It's possible to have the highest FICO score in the world. This score is an indicator of creditworthiness. It is calculated using statistics on 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, an older cohort of consumers has the highest average score for credit. This group has a higher credit score than the rest because they have been better at managing their credit over time. They also tend not to have as many credit cards or as large credit balances.
This group is also more financially secure because they are likely to retire after many years of experience. These people are also more likely to have a higher level of investment income than others, which means they are less dependent on their paychecks. They tend to have higher average scores that younger people.
Mississippi
The average credit score in America is 680 and Mississippi's average person has a credit score within the "good" range. The average American has 2.6 store credit cards and three regular credit card. The average American now has less credit card debt and overall debt than 10 years back.
The good news? Mississippi isn’t the only state that has a low credit score. Mississippi's average credit score has increased eight points to 675 from last year. Although this is not good news for Magnolia residents, it is still significantly above the national average.
Millennials
Credit scores can be affected by many factors, including credit history length. While the average millennial currently has a fico score of 670, they are not without risk. According to a study, nearly a third were denied financial products by 2020. That statistic, however, motivated lenders to tighten their requirements.
Although credit scores have been improving over the years for all generations, Millennials' credit scores rose the most between 2019-2021. Their average score went from 648 to 667. It then fell slightly. The Silent Generation, on the other hand, experienced a more modest decline, only falling from 730 to 727. Higher credit scores can help you get lower-interest loans or secure a place to call your own.
Senior Americans
FICO data shows that credit scores for older Americans are highest in their 60s to 70s. Their FICO(r) Scores increase by more than twenty points in this age group. This is a big boost, as they are likely to have an older account and a longer track record of making payment. Many 60-years-olds have paid off debt.
Their FICO(r) average score is highest among older Americans. Older consumers tend to see an increase in their score, while younger consumers notice a decline over the course of a decade. The average FICO(r), score for consumers between the ages of twenty-five and thirty dropped 11 points. However, the increase in score was more pronounced in older Americans who were born with greater debt than those of younger generations.