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New Jersey residents have an average FICO® Score of 722, according to data from Experian®. For comparison, the average credit score in America is 714, giving you a useful benchmark for seeing how your own score compares with consumers nationwide. The New Jersey average falls within the “good” credit range of 670-739. In this guide, you’ll learn what affects your credit score, why you can have multiple scores, and what you can do to build stronger credit over time.
Key Points
• The average FICO Score in New Jersey is 722, which falls within the good credit category.
• Payment history is the biggest factor in your FICO Score, accounting for 35% of the calculation.
• Making payments on time, keeping debt balances manageable, and using a money tracker app to stay on top of your finances can support healthy credit habits.
• Credit bureaus maintain their own records, so the information and scores shown on your credit reports may vary slightly.
• Regular credit score monitoring and periodic credit report reviews can help you spot changes, catch errors, and identify signs of potential identity theft.
What Is a Credit Score?
Think of a credit score as a snapshot of how you’ve managed credit. Most FICO and VantageScore® models use a scale from 300-850, with your score calculated from information in your credit reports. Lenders may use your score, along with other financial information, when deciding whether to approve you for a credit card, auto loan, mortgage, or other type of credit. Generally, a higher credit score signals lower credit risk to lenders and may help you qualify for more favorable borrowing terms.
Credit score updates can occur at least once a month and whenever new information is added to your credit report. Individual account updates can take 30-45 days to appear, depending on when the creditor reports.
So, what is the starting credit score? You don’t automatically begin with a score of 300 or a score in the fair range. It takes time to establish enough credit history for a score to be calculated, and your first score depends on the scoring model being used.
What Is the Average Credit Score in New Jersey?
Wondering how your score compares with the state average? The table below breaks down the FICO scoring ranges so you can see where your score falls and how it compares with the 722 average in New Jersey.
| Credit Category | FICO Score Range |
|---|---|
| Poor | 300-579 |
| Fair | 580-669 |
| Good | 670-739 |
| Very Good | 740-799 |
| Exceptional | 800-850 |
A FICO Score of 722 is considered good. Scores in this category can qualify you for a variety of loans and credit cards, although lenders set their own approval requirements and may offer different rates and terms based on your overall credit profile.
New Jersey’s average score of 722 is a benchmark, so your own FICO Score may be higher or lower. Credit scores vary among consumers because each person has a different credit history and mix of accounts, and average scores can differ across age groups.
What Is the Average Credit Score in the US?
So, what is the average credit score in America? The average FICO Score in the U.S. is 714, while the average national VantageScore® 4.0 is 701. New Jersey’s average is higher than these national benchmarks.
The average FICO Score varies by state, ranging from 677 in Mississippi to 741 in Minnesota. New Jersey’s average of 722 is toward the higher end of the range.
Factors Influencing the Average Credit Score
Understanding what affects your credit score can make it easier to know where to focus as you learn how to build credit. FICO Scores consider five main factors:
• Payment history (35%): Your record of making payments on time is the most influential factor in your score. A late payment can hurt your score, so paying bills on time is important. A budgeting planner can help you keep track of due dates and avoid missed payments.
• Amounts owed (30%): This factor includes how much debt you have and, for revolving accounts, how much of your available credit you’re using. Lowering credit card utilization by paying down balances can help, while a higher credit limit can also reduce your utilization if your spending stays the same.
• Length of credit history (15%): The age of your credit accounts and how long you’ve been using credit can affect your score. A longer credit history can give scoring models more information about how you manage credit.
• Credit mix (10%): Having experience with different types of credit, such as credit cards and installment loans, can contribute to your FICO Score.
• New credit (10%): Opening several new accounts in a short period can result in multiple hard inquiries, which may temporarily lower your score.
Building credit can take months to years, depending on your credit history and financial habits. Learning how to build credit can help you work toward a higher credit score over time.
You can also use SoFi Coach to get personalized guidance as you work on your credit. It can help you stay focused on your financial goals and build better money habits.
Recommended: How Much Will My Credit Score Go Up Calculator
Why Do I Have More Than One Credit Score?
It’s normal to see different credit scores when you check your accounts. The three major credit bureaus, Experian, Equifax, and TransUnion, may have different information in your credit reports because not all lenders report to all three.
VantageScore vs. FICO is another distinction to keep in mind. These scoring models use different formulas to evaluate your credit information, and lenders may use different versions depending on the type of credit you’re seeking. For example, an auto lender may use an auto-specific FICO Score, while a mortgage lender may use a FICO Score designed for home lending.
Where Can I Check My Credit Scores?
If you want to check your credit score without paying, you may be able to get it through your bank, credit card issuer, or a credit counseling agency. Some companies also offer free access to credit scores. Federal law gives you the right to get a free copy of your credit report from each of the three nationwide credit reporting bureaus, and you can check your report from each bureau once a week through AnnualCreditReport.com. Reviewing your reports can help you identify inaccurate information and signs of identity theft.
If you notice a credit score drop after a dispute, the dispute itself does not lower your score. However, changes to information on your credit report can affect your score depending on what was corrected or removed.
The Takeaway
New Jersey’s average FICO credit score of 722 is considered good, putting the state above the national average of 714. Your individual credit score, however, depends on your own credit history and financial habits. Paying bills on time, keeping credit card balances low, and regularly reviewing your credit reports can help you maintain 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 New Jersey?
There is no universal minimum credit score required to buy a car, and lenders set their own requirements. A VantageScore of 661 or higher is considered prime and can generally improve your chances of getting approved with favorable terms. A FICO Score of 670 or higher puts you in the good range, which can also help when applying for auto financing.
What is a good credit score to buy a house in New Jersey?
The credit score you need to buy a home depends on the type of mortgage and lender. Conventional mortgage loans typically require a score of at least 620, while FHA loans can allow scores as low as 500 with a 10% down payment or 580 with a 3.5% down payment.
What credit score do most Americans have?
The latest FICO data shows that the average U.S. FICO Score is 714. About 70% of consumers have a FICO Score of 670 or higher, putting them in the good, very good, or exceptional ranges.
How rare is a 740 credit score?
A 740 FICO Score is the starting point of the very good range, which runs from 740-799. Nationwide, 27.4% of consumers have a FICO Score in this range.
How rare is an 800 credit score?
An 800 FICO Score is in the exceptional range, which spans 800-850. About 22.9% of U.S. consumers have a FICO Score of 800 or higher.
How common is a 700 credit score?
A 700 FICO Score falls within the good range of 670-739. About 20% of American consumers have scores in this credit tier. New Jersey’s average FICO Score is 722, which also falls within the good range.
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