Average Credit Scores Reach an 8-Year High

Average Credit Scores Reach an 8-Year High

December 20, 2019         Written By John H. Oldshue

According to the 10th annual State of Credit report from Experian, the average VantageScore credit score in America has now increased to 682. Credit scores have been steadily on the rise for the last eight years, showing continued growth after the Recession.

The average card balances and number of credit cards has increased slightly over time, but not enough to be of concern. Americans now have an average of 3.07 credit cards, compared to 3.06 in 2017. Card balances have gone from $6,354 in 2017 to $6,629 in 2019.

One reason Americans have been able to preserve their credit scores is by keeping their credit utilization rate at 30% for the past three years. Credit utilization represents the amount of credit used versus the amount of credit available. Credit utilization rates above 30% have the potential to lower credit scores.

Women reported modestly higher credit scores than men for the third year in a row, averaging 686 and 682, respectively. Experian reports that women tend to have more credit cards and retail cards than men, but they maintain lower balances on those cards.

Americans appear to be on the right track for the start of a new decade. Delinquency rates have remained consistent, and non-mortgage debt is on a slow climb. Mortgage debt has increased nearly $30,000 since 2017, but most financial experts consider that “good debt” because it builds equity. As long as consumers can maintain positive payment histories, the future may be bright for credit in America.



The information contained within this article was accurate as of December 20, 2019. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website. Many of the offers on this article are from our affiliate partners, and LowCards.com may be compensated if you take action with any of our affiliate partners.


john-oldshue

About John H. Oldshue

John Oldshue is the creator of LowCards.com. He worked for over 15 years in television and won an Emmy award for his reporting. He covers credit card rate issues for LowCards.com.
View all posts by John H. Oldshue
Featured No Annual Fee Card
Top Features : Earn cash back twice. 1% when you buy plus 1% as you pay; 0% APR for 18 months on balance transfers
Featured Low Interest Card
Top Features : No annual fee; $150 statement credit after spending $1,200 in first 90 days; 0% on Purchases for 12 months and Balance Transfers for 18 months
Featured Balance Transfer Card
Top Features : 0% APR for 21 months on Balance Transfers and 12 months on Purchases; no annual fee, late fee or penalty rate
Featured Bad Credit Card
Top Features : Reports to all three credit bureaus, perfect credit not required for approval
Featured Fair Credit Card
Top Features : All credit types welcome to apply!