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The average FICO® credit score in Montana is 730, based on recent Experian® data. A 730 score falls in the “good” credit range (670-739) and exceeds the U.S. national average credit score of 714. Comparing your score to state and national numbers can help you see where you stand financially and where you can improve.
Read on to find out how credit bureaus calculate your score, why you may see different scores across platforms, and how you could save money by building a better score.
Key Points
• The average FICO credit score in Montana is 730, which sits near the top of the good credit category.
• Payment history is the most important factor in calculating a credit score, accounting for 35% of the calculation.
• On-time payments and low debt balances help consumers build and maintain a strong credit profile.
• Credit bureaus collect information independently, potentially resulting in minor variations across credit reports.
• Checking credit reports periodically through a money tracker app can help you identify errors and detect potential identity theft.
What Is a Credit Score?
A credit score is a three-digit number, generally between 300 and 850. It’s calculated using financial information listed on your credit reports. Banks, credit card companies, and other lenders use these scores to assess how risky it might be to lend you money.
Generally, the higher your credit score, the more creditworthy you’ll likely appear to lenders. A strong credit profile improves your chances of qualifying for credit cards, auto loans, and mortgages and may help you secure favorable interest rates.
Your credit score updates as lenders submit new account details, and you may see changes within 30-45 days. Because these details change frequently, checking your score regularly can help you maintain your credit health.
Pop quiz: Do you know what the starting credit score is? It’s not zero. While the lowest score you can have is 300, if you’re new to credit, you may not have a score until you have enough credit history to generate one.
What Is the Average Credit Score in Montana?
So what is the average credit score? Montana’s average FICO Score of 730 falls into the “good” credit category, as you can see in the following table:
| Credit Category | FICO Score Range |
|---|---|
| Poor | 300-579 |
| Fair | 580-669 |
| Good | 670-739 |
| Very Good | 740-799 |
| Exceptional | 800-850 |
Having a score around 730 means most Montanans can get approved for standard financial products. However, scores closer to the “very good” or “exceptional” ranges may unlock the most competitive rates and offers. Using a budgeting planner can help you build a better score by ensuring you pay your bills on time.
While the average credit score in Montana is 730, not every resident has that score. Actual scores vary depending on location, age, and individual spending habits. For instance, older adults who have managed loans for decades often have higher scores than young adults with limited credit history.
What Is the Average Credit Score in the US?
The average FICO credit score in America is 714, while the average national VantageScore® is 701. Montana’s average credit score of 730 is higher than both benchmarks.
FICO Scores vary by state, with average scores ranging from 677 in Mississippi to 741 in Minnesota. Credit scores also tend to differ by age group, as younger consumers typically have lower average scores than older adults. This difference may be partly attributed to older consumers having more established credit histories over time, although individual credit scores are influenced by a range of personal financial factors.
SoFi Coach features a free AI-powered financial assistant that answers your questions and shares actionable tips to help you improve your credit profile.
Factors Influencing the Average Credit Score
Credit scoring models evaluate how you manage borrowing across all open debt accounts to calculate your overall score. When it comes to VantageScore vs. FICO, both models focus on several core habits to determine where you fall on the 300-to-850 scale. FICO considers the following factors:
• Payment history (35%): Paying bills on time is the most influential factor in what affects your credit score. Missed payments can result in a noticeable drop. Using a budgeting app to automate bill payments can help you avoid late or missed payments.
• Amounts owed/credit utilization (30%): This factor reflects how much of your available credit line you are using. Using less than 30% of your credit card limits is a common guideline. Lowering credit card utilization usually involves paying down your balances, but increasing your limits also works.
• Length of credit history (15%): Keeping accounts open longer gives scoring models more data to show lenders how reliable you are.
• Credit mix (10%): Lenders generally like to see that you can manage a combination of revolving accounts (such as credit cards) and installment loans (such as auto loans and mortgages).
• New credit (10%): Applying for multiple new lines of credit in a short window triggers hard inquiries, which can temporarily lower your score.
Building credit can take months to years, depending on what’s holding down your score. Learning how to build credit can help you save thousands of dollars in interest over time.
Why Do I Have More Than One Credit Score?
Consumers often have multiple credit scores. The three major credit reporting bureaus in the U.S., Experian, Equifax, and TransUnion, collect data independently, and lenders don’t always report activity to all three. If one bureau is missing a record, your score with that bureau will differ.
Lenders may also use differing scoring models, including FICO and VantageScore, which each weigh financial habits differently. Many lenders use specialized versions depending on the type of credit you apply for. For instance, an auto lender might check a FICO Auto Score, while a mortgage company will likely check a classic FICO model.
Recommended: FICO Score vs. Credit Score
Where Can I Check My Credit Scores?
Checking your credit score is easy, and doing it yourself doesn’t hurt your credit. If you want to check your credit score without paying, you have several options, including your bank, credit card issuer, or another financial institution.
The three nationwide credit reporting agencies offer free weekly access to your full credit reports through AnnualCreditReport.com. Federal law guarantees at least one free report from each agency every 12 months. While credit reports show detailed payment history rather than the three-digit number itself, reviewing them lets you check for errors.
Occasionally, you may notice your credit score drop after a dispute. While filing a dispute doesn’t harm your credit, the information uncovered, such as a missed payment, can affect your profile.
The Takeaway
Montana’s average credit score of 730 falls into the “good” FICO credit range, and while this sits well above the national average of 714, individual habits determine your score. Paying bills on time, keeping credit card balances low, and regularly reviewing credit reports may help build healthy financial habits.
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 Montana?
Auto lenders don’t require a minimum credit score for buying a car, but a score of 661 or higher provides a strong foundation for approval. A score in the “good” range (670-739) can help you secure more favorable loan terms and lower financing costs. If your score is on the lower side, you could improve your chances of approval by offering a larger down payment.
What is a good credit score to buy a house in Montana?
The score you need to buy a home depends on the type of mortgage you want. Conventional loans typically require a minimum score of 620, while FHA loans may accept scores as low as 580 with a 3.5% down payment, or even 500 with 10% down. That said, buyers who hold a score of 670 or higher may find it easier to qualify with many lenders.
What credit score do most Americans have?
According to Experian data, many Americans have a credit score in the “good” or “very good” categories, with the national average FICO Score sitting at 714. In fact, over 70% of consumers hold a FICO Score of 670 or higher. Only about 15% of consumers have scores below 580 in the “poor” category.
How rare is a 740 credit score?
A 740 credit score sits at the lower end of the “very good” category on the FICO scale. Across the United States, roughly 27.4% of consumers have a score between 740 and 799. A score of 740 shows lenders you handle debt responsibly, which may help you secure competitive rates on credit cards and loans.
How rare is an 800 credit score?
An 800 credit score is uncommon. About 22.9% of Americans have a score of 800 or higher, which is in the “exceptional” category. Reaching this level usually takes years of consistent on-time payments, low credit utilization, and a long history of managing different types of debt accounts.
How common is a 700 credit score?
A 700 credit score rests comfortably inside the “good” range (670-739) and is very common. About 20% of Americans have scores in this range. Since Montana’s state average score is 730, having a score of 700 puts you within the typical range for residents and may help you secure competitive rates for future applications.
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