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Higher credit score holders typically get access to the greatest credit cards, can qualify for lower interest rates on loans, and even save money on insurance. Youll also have an easier time applying for an apartment rental.
Since your credit score is so important, it can be helpful to compare your situation to that of others who are similar to you in terms of things like age or place of residence. Here is the average credit score broken down across generations, state, and years.
Congratulations! Your credit score falls within the “Very Good” range with a FICO® score of 769. This indicates that you’re handling your credit well and that you have a good chance of being approved for a loan with a good interest rate and terms.
But what does a 769 credit score really mean?
Let’s break it down and explore how you can leverage your score for better financial opportunities.
What Does a 769 Credit Score Mean?
A 769 FICO® Score is above average compared to other consumers. As per FICO, a mere 25% of consumers possess scores that fall within the Very Good category. This places you among a select group of people who are regarded as trustworthy borrowers.
Here’s what your 769 credit score means for different types of loans:
- Mortgages: You’ll likely qualify for excellent mortgage rates, potentially saving you thousands of dollars over the life of your loan.
- Auto Loans: You can expect competitive interest rates on auto loans, making car ownership more affordable.
- Personal Loans: You’ll have access to favorable terms on personal loans, making it easier to consolidate debt or finance unexpected expenses.
- Credit Cards: You’ll be eligible for top-tier credit cards with generous rewards programs and low interest rates.
Benefits of a 769 Credit Score:
- Lower interest rates: Save money on loans and credit cards.
- More favorable loan terms: Access better repayment options and lower fees.
- Increased approval odds: Higher likelihood of getting approved for loans and credit cards.
- Better insurance rates: Some insurance companies offer discounts for good credit scores.
- Improved financial standing: Demonstrates responsible credit management.
Maintaining Your 769 Credit Score:
It’s important to maintain your good credit score to continue reaping its benefits. Here are some key tips:
- Pay your bills on time: Payment history is the most significant factor in your credit score.
- Keep your credit utilization low: Aim to use less than 30% of your available credit.
- Limit new credit applications: Hard inquiries can temporarily lower your score.
- Monitor your credit reports: Check for errors and address them promptly.
- Build a positive credit history: Use credit responsibly and over time.
Boosting Your 769 Credit Score to Excellent:
While a 769 is a great score, you can still strive for the “Exceptional” range (800+). Here’s how:
- Continue practicing good credit habits.
- Become an authorized user on a responsible credit card.
- Pay down existing debt.
- Become a co-signer on a loan for someone with good credit.
Remember, your credit score is a dynamic number that can fluctuate over time. You can keep your credit score high and take advantage of even better financial opportunities by actively managing your credit and making wise financial decisions.
Additional Resources:
- Credit Karma: https://www.creditkarma.com/credit-scores/769
- Upstart: https://www.upstart.com/credit-score/769-credit-score
Disclaimer:
This information is for educational purposes only and should not be considered financial advice. Please consult with a qualified financial professional for personalized guidance.
Average credit score by year
Consumer debt among Americans is at an all-time high, with an average balance of $104,215 and a total of $17. 50 trillion in 2023. Despite historic levels of debt, the average credit score continues to rise. Americans actually have better credit than ever.
The average score has increased by nearly 30 points in the past decade. Heres how its risen, according to FICO data from April of each year:
| Year | Average credit score (FICO) by year |
| April 2013 | 691 |
| April 2014 | 692 |
| April 2015 | 695 |
| April 2016 | 699 |
| April 2017 | 700 |
| April 2018 | 704 |
| April 2019 | 706 |
| April 2020 | 708 |
| April 2021 | 716 |
| April 2022 | 716 |
| April 2023 | 718 |
| April 2024 | 717 |
June 2009 to early 2020 was the longest stretch of economic expansion in American history. It ended with the short-lived recession brought on by the pandemic. This extended period of growth yielded low unemployment rates. This may have helped America’s credit scores rise since more people now have the means to make their debt payments on time.
However, the average credit score has decreased to 717 for the first time in ten years due to rising interest rates and persistent inflation. This implies that customers have been experiencing financial difficulties, which have led to missed payments and a decline in credit scores.
But all is not lost. There is information available on the credit industry and how to raise your credit score. Additionally, a plethora of credit-builder products are readily available, expanding accessibility and gradually raising the average credit score. The best credit builder accounts dont require a credit check or a credit score. Certain credit builder products, like Experian Boost, are directly from the credit bureaus and report regular payments like utility bills and streaming service subscription fees.
There have even been changes in how credit scores are calculated which can further improve average credit scores. For example, paid collections under $500 have been removed from consumers credit reports and are no longer reported. Changes to how medical debt affects your credit score have also improved consumers credit histories.
Average credit score by age
The average credit score looks very different between age groups. Due to their longer borrowing histories, older people typically have higher credit scores than younger people. Credit scores are based on credit and borrowing history. In the meantime, Gen Z falls behind because they haven’t had as much time to establish credit, and a large portion of them aren’t old enough to have a credit score. Heres how it breaks down by age group, according to data from Experian:
| Generation | Average credit score (FICO) in 2023 |
| Generation Z (18-25) | 680 |
| Millennials (26-41) | 690 |
| Generation X (42-57) | 709 |
| Baby boomers (58-76) | 745 |
| Silent generation (77+) | 760 |
Note: Experian data indicates that the average credit score is 715, whereas FICO data indicates that it is 717.
Why You NEED a 750 Credit Score
FAQ
What can you do with a credit score of 769?
Can I buy a car with 769 credit score?
What is an excellent FICO credit score?
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FICO Credit Score Ranges
|
|
|
Excellent/Exceptional
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800-850
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Very good
|
740-799
|
|
Good
|
670-739
|
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Fair
|
580-669
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What is the average mortgage rate with a 769 credit score?
|
FICO Score
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APR*
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Monthly Payment
|
|
760-850
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6.38%
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$1,873
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700-759
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6.602%
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$1,916
|
|
680-699
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6.779%
|
$1,952
|
|
660-679
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6.993%
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$1,994
|