It is possible for a person to have the highest FICO rating in the whole world. This score is a snapshot about a person's creditworthiness, based on statistics regarding loan defaults. It varies from one person to another but, regardless of the number, it does not necessarily mean that you're a high credit risk.
Silent Generation
The Silent Generation has the highest average credit score, as it is the oldest consumer group. This group has a higher credit score than the rest because they have been better at managing their credit over time. These people also have lower credit card balances and less credit cards.
In addition, this group is more financially stable because they have many years of experience and are likely to be retired. They also have higher investment income so are less likely be dependent on their paychecks. This is why their average scores are higher than those of younger people.
Mississippi
The average credit score for the United States is 680. In Mississippi, the average credit score falls in the "good" category. However, the average American still carries an average of 2.6 store cards and three regular credit cards. Fortunately, Americans are carrying less total debt and credit card debt than they did 10 years ago.
Good news: Mississippi is not the only state with low credit scores. In fact, the average score in Mississippi is now 675, up eight points from the previous year. Although this is not good news for Magnolia residents, it is still significantly above the national average.
Millennials
Credit scores are affected largely by credit history. The average millennial has a fico score 670. But, it is not without risk. According to one study, almost a quarter of the millennial workforce was rejected by financial products in 2020. Lenders were motivated to tighten their requirements by this statistic.
The average credit score of all generations has increased over the past few years. However, Millennials' credit score grew the most between 2019-2021. Their average score increased from 648 up 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. A higher credit score can lead to many opportunities, including lower-interest loans and securing a home.
Older Americans
According to FICO data, older Americans' credit scores are at their highest during their mid-to-late 60s. This age group sees a significant increase in FICO(r). This is a significant boost because their accounts are likely to be older and have a long track record of making payments. In addition, many 60-year-olds have already paid off debt.
The average FICO(r), or credit score, of older Americans is higher than that of younger Americans. The score of younger consumers decreases over a ten year period, while the score of older consumers increases. For example, the average FICO(r) score of consumers in their 20s dropped by 11 points between ages twenty and thirty. The increase in score, however, was greater in older Americans, who grew up with more debt than younger consumers.