Average Credit Score in America

Most people in the US have no idea what the average credit score in this country is.  It’s not their fault.  The problem is that the education system doesn’t teach our children about credit and that’s why I have this credit repair tips blog.  It’s so important to learn about what some guy who died 200 years ago did, but no big deal to teach our kids about stuff that will really matter in life.  So, that being said, do you know the average score?  Do you know if you’re average when it comes to the average score?

Average Credit Score in the Country, or Average Among Your Friends?

Much of the time, when we consider what the credit scores of the majority of Americans is, we really only look at a very small group of people:  our friends.  Since many of our friends’ economic situations are pretty comparable to our own, it makes sense that we occasionally have delusions as to what the real average scores in the country are.

Here’s an example:  you’re struggling financially.  It’s hard to make your bill payments, so much of the time, you don’t even try.  You know this is wrong, but it costs a lot to live.  So, you keep going the way you go with the knowledge that many of your friends are in the same situation.  In a way, this is how we justify our inadequacies to ourselves.  This is how we are able to sleep at night and not feel as if we are total failures for having bad credit.

Here’s another example:  you pay all your bills on time, you know about your credit and how to make it good and keep it that way.  You’re doing okay and some would even say you’re rich.  You know that you’re not rich, but you plan to be one day and are pretty well on your way.  You spend your time with like minded people and, while you hear about those out there who are really struggling with bad credit on the news or though people you know, but you figure that most people out there have pretty decent credit.

We tend to have an idea of what’s average according to the people who we spend our time with, so what you think is average, may not actually be the average credit score in the United States.

Okay, so maybe you’re thinking, “Uuugh!  Why do I need to know what’s average?!”  Okay, fair enough.  Why should you know what the national average is when it comes to credit scores?

Why You Need to Know the Average Credit Score in the Country

Okay, here’s the thing:  you need to know the average credit score in your country, no matter where it is so you know where you stand up.  Credit scores are related to interest rates and the ability to get financing for all kinds of things, so knowing where you measure up is essential.

Here’s the thing:  if you know that you have a higher than average score, you should be pretty well able to get better deals on everything.  Good credit is power and when you have better than average credit, you have the power to negotiate more.

There it is!!!!  Negotiate! If you’re like me, when you hear that magic word you’re also hearing the winning bell.  Let’s talk about it for a minute.  Say you know your credit score is 775.  Good job.  That’s a really great credit score.  Now, say you go to get a mortgage.  Okay, well of course you’re approved, but say that you only get the “average” interest rate on that loan?  Really?  That’s it?  Um, nope – not for you because you have the power to negotiate your interest rate.  You can turn around to the nice loan officer and tell him or her that you feel you should get a better rate because you have much higher than average credit.

Guess what?  It usually works.

Alright, so now I guess this is where I need to tell you the average credit score in the United States huh?  Okay, are you ready?  According to Experian, the average credit score in the US is 693 –  it used to be higher, no surprise there…

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About the Author

Jeremy Maher dealt with harassing collector calls, debts piling up and damaged credit for years. He improved his situation and started helping others.   That leads us to today, where Jeremy has DIY solutions for stopping collection harassment, eliminating debt and improving your credit scores. His clients can improve their situation within the comfort of their own home.

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