Minnesota residents have the highest average credit score—here's how other states compare (2024)

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Minnesota residents have the highest average credit score—here's how other states compare? ›

The average credit score in the US

Minnesota has the highest average FICO credit score, with an average FICO score of 742.

The average national credit score only increased by one point from 714 in 2022 to 715 in 2023. Minnesota has the best average credit score, 742. Mississippi has the worst credit score, 680. Southern states tend to have lower credit scores, with the bottom five states all being in that region.

Average credit scores by state in 2021

Minnesota had the highest credit score in the country as of 2021, the latest state data available from Experian, with an average score of 742. Minnesota is the only state in the country with an average credit score above 740.

71.3% of Americans have a FICO Score of 670 (good) or better. 21.2% have an exceptional FICO credit score of 800 or above. FICO credit scores generally increase with age, with older generations having higher averages.

In affirming Minnesota's AAA rating, Moody's Investors Service stated, “Minnesota's AAA issuer rating reflects the state's strong reserves and liquidity, low leverage from debt, pension and OPEB liabilities, and diverse and high income economy.

The average credit score in the United States is 705, based on VantageScore^® data from March 2024. It's a myth that you only have one credit score. In fact, you have many credit scores, because there are many different types of credit scores and scoring models. It's a good idea to check your credit scores regularly.

On average, Americans carry $6,194 in credit card debt, according to the 2019 Experian Consumer Credit Review. And Alaskans have the highest credit card balance, on average $8,026.

How rare is a 750 credit score? ›

Your credit score helps lenders decide if you qualify for products like credit cards and loans, and your interest rate. A score of 750 puts you in a strong position. Roughly 48% of Americans had a score of 750 or above as of April 2023, according to credit scoring company FICO. FICO Blog.

To give you an idea of how hard it is to get such a stellar credit score, some experts estimate that only between 1% to 6% of people have credit scores at or above 850. It's very difficult to achieve a perfect credit score of 900.

A 780 FICO^® Score is above the average credit score. Borrowers with scores in the Very Good range typically qualify for lenders' better interest rates and product offers. 25% of all consumers have FICO^® Scores in the Very Good range.

Membership in the 800+ credit score club is quite exclusive, with fewer than 1 in 6 people boasting a score that high, according to WalletHub data.

Your 840 FICO^® Score falls in the range of scores, from 800 to 850, that is categorized as Exceptional. Your FICO^® Score is well above the average credit score, and you are likely to receive easy approvals when applying for new credit. 21% of all consumers have FICO^® Scores in the Exceptional range.

Key Takeaways

Other factors used to calculate credit scores can disproportionately affect certain racial groups. Credit scores generally favor mortgage holders over renters. White-Americans have the highest average credit scores, followed by Hispanics and then Blacks.

A perfect score of 850 will give you bragging rights, but any score of 800 or up is considered exceptional and will usually give you access to the best rates on credit cards, auto loans, and any other loans.

16% of all consumers have FICO^® Scores in the Very Poor range (300-579). Roughly 62% of consumers with credit scores under 579 are likely to become seriously delinquent (i.e., go more than 90 days past due on a debt payment) in the future.

It's how we make money. But our editorial integrity ensures our experts' opinions aren't influenced by compensation. Terms may apply to offers listed on this page. Only about 3.57 million U.S. consumers have reached a perfect FICO® Score of 850.