It is possible to have the best FICO score in the entire world. This score is an indicator of creditworthiness. It is calculated using statistics on loan defaults. While it can be different for each person, it does indicate that you are not a high risk credit risk.
Silent Generation
The Silent Generation, the oldest cohort of consumers, has the highest average credit score of any generation. These people are better at managing their credit than others and have a higher average credit score. They have lower credit scores and higher balances.
These people are more likely to be retired and have more experience, making them financially stronger. They also tend to have more investment income, so they are less likely to be reliant on paychecks. They have higher average scores compared to younger people.
Mississippi
The average credit score across the United States of 680 is considered good, while the average Mississippi resident has a credit score that is within the "good” category. However, Americans still have an average of 2.6 credit cards and three regular ones. Fortunately, the average American carries less overall debt and credit cards debt than he/she did 10 or more years ago.
The good news is that Mississippi doesn't have the lowest credit score. Mississippi's average score is 675. That's eight points more than it was last year. While this isn’t the best news, it’s still well above national average.
Millennials
Credit scores can be affected by many factors, including credit history length. Although the average millennial has a fico rating of 670, there are still risks. 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 for all generations is increasing, but the Millennials have seen their credit score increase the most in the period 2019-2021. Their average score rose from 648 to 667. It declined slightly thereafter. The Silent Generation experienced a slightly smaller decline, falling from 730 down to 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 big boost, as they are likely to have an older account and a longer track record of making payment. Many 60-year-olds are also debt-free.
As a result, their average FICO(r) score is the highest among older Americans. The score of younger consumers decreases over a ten year period, while the score of older consumers increases. The average FICO(r), score for consumers between the ages of twenty-five and thirty dropped 11 points. The increase in score, however, was greater in older Americans, who grew up with more debt than younger consumers.