You can have the highest FICO score anywhere in the world. This score is a snapshot about a person's creditworthiness, based on statistics regarding 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 have managed their credit for longer than anyone else, which has resulted in a higher average score. They also tend not to have as many credit cards or as large credit 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 they have higher average scores than the younger generation.
Mississippi
The average credit score in America is 680 and Mississippi's average person has a credit score within the "good" range. However, Americans still have an average of 2.6 credit cards and three regular ones. The average American has less debt overall and credit card debt today than 10 years ago.
The good news is that Mississippi doesn't have the lowest credit score. In fact, the average score in Mississippi is now 675, up eight points from the previous year. This isn't good news for Magnolia State residents, but it's still significantly higher than the national average.
Millennials
Credit scores are affected by many factors including credit history and length. While the average fico score for millennials currently stands at 670, it does not necessarily mean they are safe. According to a study, nearly a third were denied financial products by 2020. Lenders have tightened their requirements due to this statistic.
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 average score dropped slightly after that. The Silent Generation suffered a less dramatic decline, with its score dropping from 730 to 727. A higher credit score can lead to many opportunities, including lower-interest loans and securing a home.
Senior Americans
FICO data has shown that credit scores among older Americans are the highest during their late-60s. In this age group, their FICO(r), Scores rise by more than 20 points. This is a big boost, as they are likely to have an older account and a longer track record of making payment. Many 60-year olds have paid off their 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. In fact, between the ages 20 and 30, the average FICO(r), score among consumers in their 20s fell by 11 points. The increase in score, however, was greater in older Americans, who grew up with more debt than younger consumers.