It is possible for a person to have the highest FICO rating in the whole world. This score is a measure of creditworthiness that is based upon statistics about loan defaults. It can vary from person-to-person, but regardless of the number, it doesn't necessarily mean that your credit score is high.
Silent Generation
The Silent Generation, which is the oldest group of consumers, has the highest credit score of any generation. They have a better credit score than other groups because they have been managing credit for longer periods of time. They also have lower credit cards and balances.
They are also more financially stable as they have more years of experience and will likely retire. They also tend to have more investment income, so they are less likely to be reliant on paychecks. This is why their average scores are higher than those of younger people.
Mississippi
The average credit score across the United States of 680 is considered good, while the average Mississippi resident has a credit score that is within the "good” category. However, the average American still carries an average of 2.6 store cards and three regular credit cards. Fortunately, the average American carries less overall debt and credit cards debt than he/she did 10 or more years ago.
The good news? Mississippi isn’t the only state that has a low credit score. Mississippi's average credit score has increased eight points to 675 from last year. Even though this is not the best news for Magnolia State residents it's still higher than the national average.
Millennials
Credit scores are affected largely by credit history. Although the average millennial has a fico rating of 670, there are still risks. One study revealed that nearly a third of millennials were turned down by financial institutions for financial products in 2020. Lenders have tightened their requirements due to this statistic.
The average credit score for all generations is increasing, but the Millennials have seen their credit score increase the most in the period 2019-2021. Their average score rose from 648 to 667. It then fell slightly. The Silent Generation suffered a less dramatic decline, with its score dropping from 730 to 727. A higher credit score can lead to many opportunities, including lower-interest loans and securing a home.
Older Americans
FICO data shows that credit scores for older Americans are highest in their 60s to 70s. This age group has a more than twenty-point increase in their FICO(r). This is a significant boost because their accounts are likely to be older and have a long track record of making payments. In addition, many 60-year-olds have already paid off debt.
As a result, their average FICO(r) score is the highest among older Americans. While younger consumers see a decrease in their score over the course of a decade, older consumers see an increase. For instance, the average FICO (r) score of consumers aged 20-35 dropped by 11 percentage points between the ages twenty-three and thirty. Older Americans had a higher score than younger consumers, owing to their higher debt.