When checking your credit, you might wonder how you stack up against others. Here’s a look at the average credit score, plus the factors that might be driving recent score changes.
What is the average credit score?
The average FICO 8 credit score was 717 as of October 2023, FICO reported ; the average VantageScore 3.0 was 700 as of October 2023.
Both FICO and VantageScore use a scale of 300 to 850. They consider many of the same credit factors but weight them in slightly different ways.
The average FICO in October 2023 is near the top of the “good” credit score range (as a general guideline, NerdWallet defines "good" scores as those in the 690 to 719 band). The average score increased one point from a year earlier. The average VantageScore rose from 694 in October 2022, but remained in the "good" range.
Check out the latest available data on the average credit score by age to learn more about how your score compares.
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How are credit scores changing?
While the average FICO score in October 2023 increased from a year before, it is one point lower than the average score of 718 in July 2023. This marks the first decline in score in a decade. The slight drop in score could be due in part to the lingering effects of inflation and high interest rates, according to FICO.
Missed payments and consumer debt are rising as people deal with the high costs of goods and interest rates. Financial safeguards put in place early in the pandemic, such as stimulus checks and student loan payment pauses have also faded away. These conditions could continue to impact scores down the line.
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How can I build my credit?
Check your own credit health by looking over your credit reports. You are entitled to a free credit report from each credit bureau every week from annualcreditreport.com.
If you see negative information that’s incorrect, you can dispute it to seek its removal. And check to make sure accurate negative information is removed on time.
Then, monitor your credit frequently to see your progress and watch for trouble. You can monitor your free credit report and credit score, updated weekly, with NerdWallet.
For both FICO and VantageScore, the biggest effects on credit come from:
Paying every bill, not just credit cards, on time.
Using 30% or even less of your credit limits.
