Average Credit Score

Understanding the average credit score is the first step to mastering your financial health. This guide helps you find your own credit score, compare it to the national average, and learn what that comparison means for getting loans, credit cards, and better interest rates. We'll walk you through checking your score safely, reading your credit report, and creating a simple plan to maintain or improve your standing, putting you in control of your financial future.

Fast Answer

  • National Average FICO Score: Around 718. This number changes over time, so always check with official sources like FICO or major credit bureaus for the most current data.
  • Good Score Range: Generally, scores from 670 to 739 are considered "Good" by most lenders.
  • Where to Check for Free: Use government-authorized sites like AnnualCreditReport.com or free services from your bank or credit card provider.
20 minutes Time needed
Beginner Difficulty
Scam sites Watch out for

Before You Start

  • A secure, private internet connection to protect your personal information.
  • Your full legal name, current address, date of birth, and Social Security number.
  • Access to your email or phone to verify your identity.
  • About 20 minutes of uninterrupted time to carefully review your information.
Check first: Only use official and reputable websites to check your credit. The government-mandated site is AnnualCreditReport.com. Many major banks and credit card companies also offer free, legitimate score-checking services to their customers. Avoid sites that ask for payment for a single score check or seem suspicious.

Step-by-Step Instructions

Step 1: Get Your Free Credit Report and Score

The first step is to get a copy of your credit report from each of the three major credit bureaus: Equifax, Experian, and TransUnion. You are entitled to one free report from each bureau every year through the official website, AnnualCreditReport.com. This process is known as a "soft inquiry" and does not affect your credit score.

Many credit card issuers (like Capital One, Chase, or Discover) and banks also provide a free credit score to their customers, often updated monthly. This is typically a FICO Score or a VantageScore and is a great way to monitor your credit health regularly without any negative impact. Log in to your credit card or bank account online and look for a "credit score" or "financial wellness" section.

Tip: Your credit report is a detailed history of your credit activity, while your credit score is a three-digit number summarizing that history. Always review the full report for errors, not just the score.

Step 2: Identify the Scoring Model Used

Not all credit scores are the same. When you get your score, look for the name of the scoring model. The two major players are FICO and VantageScore. Over 90% of top lenders use FICO Scores, so it's often considered the industry standard. However, VantageScore is also widely used and just as valid.

It's completely normal for your FICO Score to be slightly different from your VantageScore, or even for different versions of FICO scores (like FICO Score 8 vs. FICO Score 9) to vary. The key is that they all use similar data from your credit report, so the general range and the factors influencing them will be consistent. Knowing which score you're looking at helps you make a more accurate comparison to national averages, which are often reported as FICO scores.

Step 3: Find the Current National Average Credit Score

The average credit score for the U.S. population changes over time based on the collective financial health of consumers. To find the most current average, you can check reputable financial news sources or the websites of the scoring models themselves, like FICO.com. They often publish press releases or blog posts with this data.

As of late 2023, the average FICO Score in the U.S. was hovering around 718. Think of this number as a benchmark. It’s not a "passing grade" you must achieve, but rather a reference point to understand where you stand financially compared to other consumers.

Step 4: Compare Your Score to the General Ranges

Once you have your score and the national average, see how you compare. More importantly, understand which credit score range you fall into. Lenders use these ranges to make quick decisions about your creditworthiness. While the exact numbers can vary slightly between lenders, they generally follow this pattern:

  • Exceptional: 800 - 850
  • Very Good: 740 - 799
  • Good: 670 - 739
  • Fair: 580 - 669
  • Poor: 300 - 579

If your score is near or above the national average (e.g., 718), you are likely in the "Good" to "Very Good" range. This means you'll probably qualify for standard loans and credit cards with competitive interest rates. If you're significantly below the average, you may face higher interest rates or have difficulty getting approved for new credit.

Step 5: Analyze the Key Factors on Your Credit Report

Your credit score is a summary of your credit report. To understand why your score is what it is, you need to look at the "why." Review your report and focus on the five key factors that determine your score:

  1. Payment History (35% of your score): Are all your payments on time? Even one late payment can have a significant negative impact.
  2. Amounts Owed / Credit Utilization (30%): How much of your available credit are you using? Experts recommend keeping your credit utilization ratio (your total balances divided by your total credit limits) below 30%.
  3. Length of Credit History (15%): How long have your credit accounts been open? A longer history is generally better.
  4. Credit Mix (10%): Do you have a healthy mix of different types of credit, such as credit cards (revolving credit) and installment loans (like an auto loan or mortgage)?
  5. New Credit (10%): Have you applied for a lot of new credit recently? Multiple "hard inquiries" in a short period can temporarily lower your score.
Tip: Most free credit score services will also provide you with the top "risk factors" or "score factors" that are most impacting your score. Pay close attention to these, as they tell you exactly where to focus your improvement efforts.

Step 6: Create an Action Plan Based on Your Standing

Your comparison to the average credit score is not just a grade—it's a call to action. Use what you've learned to create a simple plan.

  • If Your Score is Below Average: Focus on the basics first. Check your report for errors and dispute any you find. If everything is accurate, prioritize paying all bills on time, every time. Then, work on paying down high-balance credit cards to lower your credit utilization. These two actions have the biggest impact.
  • If Your Score is At or Above Average: Your goal is maintenance and optimization. Continue making on-time payments. Keep your credit utilization low. Avoid opening unnecessary new accounts. Consider setting up automatic payments for all your bills to ensure you never miss one by accident.

No matter your score, set a reminder on your calendar to check it again in 3-6 months to track your progress and make sure no unexpected issues have popped up.

Common Problems When You Check Your Credit Score

Your score is different on different websites.

The Fix: This is normal and expected. It's likely because you are seeing scores from different scoring models (FICO vs. VantageScore), different versions of those models (FICO 8 vs. FICO 9), or scores based on data from different credit bureaus (Equifax vs. Experian). As long as the scores are in the same general range, there's no need to worry. Focus on the underlying behaviors—paying on time and keeping balances low—which will improve all your scores over time.

You found an error on your credit report.

The Fix: If you see an account that isn't yours, a payment marked late that was on time, or any other incorrect information, you have the right to dispute it. You can file a dispute for free directly with the credit bureau that is reporting the error (Equifax, Experian, or TransUnion). You can typically do this online through their website. Provide any documentation you have to support your claim. The bureau has about 30 days to investigate and correct the error if your claim is valid.

Your score dropped a few points for no obvious reason.

The Fix: Small fluctuations of 5-10 points are normal. This can happen if the balance on one of your credit cards increased, even if you pay it off in full each month. Your credit card issuer reports your balance once a month, and if you made a large purchase right before that reporting date, your utilization could temporarily appear high, causing a small dip. It will usually rebound the next month. Don't stress over minor changes; focus on long-term trends.

Advanced Tips for Managing Your Credit Score

  • Ask for a Credit Limit Increase: If you have a good payment history with a credit card company, you can request a credit limit increase. If approved, this instantly lowers your overall credit utilization ratio, which can boost your score. Be aware that some companies may perform a hard inquiry for this, so ask first.
  • Become an Authorized User: If you have a trusted family member with a long history of on-time payments and a high credit limit, ask them to add you as an authorized user on their account. Their positive credit history associated with that account can be added to your report, potentially improving your score. Make sure they manage the account responsibly.
  • Understand "Credit Age" Before Closing Old Cards: The average age of your credit accounts is a factor in your score. Even if you don't use an old credit card anymore, it might be wise to keep it open (as long as it has no annual fee). Closing your oldest account can lower your average credit age and potentially dip your score.
  • Space Out Credit Applications: If you're planning to apply for several lines of credit (e.g., a car loan and a new credit card), try to space the applications out by at least six months if possible. Too many hard inquiries in a short period can signal risk to lenders. The exception is rate shopping for a mortgage or auto loan, where multiple inquiries within a 14-45 day window are usually treated as a single event.

Quick Reference

Situation Use This Strategy Why It Works
You're checking your own score for informational purposes. Use a soft inquiry (via your bank or AnnualCreditReport.com). This type of check is only visible to you and has zero impact on your credit score.
You're applying for a new loan or credit card. Understand this will trigger a hard inquiry from the lender. This shows you are actively seeking credit and can temporarily lower your score by a few points. Avoid too many in a short time.
Your credit card balance is close to its limit. Pay the balance down to below 30% of the limit before the statement closing date. This lowers your credit utilization ratio, a major factor that makes up 30% of your score's calculation.
You accidentally missed a payment due date. Pay it immediately and set up automatic payments for the future. Payments aren't usually reported as "late" to bureaus until they are 30 days past due. Paying quickly can avoid damage, and autopay prevents future misses.

Average Credit Score FAQ

What is the average credit score in the US?

The average FICO credit score in the United States is typically in the "Good" range, around 715-720. However, this number is a national average and fluctuates based on economic conditions. It's best to view it as a general benchmark rather than a strict goal.

Is a 700 credit score good?

Yes, a credit score of 700 is generally considered "Good." With a score in this range, you are likely to be approved for most credit cards and loans at reasonable interest rates. While it's not "Very Good" or "Exceptional," a 700 score positions you as a reliable borrower in the eyes of most lenders.

Does checking my credit score lower it?

No, checking your own credit score does not lower it. When you check your own score, it's a soft inquiry, which does not affect your credit rating. A hard inquiry, which can temporarily lower your score by a few points, only occurs when a lender checks your credit after you apply for a new line of credit like a loan or credit card.

How can I raise my credit score quickly?

The two fastest ways to potentially increase your credit score are to pay down your credit card balances to reduce your credit utilization and to dispute and remove any errors from your credit report. Making on-time payments consistently is the most important factor for long-term improvement.

What's more important: my credit score or my credit report?

They are both critically important because they are directly related. Your credit report is the detailed file containing your credit history. Your credit score is a numerical grade calculated from the information in that report. Lenders look at both. They use the score for a quick assessment and the report to understand the details behind that score.

Final Checklist for Average Credit Score

  • Safely obtained your free credit reports from AnnualCreditReport.com.
  • Checked your credit score through a free service provided by your bank or credit card.
  • Identified the scoring model used (e.g., FICO or VantageScore).
  • Looked up the current national average credit score for comparison.
  • Reviewed your credit report for accuracy and key influencing factors.
  • Created a simple plan to either maintain your good score or improve your lower score.
  • Set a calendar reminder to check your score and report again in 3-6 months.