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Your credit score can give you a useful picture of how your borrowing habits compare with those of other people in Texas and across the country. Read on to find out where Texas ranks, what influences credit scores, and how your score measures up.
Key Points
• The average FICO® credit score in Texas is 692, placing it in the good range.
• Payment history has the greatest impact on your score, accounting for 35% of the calculation.
• Keeping credit card balances low compared with your available limits can help build and maintain a stronger credit profile.
• Since credit reporting agencies collect records independently, your scores may vary slightly between reports.
• Regularly reviewing your credit information can help you identify errors and catch signs of potential identity theft early.
What Is a Credit Score?
A credit score is a three-digit number that reflects how you have managed debt and credit over time. Lenders, including banks or credit card issuers, use your score to help assess the risk of approving a loan or credit application. Scores generally range from 300 to 850, with higher scores indicating lower credit risk. A stronger score may improve your chances of qualifying for products such as auto loans, mortgages, and credit cards and help you secure more favorable interest rates.
The starting credit score isn’t zero. The lowest FICO Score you can have is 300. However, you may not receive a credit score immediately after opening your first account. It can take time to establish enough credit history for a score to be calculated, and then it’s typically in the Fair range of 580 to 669.
Credit scores can change when lenders and creditors report updated information to the credit bureaus. You may see credit score updates every 30-45 days, which is why regular credit score monitoring can be helpful.
What Is the Average Credit Score in Texas?
The average credit score in Texas is 692 based on the FICO scoring model, according to Experian® data. A rating of 692 sits within the good category, as you can see in the table below.
| Credit Category | FICO Score Range |
|---|---|
| Poor | 300-579 |
| Fair | 580-669 |
| Good | 670-739 |
| Very Good | 740-799 |
| Exceptional | 800-850 |
Average credit scores can also differ across age groups and individual circumstances. People who have had credit accounts for many years may have different scores from younger consumers who are still building their credit histories.
What Is the Average Credit Score in the US?
What is the average credit score in America? For FICO, it is 714, while the average national VantageScore® is 701. Texas’s state average of 692 sits slightly below the average credit score in America as a whole.
Average credit scores vary from state to state. Differences can reflect factors such as debt levels, economic conditions, credit histories, and individual borrowing habits. Comparing state and national averages can provide useful context, but your own credit profile is ultimately based on your individual credit history.
Factors Influencing the Average Credit Score
Scoring models evaluate specific actions on your debt accounts to calculate your overall number. Although there are some differences between VantageScore vs. FICO in how they calculate credit scores, both VantageScore and FICO focus on core habits to determine your placement on the 300-850 scale. FICO considers the following:
• Payment history (35%): Your record of making payments on time is the most influential category in a FICO Score. Late payments can have a negative effect, with the impact depending on factors such as how recent, severe, and frequent they are. A tool like the SoFi Coach app can be useful for monitoring your credit score and spending habits.
• Amounts owed/credit utilization (30%): This category considers how much debt you have, including how much of your available revolving credit you are using. In general, lowering credit card utilization is better for your FICO Score.
• Length of credit history (15%): FICO considers factors such as the age of your oldest account, your newest account, and the average age of your accounts.
• Credit mix (10%): Your score can take into account the different types of credit you manage, including revolving accounts and installment loans.
• New credit (10%): Recent applications and newly opened accounts can affect your score. Opening several accounts within a short period may represent greater risk.
Building credit can take a few months or longer. Developing consistent habits, such as making payments on time and managing your balances responsibly, can help you establish a stronger credit profile over time. Learning how to build credit is key.
Recommended: How Much Will My Credit Score Go Up Calculator
Why Do I Have More Than One Credit Score?
There is no single answer to the question “What is the average credit score?” because there are three major credit reporting bureaus in the nation (Experian, Equifax, and TransUnion) that collect information independently. Seeing slight variations across different platforms is completely normal. Lenders do not always send your borrowing activity to all three bureaus, and the information may not be updated at exactly the same time. As a result, your credit reports and scores can vary slightly.
The scoring model used can also be a factor in what affects your credit score. FICO and VantageScore are two major credit scoring systems, and each uses its own methodology. In addition, lenders may use industry-specific versions of FICO Scores for certain types of lending, such as auto loans or credit cards.
Where Can I Check My Credit Scores?
Looking up your credit score is easy, and doing it yourself doesn’t hurt your score. 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 institutions offer free credit score updates directly within their mobile apps or web portals.
Federal law also allows you to see your report through a free credit score check once a week from AnnualCreditReport.com. Your credit reports contain detailed information about your accounts and payment history, making them useful for checking whether the information being reported is accurate.
Once in a while, you may see your credit score drop after a dispute. While filing a dispute doesn’t harm your credit, the information that’s being disputed — such as a missed payment — can impact your score.
The Takeaway
The average FICO Score in Texas is 692, placing the state in the good credit range. While that figure is below the national average of 714, your own score depends on your individual credit history. Making payments on time, keeping balances manageable, limiting unnecessary credit applications, and checking your credit reports regularly can all help you stay on top of your credit profile.
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 Texas?
While there’s no universal minimum credit score needed to purchase a vehicle, auto lenders generally look for a score of 661 or higher. Scores in the “good” range (670-739) may improve your chances of approval. A higher score can help you secure lower interest rates, while a larger down payment can help if your score is low.
What is a good credit score to buy a house in Texas?
The required credit score to buy a house depends on the mortgage type. Conventional loans typically require a minimum 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 Americans have a credit score that falls into the “good” or “very good” categories. National data shows the average FICO Score sits at 714. Over 70% of consumers across the country hold a FICO Score of 670 or higher, while only about 15% of consumers have scores sitting in the “poor” category below 580.
How rare is a 740 credit score?
A 740 credit score is not rare at all. A score of 740 marks the exact starting point of the “very good” category on the FICO scale, and roughly 27.4% of U.S. consumers have a score between 740 and 799.
How rare is an 800 credit score?
An 800 credit score is uncommon, but it is achieved by a significant portion of the population. Scores from 800-850 are considered “exceptional,” and about 23% of Americans have a score of 800 or higher.
How common is a 700 credit score?
A 700 credit score is very common. It sits in the “good” range (670-739), and about 20% of American consumers have scores in this range. Texas’s state average FICO Score is 692, so having a 700 score puts you just above the typical local resident.
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