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The average FICO® credit score in Arkansas is 693. While this number falls squarely into the “good” credit category (which ranges from 670 to 739), it rests below the national average credit score of 714.
Why does it matter? If you clicked on this story, then you probably realize that understanding where your credit score sits compared to state and national standards gives you a clearer view of your overall financial picture. Keep reading to learn more about how credit scores are calculated, why you have more than one score, and how building a better score can help you save money.
Key Points
• The average FICO credit score in Arkansas is 693, placing the state in the good credit range.
• On-time payment history represents the largest single portion of a credit score calculation at 35%.
• Maintaining low credit card balances relative to borrowing limits helps build and support a healthy score.
• Minor variations across credit reports occur because reporting agencies gather borrowing records independently.
• Checking credit reports on a regular basis through a money tracker app helps spot errors early and detect potential identity theft.
What Is a Credit Score?
Think of a credit score like a grade point average for your borrowing habits. Your score is represented by a three-digit number ranging from 300 to 850. Financial institutions, car dealerships, and mortgage companies check this number to measure the level of risk involved in lending you money.
Higher scores make you look more creditworthy to prospective lenders. Maintaining a solid credit profile improves your chances of getting approved for credit cards, personal loans, and home mortgages. It also helps you secure lower interest rates, keeping more cash in your bank account over time.
Your credit score updates every 30 to 45 days as lenders submit fresh account details. Because your numbers change frequently, checking your score on a regular basis can be a good habit.
The starting credit score isn’t zero. The lowest score you can have is 300, but a starting score is more likely to be in the “fair” range of 580 to 669.
What Is the Average Credit Score in Arkansas?
In Arkansas, the average FICO credit score is 693, according to data from credit bureau Experian®. A score of 693 sits comfortably inside the “good” credit category, which spans from 670 to 739.
| Credit Category | FICO Score Range |
|---|---|
| Poor | 300 to 579 |
| Fair | 580 to 669 |
| Good | 670 to 739 |
| Very Good | 740 to 799 |
| Exceptional | 800 to 850 |
Holding a score around 693 allows most Arkansas residents to qualify for standard consumer financial products. Moving your score up into the “very good” or “exceptional” tiers unlocks lower interest rates and premium promotional offers. Using a budgeting planner can help you cultivate a better score by tracking bills so you always pay on time.
The 693 state average does not mean every resident shares that exact score. Averages vary depending on age, location, and daily money habits. Older adults who have managed active credit accounts for decades often hold higher average scores than younger adults who are just starting out.
Recommended: How Much Will My Credit Score Go Up Calculator
What Is the Average Credit Score in the U.S.?
The average FICO credit score across the United States is 714, while the average national VantageScore® sits at 701. Arkansas’s average score of 693 sits slightly below national benchmarks.
Regional variations in credit score averages are quite common across the country. Southern states tend to record average scores hovering in the upper 600s, whereas states across the Upper Midwest and New England frequently see averages in the 730s or higher. Differences in regional income levels, local cost-of-living standards, and average debt balances all play a role in driving regional numbers.
SoFi Coach features a free AI-powered financial assistant that can answer all your questions about credit scores and share actionable tips to improve your financial standing.
Factors Influencing the Average Credit Score
Credit score models evaluate how you handle borrowing across all open debt accounts to calculate your final three-digit number. When it comes to VantageScore vs. FICO, they both focus on several core habits:
• Payment History (35%): Paying bills on time is the single most influential factor in what affects your credit score. A single missed payment can cause a score to drop quickly.
• Amounts Owed / Credit Utilization (30%): This factor measures how much of your overall credit limit you are actively using. Keeping credit card balances under 30% of total limits shows lenders that your finances are stable. Lowering your credit card utilization usually involves paying down your balances, but increasing your limits also works.
• Length of Credit History (15%): Keeping accounts open longer provides scoring systems with a longer track record of your financial stability.
• Credit Mix (10%): Lenders prefer seeing that you can manage a combination of revolving accounts (like credit cards) and installment loans (like car loans or mortgages).
• New Credit (10%): Submitting multiple applications for new debt over a short window triggers hard inquiries, which temporarily lower your score by a few points.
How long it takes to build credit can range from months to years, depending on what’s holding down your credit score. Learning how to build credit credit can pay off by saving you thousands of dollars in interest over time.
Why Do I Have More Than One Credit Score?
Seeing slight differences across your credit scores is normal. Three major credit reporting bureaus operate nationwide: Experian, Equifax, and TransUnion. Lenders do not always report monthly activity to all three reporting agencies. If one bureau lacks an account update, your score calculated from that bureau’s data will differ.
Scoring formulas vary by brand, too. FICO and VantageScore use proprietary formulas to weigh financial habits. Lenders also use custom variations of these scores depending on the debt product. An auto lender might review a FICO Auto Score, while a mortgage company checks a classic FICO model. When you sign up for credit score monitoring, keep in mind that you’re seeing just one of many.
Recommended: FICO Score vs. Credit Score
Where Can I Check My Credit Scores?
Checking your credit score is simple, and reviewing your own numbers never harms your credit. If you want to check your credit score without paying, you have several options, including your bank, credit card issuer, and credit counseling agencies. Many banks and card providers display updated credit scores inside their mobile apps or online banking dashboards. (SoFi’s free credit score check shows your VantageScore 3.0.)
Federal law entitles you to pull free credit reports every week from AnnualCreditReport.com. Credit reports display your detailed borrowing history rather than a three-digit score, making them ideal for reviewing account accuracy.
Once in a while, you may notice your credit score drop after a dispute. While filing a dispute doesn’t harm your credit, the information that’s uncovered — such as a missed payment — can impact your profile.
The Takeaway
Arkansas’s average credit score of 693 falls into the “good” range, offering local residents solid access to everyday loan and credit card options. Though Arkansas ranks slightly behind the national average of 714, individual habits dictate where your number lands. Paying bills on time each month, keeping credit card balances low, and regularly checking credit reports will help build a strong financial foundation.
Take control of your finances with SoFi Coach. You can easily view all of your accounts in one convenient dashboard: bank and investment balances, current debts, spending breakdowns, and credit score. Easily set up budgets and spot upcoming bills. And get personalized insights on everyday money questions and take action with Coach chat, the AI guide that’s powered by the playbooks of SoFi Financial Planners, so its guidance comes from expert knowledge.
FAQ
What is a good credit score to buy a car in Arkansas?
Auto lenders do not enforce a strict minimum credit score requirement for purchasing a vehicle. However, holding a score of 660 or higher provides a strong foundation for approval. Scores falling inside the good range (670 to 739) help secure more favorable loan terms and lower financing costs. Buyers with lower scores can often improve their approval odds by providing a larger cash down payment.
What is a good credit score to buy a house in Arkansas?
Minimum score requirements depend heavily on the specific mortgage program. Conventional mortgages generally require a score of 620 or higher. Government-backed options like FHA loans may accept scores down to 580 with a 3.5% down payment, or 500 with a 10% down payment. Applicants with scores above 670 enjoy a much easier qualification process and better lending terms.
What credit score do most Americans have?
Most Americans maintain credit scores that sit in the good or very good categories. Experian data places the national average FICO score at 714. Over 70% of consumers across the country hold a FICO score of 670 or higher. Only about 15% of Americans have scores that fall below 580 into the poor range.
How rare is a 740 credit score in Arkansas?
A 740 credit score is not rare. A score of 740 marks the entrance point to the “very good” category on the FICO scoring scale. Across the nation, roughly 27.5% of consumers hold a score between 740 and 799. Reaching this tier demonstrates strong borrowing habits to lenders, opening doors to competitive credit rates.
How rare is an 800 credit score in Arkansas?
An 800 credit score is uncommon, yet it is achieved by a solid portion of the population. Scores ranging from 800 to 850 are rated as exceptional. Approximately 22.8% of Americans maintain a score of 800 or higher. Reaching this level requires a long history of on-time payments, low credit card balances, and careful management of open accounts.
How common is a 700 credit score in Arkansas?
A 700 credit score is very common. It sits comfortably inside the good range, which spans from 670 to 739. About 20.1% of consumers hold scores within this specific block. Because Arkansas’s state average is 693, a 700 score places you right in line with typical local borrowing profiles while keeping your financial options open.
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