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. They have a better credit score than other groups because they have been managing credit for longer periods of time. 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 are also likely to have more income from investments, making them less dependent on the paycheck. They tend to have higher average scores that younger people.
Mississippi
The average credit score for the United States is 680. In Mississippi, the average credit score falls in the "good" category. 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 thing is that Mississippi isn’t alone in having a low credit rating. 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. While the average millennial currently has a fico score of 670, they are not without risk. One study revealed that nearly a third of millennials were turned down by financial institutions for financial products in 2020. Lenders have tightened their requirements due to 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 went from 648 to 667. The average score dropped slightly after that. The Silent Generation saw a smaller decline and fell from 730 - 727. Having a higher credit score can open up a number of opportunities, from obtaining lower-interest loans to securing a place to live.
Older Americans
According to FICO data, older Americans' credit scores are at their highest during their mid-to-late 60s. The FICO(r) scores of this age group increase by more that twenty points. This is a huge boost as their accounts are likely older and they have a track record of paying. Many 60-year olds have paid off their debt.
This is why their FICO(r score) is the highest among seniors. 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. Older Americans had a higher score than younger consumers, owing to their higher debt.