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The average FICO® Score in Vermont is 737, according to Experian®. This falls within the “good” credit range of 670-739 and is higher than the average credit score in America, which is 714. Comparing your credit score with state and national averages can help you understand where you stand and identify areas for improvement. Read on to learn more.
Key Points
• Vermont’s average FICO Score is 737, placing it at the upper end of the good range.
• Payment history is the biggest factor in your score, accounting for 35%.
• Paying bills on time and keeping credit card balances low can help support your credit score. A budgeting planner can help you manage your finances.
• Credit scores can vary between bureaus because each may have different information in your credit reports.
• Review your credit reports regularly for errors or potential identity theft, and get a free credit score check to monitor your credit.
What Is a Credit Score?
A credit score measures your borrowing habits on a scale from 300 to 850. It’s calculated using the information in your credit reports, and banks, credit card companies, and other lenders use it to assess the risk of lending you money.
A higher score generally indicates a lower credit risk to lenders. It may improve your chances of qualifying for credit cards, auto loans, and mortgages, and can also help you access lower interest rates.
The starting credit score isn’t zero. The lowest possible FICO Score you can have is 300. Once you have enough credit history to establish a score, it’s more likely to fall in the “fair” range of 580-669.
Credit score updates occur every 30-45 days, as lenders report new information. Regularly monitoring your score can help you track those changes and spot potential issues.
SoFi Coach can help you understand your credit score and identify factors that may be affecting it. It can also provide personalized insights and guidance to help you build stronger credit habits over time.
What Is the Average Credit Score in Vermont?
The table below shows how FICO Score ranges compare, including where Vermont’s average score of 737 falls on the scale.
| Credit Category | FICO Score Range |
|---|---|
| Poor | 300-579 |
| Fair | 580-669 |
| Good | 670-739 |
| Very Good | 740-799 |
| Exceptional | 800-850 |
Vermont’s average FICO® Score of 737 falls at the upper end of the “good” range. Scores of 740 to 799 are considered “very good,” while scores of 800 to 850 are “exceptional.”
Learning how to build credit is a useful step toward improving your score, but the process itself can take months or years, depending on your credit history and what’s affecting your score. Paying down credit card balances, making payments on time, and correcting errors on your credit report may help.
Although the average is 737, not every Vermont resident has a score in that range. Individual scores can vary based on factors such as payment history, credit utilization, length of credit history, and other information in a person’s credit profile.
What Is the Average Credit Score in the US?
If you’re wondering, “What is the average credit score in America?” the average FICO Score is 714, while the average VantageScore® 4.0 is 701. Vermont’s average FICO Score of 737 is higher than both national averages.
Average credit scores vary significantly by state. For example, Minnesota’s average FICO Score is 742, compared with 680 in Mississippi.
Factors Influencing the Average Credit Score
Credit scoring models evaluate information in your credit history to calculate your score. VantageScore and FICO use different approaches, and the factors below show how FICO weighs key aspects of your credit history:
• Payment history (35%): Paying bills on time is the most influential factor. Late payments can hurt your score, so setting up reminders or automatic payments can help you avoid missed payments.
• Amounts owed/credit utilization (30%): This considers how much of your available revolving credit you’re using. Lowering credit card utilization, ideally to 30%, may build your score. Paying down balances or increasing your credit can help.
• Length of credit history (15%): Longer credit histories generally provide more information for scoring models to assess.
• Credit mix (10%): A variety of credit types, including revolving accounts, such as credit cards, and installment loans, such as auto loans and mortgages, can contribute to your score.
• New credit (10%): Opening several new credit accounts in a short period can result in multiple hard inquiries, which may temporarily lower your score.
Understanding what affects your credit score gives you a clearer path to improving it.
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 checking your accounts. The three major credit bureaus, Experian, Equifax, and TransUnion, may have different information because lenders do not always report to all three. As a result, your score can vary by bureau.
When comparing a FICO Score vs. credit score, FICO is a specific scoring model, while VantageScore is another major model. Each uses its own formula, and lenders may use different versions depending on the type of credit you’re applying for. For example, an auto lender may use a FICO Auto Score, while a mortgage lender may use a mortgage-specific FICO Score.
Where Can I Check My Credit Scores?
Checking your credit score is easy, and doing it yourself doesn’t hurt your score. Many banks, credit card issuers, and financial institutions offer free credit score monitoring through their websites or apps.
You can also get free weekly credit reports from AnnualCreditReport.com. Your reports contain detailed credit history rather than your three-digit score, so reviewing them can help you check for errors and spot unauthorized accounts.
Occasionally, you may notice your credit score drop after a dispute. Filing a dispute does not hurt your credit, but the outcome can affect your score if information in your report is corrected or updated.
The Takeaway
Vermont’s average credit score of 737 sits within the “good” range and is above the national average of 714. Individual scores vary, but paying bills on time, keeping credit card balances low and reviewing your credit reports regularly can support 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 Vermont?
There is no universal minimum credit score needed to buy a car, and lenders set their own criteria. However, auto lenders generally look for a score of 661 or higher. Having a score in the “good” range (670-739) or higher may improve your chances of approval, and if your score is on the lower side, offering a larger down payment can also help.
What is a good credit score to buy a house in Vermont?
The score needed to buy a home depends on the lender and loan program. Conventional loans typically require a minimum score of 620, while FHA loans may accept 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 American consumers have a credit score in the “good” or “very good” categories. FICO data shows that the national average FICO Score is 714, and about 70% of consumers have a FICO Score of 670 or higher. Only about 15% of consumers have scores in the “poor” category — below 580.
How rare is a 740 credit score?
A 740 credit score is not rare. It marks the starting point of the “very good” category, which runs from 740-799. Roughly 27.4% of consumers have scores in this range.
How rare is an 800 credit score?
An 800 FICO Score falls in the “exceptional” range of 800-850. About 23% of consumers have a FICO Score of 800 or higher, making it uncommon but not unusual.
How common is a 700 credit score?
A 700 FICO Score is fairly common and falls within the “good” range of 670-739. Recent data shows that about 20% of consumers have a FICO Score in this range, while Vermont’s average score is 737.
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