What is the Average Credit Score for a Credit Card?

It's a common misconception that you only have one credit score. In reality, you have many credit scores. The average credit rating in the United States is 714, according to Experian, a credit reporting company, using the FICO scoring model. Credit scores usually range from 300 to 850, and the range may vary depending on the credit scoring model. The average credit score in the US varies slightly between the two main scoring models. Credit reporting agencies collect this data and store it in their credit reports.

There are many credit cards that require fair credit as a minimum, but if you're looking for easy approval, you should exceed the card requirements instead of just meeting them. Generally, the easiest type of credit card to get is a secured card or an unsecured card for bad credit. If they don't approve it yet, it may be a sign that you need to work on your credit scores before reapplying. Credit utilization, or how much of your available credit you are using, is almost as important as paying on time. However, the card still reports account information to major credit bureaus each month, making it a reliable tool for building credit.

When you have a fair credit score, it means that your credit is one level below good but one level above bad or very low. Credit scores also take into account how long you've been using credit, so the sooner you find the right card, the better. This is the average credit score in each state in the US Department of State and the District of Columbia, according to data from Experian.

There are several ways to build up your credit when you're just starting out and ways to increase your score once it's established. Ultimately, for more information, read WalletHub's guides on secured cards and how to rebuild your credit. Borrowers with scores above 750 or higher often have many options available to them, including being able to qualify for 0% auto and credit card financing with 0% introductory interest rates. Credit blending counts for only 10%, so you should avoid opening new lines of credit aggressively just to expand it.

Making only the minimum payment keeps you in debt longer and could ultimately lower your credit scores. Knowing your average credit score by age can be a useful tool to understand how you compare to your peers.

Jeffery Sheinbein
Jeffery Sheinbein

Hipster-friendly food specialist. Certified pop culture geek. Certified music aficionado.