It's possible to have the highest FICO score in the world. This score is a measure of creditworthiness that is based upon statistics about loan defaults. It can vary from person-to-person, but regardless of the number, it doesn't necessarily mean that your credit score is high.
Silent Generation
The Silent Generation, the oldest cohort of consumers, has the highest average credit score of any generation. This group has a higher credit score than the rest because they have been better at managing their credit over time. They also tend to have fewer credit cards and lower balances.
This group is also more financially secure because they are likely to retire after many years of experience. They also have higher investment income so are less likely be dependent on their paychecks. They have higher average scores compared to younger people.
Mississippi
The average credit score in America is 680 and Mississippi's average person has a credit score within the "good" range. However, the average American still holds 2.6 store and three regular cards. Fortunately, Americans are carrying less total debt and credit card debt than they did 10 years ago.
The good thing is that Mississippi isn’t alone in having a low credit rating. Mississippi's average credit score is 675. This is eight points higher than the previous year. Even though this is not the best news for Magnolia State residents it's still higher than the national average.
Millennials
Credit scores are affected largely by credit history. While the average millennial currently has a fico score of 670, they are not without risk. According to one study, almost a quarter of the millennial workforce was rejected by financial products in 2020. This statistic however motivated lenders to tighten requirements.
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 increased from 648 up to 667. The average score dropped slightly after that. The Silent Generation however, saw a modest decline with their score falling from 730-727. Higher credit scores can offer many opportunities. These include lower interest loans and the ability to secure a home.
Older Americans
FICO data shows that credit scores for older Americans are highest in their 60s to 70s. This age group has a more than twenty-point increase in their FICO(r). This is a huge boost as their accounts are likely older and they have a track record of paying. Many 60 year-olds have repaid their debt.
Their FICO(r) average score is highest among older Americans. Over a period of a decade, younger consumers will see a decrease in score while older consumers will see an increase. For instance, the average FICO (r) score of consumers aged 20-35 dropped by 11 percentage points between the ages twenty-three and thirty. The increase in score, however, was greater in older Americans, who grew up with more debt than younger consumers.