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The Average Credit Score for Americans

According to FICO, the average credit score in America is 695. Considering scores can go as high as 850, it’s easy to see how one-third of Americans are still dissatisfied with their credit score, as reported from a study by JPMorgan Chase. While 695 is considered a fair or good score, an increased score would open more doors and provide better financial opportunities for Americans.

What Does the Average Credit Score Mean?

The average credit score is currently at an all-time high for this country. Within the last decade, scores have ranged from the 680s to the lower 690s. But what do these numbers actually mean and why do they differ so drastically from person to person?

While it can vary depending on the credit bureau, most credit scores fall under these brackets:



720 or higher






620 or lower


Why Do Scores Differ Based on Generations?

Many factors unrelated to your financial habits play a part in credit score determination, including which state you live in and your education level. But age isn’t always something automatically considered.

Whether we think of it or not, age and financial maturity play a role in our credit scores. The generation with the best credit scores are members of the Greatest Generation, those born before or shortly after World War I. Baby Boomers, those born between 1946 and 1964, rank as a close second to their predecessors. But they also have more cards and higher credit card balances. Millennials, those born around the turn of the century, have lower credit scores than both of these groups.

While it is important to note that the older generations have had more time to improve their scores, the financial irresponsibility of the younger generations is still a strong factor in their lower scores. Also, Millennials and even GenX have faced unique problems, like student loans and increasing interest rates.

How Can You Improve Your Score?

So how do you fix your credit score if it is lower than you desire? Unfortunately, there is no quick fix to improving your credit score. It takes time and responsible spending habits to rebuild damaged credit or even start from scratch at a young age. But here are a few tips to get you started:

  • Always pay your bills on time.
  • Be aware of your credit report.
  • Keep balances low on credit cards.
  • Don’t close unused cards.
  • Avoid opening new accounts too quickly.
  • Contact a credit counselor if you are having issues with your financial stability.

Want more information on effectively managing your credit? Contact us today for a free credit consultation.