What Is an Average FICO Credit Score?

Your FICO credit score is a number between 300 and 850 that credit reporting agencies assign to you based on your financial history, and which creditors use to assess you as a loan candidate. Even if your repayment history is favorable, a below-average score can hurt your chances of obtaining a loan.

Nationally

About 58 percent of Americans have credit scores of at least 700, meaning most have relatively high credit scores. The national average is 692, according the Experian credit reporting agency. A creditor may consider your score low if it's below the national average, but other factors influence this decision.

By Location

What creditors consider a typical credit score may vary depending on where you live, according to Experian. New Englanders and people living in the west north central region of the country, for example, have the highest credit scores of any region, averaging 712 and 709, respectively. So though a score of 693 is higher than the national average, it's a relatively low score in these regions. Residents of the middle Atlantic average a slightly lower score of 702. Residents of the west south central region of the United States have the lowest credit scores on average at 673.

Creditor Requirements

Creditors may set their own credit score requirements for loan applicants, so they may require you to have a higher credit score than the local or national average. In general, creditors prefer borrowers with scores of at least 700. Slightly above the national average, it indicates that you're a relatively safe investment. A score of 720 is the essentially same as a score of 820 in a creditor's eyes, so aim for at least a 720.

Lowest Interest Rates

Your credit score doesn't just affect whether or not you get a loan. It can also determine the conditions of the loans creditors give you. A person with a score below 692, for example, is likely to pay higher interest rates on his loans than a person with a score of 720 or higher, who creditors are more prone to trust with lower interest rates. Fewer than 60 percent of Americans have scores above 700 and only 13 percent have scores above 800, so the average American doesn't obtain these favorable rates.