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The average FICO® credit score in Maryland is 714, based on Experian® data. This may prompt you to ask: What is the average credit score in America, and how does Maryland compare? Well, apart from falling into the “good” credit range (670-739), a score of 714 currently aligns with the U.S. national average credit score, which also stands at 714.
Knowing how your credit score compares to state and national numbers can help you see where you stand financially and where you can improve. Read on to learn more about factors that can affect your credit score and how improving your score can help you save money.
Key Points
• The average FICO credit score in Maryland is 714, placing state residents in the good credit range.
• Payment history is the key factor when calculating credit scores, accounting for 35%.
• Maintaining low debt balances and making on-time payments helps you build a strong credit profile over time.
• The three major credit reporting bureaus gather and use data independently, which can cause minor variations among your credit scores.
• Reviewing credit reports regularly helps you catch inaccuracies and spot potential identity theft early on.
What Is a Credit Score?
A credit score is a three-digit number, generally between 300 and 850. Credit reporting bureaus calculate this number using the detailed information recorded on your credit reports. Your credit score is used by financial institutions, lenders, and credit card companies to evaluate the risk of lending money to you.
Higher credit scores show lenders that you manage debt responsibly, and a strong credit profile can improve your chances of approval for credit cards, auto loans, and mortgages. Higher scores can also help you secure lower interest rates.
Credit scores usually update at least once a month and each time lenders submit new payment records. Because information changes frequently, regular credit score monitoring is a good idea.
Did you know that the starting credit score isn’t zero? The lowest score you can have is 300, but a starting score is actually more likely to be in the “fair” range of 580-669.
What Is the Average Credit Score in Maryland?
In Maryland, the average FICO credit score is 714, sitting comfortably inside the good credit tier.
Here’s how FICO breaks down credit score ranges:
• Poor: 300-579
• Fair: 580-669
• Good: 670-739
• Very good: 740-799
• Exceptional: 800-850
Holding a score around 714 allows you to qualify for standard financial products. However, moving into the very good or exceptional tiers increases your chances of qualifying for top-tier financial rewards and elite card benefits. Taking the time to learn and understand how to build credit can offer real, long-term value.
It can take as little as 30-45 days to start building credit, although seeing real improvement can take longer. Actions such as disputing inaccuracies on your credit report or paying off small balances can raise your credit score relatively quickly.
While 714 represents the statewide average, individual scores across Maryland can vary based on city, age, and individual financial habits. For example, older adults who have managed accounts for decades generally hold higher scores than young adults who are just starting out.
What Is the Average Credit Score in the US?
The average credit score in America under the FICO model is 714, while the average credit score under the VantageScore® model stands at 701.
Regional variations in credit scores occur across the country, reflecting differences in local economic conditions and consumer credit profiles. States in the Upper Midwest, such as Minnesota, tend to have higher average credit scores, while Southern states, such as Mississippi, tend to have lower averages. Maryland’s average credit score is 714, close to the national average of 713, placing it around the middle of state rankings. These differences highlight geographic variations in credit scores, although individual creditworthiness depends on personal financial habits and credit history.
Recommended: How Much Will My Credit Score Go Up Calculator
Factors Influencing the Average Credit Score
FICO and VantageScore evaluate specific factors when calculating your score. FICO considers the following:
• Payment history (35%): Paying bills on time is the single most important factor in your score, and missing even one payment can hurt your score. Setting up automated bill payments or using a money tracker app may be useful.
• Amounts owed/credit utilization (30%): Credit utilization measures how much of your available credit limit you are using across revolving accounts. Keeping your overall utilization below 30% is a common guideline. Lowering credit card utilization usually involves paying down your balances, but increasing your limits can also work.
• Length of credit history (15%): Keeping credit accounts open longer gives scoring models more data to assess.
• Credit mix (10%): Lenders may view a mix of revolving credit and installment loans favorably, as it demonstrates your ability to manage different types of credit responsibly.
• New credit (10%): Applying for multiple new credit accounts within a short period can result in hard inquiries, which may temporarily lower your score.
Using a budgeting planner can help you cultivate a better score by tracking bills so that you always pay on time. Knowing what affects your credit score and learning how to build credit can pay off by saving you thousands of dollars in interest over your lifetime.
Why Do I Have More Than One Credit Score?
Seeing slight differences in your credit score across different platforms is normal. The three major credit-reporting agencies that operate in the U.S. are Experian, Equifax, and TransUnion, but lenders don’t always report account activity to all three bureaus. This can cause variations in the data each agency holds.
Your score also changes depending on the scoring model used, for example, VantageScore vs. FICO. As mentioned above, these brands use proprietary formulas to weigh financial behavior. Lenders also choose specific versions of these models based on the financial product involved. An auto lender might look at a FICO Auto Score, whereas a mortgage company is more likely to review a classic FICO model.
Where Can I Check My Credit Scores?
If you want to check your credit score without paying, you have several options, which include your bank, credit card issuer, and credit counseling agencies. Many financial institutions also display updated scores inside their online banking portals or mobile apps for free, and nonprofit credit counseling groups often review credit scores during free financial wellness sessions.
Federal law entitles consumers to one free credit report a year from each of the three credit bureaus: Equifax, Experian, and TransUnion. You can access your reports for free weekly through AnnualCreditReport.com. Consumers can currently access these reports free of charge on a weekly basis. Although credit reports generally do not include credit scores, they provide detailed information about account histories, balances, and payment records, allowing consumers to check for errors and verify the accuracy of their credit information.
You may notice your credit score drop after a dispute. Filing a credit card dispute doesn’t directly lower your credit score. However, changes resulting from an investigation may affect your score. For example, if a dispute reveals an accurately reported missed payment, that information may remain on your credit report and impact your credit profile.
SoFi Coach helps users understand their credit scores and the factors that influence them. It provides personalized insights to help users track their progress and make more informed financial decisions.
The Takeaway
Maryland’s average credit score of 714 is in the good FICO credit range, indicating many residents should have access to various loans and financial products. However, you can take charge of your financial growth. Paying bills on time, maintaining low credit card balances, and monitoring credit reports regularly can help you build a healthy credit profile over time.
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 Maryland?
Auto lenders do not enforce a strict minimum credit score requirement. However, holding a credit score of 661 or higher generally helps you secure approval. Scoring in the “good” range (670-739) or higher grants access to lower interest rates. Also, providing a larger down payment can help secure approval if your score sits on the lower side.
What is a good credit score to buy a house in Maryland?
The credit score required for a home loan depends on the mortgage type and lender. Conventional mortgages typically require a minimum credit score of 620, while FHA loans may allow scores as low as 580 with a 3.5% down payment, or 500 with a 10% down payment.
What credit score do most Americans have?
Most American consumers hold credit scores in the good or very good ranges. FICO data shows the national average FICO Score sits at 714. In fact, over 70% of consumers across the country maintain a FICO Score of 670 or higher, and only about 15% of consumers have scores below 580, which fall in the poor category.
How rare is a 740 credit score?
A 740 credit score is not rare at all. It marks the starting point of the very good tier on the FICO scale. Nationwide, roughly 27.4% of consumers hold scores between 740 and 799.
How rare is an 800 credit score?
Although an 800 credit score is relatively uncommon, a substantial group of consumers manages to achieve it. About 22.9% of consumers in America fall into the exceptional category with a score of 800 or higher. Reaching this benchmark usually requires an established history of on-time payments, low utilization, and responsible debt management.
How common is a 700 credit score?
A 700 FICO Score is relatively common. It sits near the middle of the “good” range (670-739), and around 19.8% of U.S. consumers have scores in this tier. Maryland’s state average score of 714 exceeds this mark.
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