The average FICO Score in the U.S. hit a record high of 710 last year, according to Experian’s 2020 Consumer Credit Review. And a majority of states (33) managed to achieve or surpass this record high. Show
Minnesota residents topped the list for the ninth straight year with an average 739 credit score. Meanwhile, Mississippi residents continued to have the lowest credit score of any state (675) — though that’s an eight-point increase from last year (667). All states experienced a credit score increase ranging from three to 10 points in 2020. That could be due to more on-time payments and lowered spending during a year of economic uncertainty. Ahead, we give you a quick overview of what a FICO® Score is and reveal the states with the highest and lowest credit scores (jump to credit score by state if you don't need a refresher). What is a FICO Score?A high credit score qualifies you for the best interest rates and terms on everything from credit cards to mortgages. FICO Scores are used in over 90% of U.S. lending decisions, making it a must-know number before applying for any financial product. FICO Scores are broken up into five categories that help lenders gauge your ability to repay loans. Here are the credit score ranges for each category:
What factors matter for a credit score?The FICO credit scoring model looks at these five key factors and weighs each differently:
Top 10 states with the highest credit scoresMidwestern states maintained the highest average credit scores for another year, ranging from 17 to 29 points higher than the overall average credit score (710). Here are the top 10 states with the highest credit scores in 2020:
Top 10 states with the lowest credit scoresSouthern states had lower average credit scores than the rest of the country, despite all states experiencing a boost (between 3 and ten points) in credit scores compared to 2019. Here are the top 10 states with the lowest credit scores in 2020:
Improve your credit with this free featureRaising your credit score can be done in a number of ways, from reducing spending to paying on time, but there's also an alternative that doesn't require much work on your part: *Experian Boost™. This is a free feature that lets you get credit forpositive, on-time utility, telecom and streaming subscription payments. Late payments aren't reported with Experian Boost, though your creditors typically notify the credit bureaus when a payment is late for 30 or more days. All you need to do is connect your bills, then you'll instantly receive a new FICO® Score provided by Experian. This may reflect an increase, which can help boost your credit score into a higher tier. Take note that this feature only influences your Experian credit report. Experian Boost®On Experian's secure site
Results will vary. See website for details. Read more*Results may vary. Some may not see improved scores or approval odds. Not all lenders use Experian credit files, and not all lenders use scores impacted by Experian Boost. Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party. What is a good credit score in Georgia?800 and above: excellent. 740 to 799: very good. 670 to 739: good.
What is the average credit score to buy a house in Georgia?FHA and VA loans: Since COVID-19 most Georgia lenders will require a credit score of at least 640 for these two types of loans to get the best rate and qualify for flexible underwriting. USDA, Jumbo, and Conventional loans: This category commands the highest credit score requirement at 660.
Is a 650 credit score any good?A FICO® Score of 650 places you within a population of consumers whose credit may be seen as Fair. Your 650 FICO® Score is lower than the average U.S. credit score. Statistically speaking, 28% of consumers with credit scores in the Fair range are likely to become seriously delinquent in the future.
Is a 580 credit score Okay?Your score falls within the range of scores, from 580 to 669, considered Fair. A 580 FICO® Score is below the average credit score. Some lenders see consumers with scores in the Fair range as having unfavorable credit, and may decline their credit applications.
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What is the average credit score in Georgia?
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