers’ credit scores grow, and what all this means for you.


The average American’s credit score has been climbing

This record high of 704 continues a trend of improving credit scores for American consumers. Scores were at their worst during the recession, with the average hitting a low of 686 in October 2009, but they have steadily gone up since then.

Here’s how FICO® Score distributions have changed over the years:

  • 58.2% of consumers have a score of 700 or higher, up 5.1% since 2010.

  • 22.6% of consumers have a score between 600 and 699, up 1.2% since 2010.

  • 19.1% of consumers have a score under 600, down 6.4% since 2010.


So, the most significant changes have been at the top and bottom of the spectrum. Fewer consumers have bad credit scores and quite a few more have high scores.

Another positive note is that this wasn’t just a particular age group doing well. Every age group saw its average score go up. Adults ages 50 to 59 saw their average go up 4 points, and all other age ranges saw their average go up 5 points. 

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Finance Magazine: Credit Scores Just Hit a Record High. How Does Yours Compare?
Credit Scores Just Hit a Record High. How Does Yours Compare?
The average American’s credit score has reached record heights. Here’s what consumers have been doing right and what you can do to keep pace.
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