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What is the average credit score in America?

Last Updated: July 23, 2024
4 min read
Getting a credit card

Table of contents

What is a good credit score?
What makes up a credit score?
How can you get a higher credit score?

Key Points:

  1. The average FICO® Score 8 is 717.

  2. Categories like your payment history and credit usage help make up your credit score.

  3. You can help your credit score by paying down your credit card debt and making consistent, on-time payments.

Do you know how your credit score compares to the national average? As of October 2023, the Fair Isaac Corporation (FICO) lists the average FICO® Score as 717.1

Your credit score may affect your interest rate on loans and credit cards, so knowing the average credit score and what factors can impact your credit may help you improve your financial situation.

How do you fare compared to the average FICO® Score? Even if you’re not where you want to be, the Discover it® Secured Credit Card helps you build/rebuild your credit history.2

Learn More About Secured Cards

What is a good credit score?

You can check which credit score range you fall into based on the FICO® credit scoring model.

FICO® Score Ranges

  • Poor: 300 to 579
  • Fair: 580 to 669
  • Good: 670 to 739
  • Very good: 740 to 799
  • Exceptional: 800 to 850

Based on the FICO scoring model, the national average score of 717 is considered good credit. But even if you have good credit, there are other factors that go into credit approval. Each lender has their own criteria for what credit score is high enough to qualify for credit approval. For example, besides your FICO® Score, credit card issuers may also look at your income and monthly housing payments before giving you a card.

What makes up a credit score?

Your credit score is calculated using the personal information in your credit report. It’s important to know that the three main credit bureaus calculate credit scores differently. First, each bureau will use scoring models adapted for them. Second, lenders might not report your account information to all three credit bureaus—so the information on each credit report may vary.

Here are the factors that go into a FICO Score:

Payment history (35%)

Lenders want to know whether you’re paying your credit accounts on time. This helps a lender figure out your credit risk (how likely you are to pay your debt back).

Amounts owed (30%)

Another key factor that lenders look at is the amount of available credit that you’re using (also called your credit utilization ratio). If you’re using too much of your available credit, lenders may presume that you have trouble paying back your debts.

Length of credit history (15%)

Lenders also look at how long you’ve been borrowing money and how well you’ve managed paying on those accounts. In general, a longer credit history is considered positive. But even if you don’t have credit history yet, you can build a credit history with a secured card.

Credit mix (10%)

Your credit mix is the different kinds of credit accounts that you have, like credit cards, personal loans, car loans, and mortgages. Your credit mix makes up a small part of your credit score.

New credit (10%)

Your FICO® Credit Score also looks at the number of new credit applications you have. If you open several credit accounts in a short amount of time, it can signal that you are a higher credit risk.

Did you know?

At Discover, you can easily see if you’re pre-approved for a Discover Card with no impact to your credit score.3

See if you’re pre-approved

How can you get a higher credit score?

If you think your credit could use some help, there are steps you can take that may help you gain a higher credit score:

Clear up errors on your credit report: Review your credit report for any errors. If you find errors, you can dispute it with the credit bureau or the original creditor. If the credit bureau or creditor finds that an error happened, they can remove the information from your credit file.

Pay down your balances: Since your credit utilization ratio makes up 30% of your FICO® Score, keeping balances down on your credit cards is important. If you’re close to the credit limit on your cards, remember that paying off your purchases monthly can keep your credit usage low.

Pay your credit card bill on time: Your payment history makes up a hefty 35% of your FICO® Credit Score. A missed or late payment can impact your credit score—and if your account is very late it may be sent to collections. Aim to make consistent, on-time payments.

Open a secured credit card: If you have a low credit score or are getting your first credit card, getting a secured card may help. Secured cards typically require a deposit, but it may be refundable after you show good credit management. For example, with a Discover it® Secured Credit Card, you can get your deposit back after 6 consecutive on-time payments and maintaining good status on all your credit accounts.4

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  1. FICO® Credit Score Terms: FICO is a registered trademark of Fair Isaac Corporation in the United States and other countries.

    Discover Financial Services and Fair Isaac are not credit repair organizations as defined under federal law or state law, including the Credit Repair Organizations Act. Discover Financial Services and Fair Isaac do not provide “credit repair” services or assistance regarding “rebuilding” or “improving” your credit record, credit history or credit rating.

  2. Build credit with responsible use: Discover reports your credit history to the three major credit bureaus so it can help build/rebuild your credit if used responsibly. Late payments, delinquencies or other derogatory activity with your credit card accounts and loans may adversely impact your ability to build/rebuild credit.

  3. No Credit Impact for Pre-Approval: There is no hard inquiry to your credit report to check if you’re pre-approved. If you’re pre-approved, and you move forward with submitting an application for the credit card, it will result in a hard inquiry which may impact your credit score. Receiving a pre-approval offer does not guarantee approval. Applicants applying without a social security number are not eligible to receive pre-approval offers. Card applicants cannot be pre-approved for the NHL Discover Card.
  4. Graduation Transparency (Secured Card): Monthly reviews start your seventh month as a customer. We will refund your security deposit if you have made all payments on time for the last six consecutive billing cycles on all your Discover accounts including any loans, and you've remained in “good status” on all credit accounts you are responsible for whether they are Discover accounts or not. “Good status” means: (1) your credit report shows no delinquencies, charge-offs, repossessions, or bankruptcies for the six months prior to our review; and (2) your Discover Secured Card is not in a prohibited status at the time of our review, including, but not limited to: closed, revoked, suspended, subject to tax levy, garnishment, deceased, lost/stolen, or fraud. Monthly reviews may be delayed if you change your payment due date. We typically process your refund in 2-3 business days based on your delivery preference. If you close your account and pay in full, we’ll return your deposit within two billing cycles plus ten days.

  • Legal Disclaimer: This site is for educational purposes and is not a substitute for professional advice. The material on this site is not intended to provide legal, investment, or financial advice and does not indicate the availability of any Discover product or service. It does not guarantee that Discover offers or endorses a product or service. For specific advice about your unique circumstances, you may wish to consult a qualified professional.