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The average FICO® credit score in North Carolina is 707, according to Experian®. A 707 score falls within the “good” range of 670-739 and is slightly below the average credit score in America of 714. Comparing your score to state and national benchmarks can provide useful context for your overall credit standing. Continue reading to explore what influences your credit score, why scores can vary, and how smart credit habits may help you qualify for more favorable terms.
Key Points
• North Carolina’s average FICO credit score is 707, placing it within the good credit range.
• Payment history is the most important scoring factor, accounting for 35% of the calculation.
• Making payments on time and lowering credit card utilization can help you maintain a healthy credit profile.
• Credit reports can vary because the three major credit bureaus may have different information on file.
• Regularly checking your credit can help you spot errors and signs of potential identity theft.
What Is a Credit Score?
A credit score is a three-digit number based on information in your credit reports. Scores typically range from 300-850, and lenders may use your score when evaluating credit applications and terms. A higher score can make it easier to qualify for credit and may help you receive lower interest rates.
As creditors report new information, credit score updates can occur, and improvements may be visible within 30-45 days after taking steps to improve your credit.
The starting credit score isn’t zero. The lowest FICO Score is 300, but you may not have a score at all if your credit history does not contain enough information for a scoring model to calculate one.
What Is the Average Credit Score in North Carolina?
The average FICO Score in North Carolina is 707, according to Experian data. A score of 707 falls within the good range of 670-739.
| Credit Category | FICO Score Range |
|---|---|
| Poor | 300-579 |
| Fair | 580-669 |
| Good | 670-739 |
| Very Good | 740-799 |
| Exceptional | 800-850 |
Credit scores can vary across the state based on factors such as age and credit history. Older consumers tend to have higher average scores than younger consumers with shorter credit histories.
What Is the Average Credit Score in the US?
The average FICO Score across the U.S. is 714, while the national average VantageScore® 4.0 is 701. VantageScore vs. FICO reflects two separate scoring systems, each with its own models and methodology. North Carolina’s average score of 707 is slightly below the national FICO average.
Average credit scores vary considerably by state. Minnesota had the highest average at 741, while Mississippi had the lowest at 677. Other states with averages above 730 included New Hampshire, Vermont, Wisconsin, and Massachusetts.
Factors Influencing the Average Credit Score
Understanding what affects your credit score can help you focus on the factors that matter most. For FICO Scores, each factor carries a specific weight:
• Payment history (35%): Paying bills on time is the largest factor. A budgeting planner can help you keep track of bills and due dates, while automatic payments can help you avoid missed payments.
• Amounts owed (30%): This includes how much debt you owe and how much of your available credit you use. Lowering credit card utilization by paying down balances can reduce the amount of available credit you are using.
• Length of credit history (15%): This considers the age of your accounts and how long you have used credit.
• Credit mix (10%): FICO® considers your experience with different types of credit, including revolving accounts and installment loans.
• New credit (10%): Applying for several new accounts in a short period can result in multiple hard inquiries, which may temporarily affect your score.
Learning how to build credit can help you develop better financial habits. Building credit takes time, and regular credit reviews can help you track changes to your profile.
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Recommended: How Much Will My Credit Score Go Up Calculator
Why Do I Have More Than One Credit Score?
You may see more than one score when checking your credit. The three major credit bureaus, Experian, Equifax, and TransUnion, maintain credit reports that can contain different information, which can result in variations between scores.
FICO and VantageScore are separate scoring systems that use different models to calculate credit scores. Lenders may use different versions depending on the type of credit you are applying for, such as an auto loan or mortgage.
Where Can I Check My Credit Scores?
Checking your credit score is simple and does not hurt your score. If you want to check your credit score without paying, you may be able to access it through your bank, credit card issuer, or a credit counseling agency.
You are entitled by federal law to get free credit reports through AnnualCreditReport.com. The Federal Trade Commission says you can access reports from each of the three nationwide credit bureaus once a week at no cost.
Reviewing your reports can help you identify inaccurate information or signs of identity theft. If you notice a credit score drop after a dispute, review the updated information on your report to determine what changed.
The Takeaway
North Carolina’s average FICO Score of 707 falls within the good range. While the state’s average is below the national average of 714, individual scores depend on each person’s credit history and financial habits. Paying bills on time, managing credit card balances and reviewing credit reports regularly can help you maintain your credit profile.
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FAQ
What is a good credit score to buy a car in North Carolina?
There is no minimum credit score required for an auto loan. However, a score of 661 or higher is generally considered prime and may improve your chances of getting favorable terms.
What is a good credit score to buy a house in North Carolina?
Mortgage requirements vary by loan type, with conventional loans typically requiring a minimum FICO Score of 620. FHA loans may 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?
Most Americans have credit scores falling into good or very good ranges. FICO data shows the national average score is 714. About 70% of consumers have a score of 670 or higher, and roughly 15% of consumers have scores in the poor range of 300-579.
How rare is a 740 credit score?
A 740 credit FICO Score is not necessarily rare. It marks the starting point of the very good range, which runs from 740-799, and 27.4% of consumers have scores in this range.
How rare is an 800 credit score?
An 800 credit score is less common than scores in the lower ranges, but millions of consumers reach this level. Scores from 800-850 are considered exceptional, and about 22.9% of consumers have a FICO Score of 800 or higher.
How common is a 700 credit score?
A 700 FICO Score is within the good range of 670-739. About 20% of consumers have scores in this range, and a score in this range is close to North Carolina’s average of 707.
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