It's possible to have the highest FICO score in the world. This score is a snapshot about a person's creditworthiness, based on statistics regarding 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 is the oldest generation of consumers and has the highest average credit score. They have a better credit score than other groups because they have been managing credit for longer periods of time. They also have lower credit cards and 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. This is why they have higher average scores than the younger generation.
Mississippi
The average credit score in the United States is 680, and the average person in Mississippi has a credit score that falls within the "good" category. However, the average American still carries an average of 2.6 store cards and three regular credit cards. Fortunately, Americans are carrying less total debt and credit card debt than they did 10 years ago.
The good news is that Mississippi isn't the only state with a low credit score. The average Mississippi credit score is 675, an eight-point increase over the previous year. This isn't good news for Magnolia State residents, but it's still significantly higher than the national average.
Millennials
Credit scores are affected in many ways, including the length of your credit history. While the average fico score for millennials currently stands at 670, it does not necessarily mean they are safe. According to a study, nearly a third were denied financial products by 2020. This statistic however motivated lenders to tighten requirements.
While the average credit score for all generations has been increasing over the last few years, the Millennials' credit score rose the most between 2019 and 2021. Their average score increased from 648 points to 667. The score fell slightly after that. The Silent Generation saw a smaller decline and fell from 730 - 727. Higher credit scores can offer many opportunities. These include lower interest loans and the ability to secure a home.
Older Americans
FICO data suggests that credit scores in the 60s and older are their highest. 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. In addition, many 60-year-olds have already paid off debt.
Their average FICO(r), score is therefore the 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. For instance, the average FICO (r) score of consumers aged 20-35 dropped by 11 percentage points between the ages twenty-three and thirty. Older Americans had a higher score than younger consumers, owing to their higher debt.