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National Average Credit Score

Credit scores vary from one person to another, based on their individual credit history. To determine the national average credit score, data is taken from each reported citizen. All of the scores are added together and then divided by the total number of citizens reported. This number is the national average. This process must be completed each year to help lenders determine what criteria to use for loans, credit cards and other credit-based services. The current national average credit score is 692. About ten years ago, this score would have been good. Today, it is slightly less than good because of changes in national averages and different criteria in acceptable ranges.

National Average Credit Score - What You Need to Know

Some states in the USA have lower average rates than others. Thirty-two states rank above the nation's average score. In addition to the District of Columbia, there are 18 states that fall below the national average. Those that fall below are Nevada, Texas, Mississippi, Louisiana, South Carolina, Georgia, New Mexico, Alabama, Arizona, North Carolina, Arkansas, Florida, West Virginia, Oklahoma, California, Tennessee, Alaska and Kentucky. Of all the states in the USA, Nevada ranks number one for consumers with the lowest average credit score, ranking at 668. Texas is a close second, with a state average at 670. Minnesota's consumers have the highest average credit score, which is 751. This is well above the national average also.

National Average Credit Score

The national average credit score in 2007 before the recession was 542. At that time, lenders and creditors were extending credit to consumers who had much lower scores than this. Irresponsible lending was one of the reasons for the recession. It is also the main reason why creditors and lenders today do not extend credit or loans to individuals with poor scores. New restrictions are in place to force consumers with average scores to pay higher interest rates. Monitoring a credit score continually is important. It is best to keep scores above the national average. For the most optimal consideration and benefits, a prime credit score to aim for is any number above 720.