While nearly two-thirds of Americans now enjoy the perks of good credit with FICO scores above 700, the reality is that 40 million are locked out of favorable terms with subprime scores below 600—a sharp contrast that defines our financial landscape.
Key Takeaways
- As of Q2 2023, the average FICO Score in the United States was 715, representing a slight increase from previous quarters and indicating improving consumer credit health
- In 2022, 23% of consumers with FICO Scores had scores between 300-579 (poor credit), down from 25% in 2021, per FICO data analysis
- The median VantageScore 3.0 across all US consumers in 2023 was 689, with variations by state showing New York at the highest median of 710
- Total US credit card debt reached $1.08 trillion in Q3 2023, up 4.9% year-over-year
- Average credit card balance per household was $6,501 in 2023, per Experian data
- 47% of cardholders carry a balance month-to-month in 2023, averaging 17% APR interest
- US household mortgage debt outstanding was $12.25 trillion in Q3 2023
- Average mortgage balance per borrower reached $252,000 in 2023, up 5%
- 30-year fixed mortgage rates averaged 6.81% in 2023
- Total auto loan debt hit $1.61 trillion in Q3 2023, up 2.7% YoY
- Average new auto loan amount $39,500 in Q3 2023
- Auto loan delinquency rate 4.04% in Q2 2023, highest in 9 years
- Total student loan debt $1.60 trillion in Q3 2023, 43 million borrowers
- Average federal student loan debt $38,375 per borrower in 2023
- Student loan delinquency 7.42% post-pandemic in Q3 2023
American credit scores are rising overall, but access and terms vary widely by financial health.
Auto Loans
1Total auto loan debt hit $1.61 trillion in Q3 2023, up 2.7% YoY
Verified2Average new auto loan amount $39,500 in Q3 2023
Verified3Auto loan delinquency rate 4.04% in Q2 2023, highest in 9 years
Verified4Average used auto loan $26,141 in 2023, APR 11.02%
Directional5New auto loan terms averaged 69.6 months in Q2 2023
Single source6Subprime auto loans (<620 FICO) 10% of originations, 20% delinquency
Verified7Average APR new auto 7.18%, used 11.45% in Q3 2023
Verified889% of new cars financed in 2023
Verified9Auto loan balances per borrower $21,702 average in 2023
Directional10Refinance share 15% of auto loans in 2023
Single source11Gen Z auto debt $12,500 average, highest growth
Verified12Lease originations 20% of new vehicles in 2023
Verified13Auto loan approvals 75% for FICO 661-780, 40% subprime in 2023
Verified14EV auto loans average $54,000, 8.2% APR in 2023
Directional15Serious delinquency 1.7% for autos in Q3 2023
Single source16Average down payment new car 11.5% ($4,500) in 2023
Verified17Buy-here-pay-here loans 35% subprime, $15k average in 2023
Verified18Auto debt growth 12% since 2020
Verified19Women auto borrowers average FICO 710 vs. men 705 in 2023
Directional2048-month auto loans APR 9.2%, 72-month 8.8% in 2023
Single source21Repossessions up 20% YoY to 1,250 weekly in Q3 2023
Verified22Average auto LTV 130% for used cars in 2023
Verified23Credit union auto rates 1% lower than banks in 2023
VerifiedAuto Loans Interpretation
The auto loan market is driving Americans to a precarious financial cliff, with record-breaking debt, soaring delinquencies, and repossessions accelerating as borrowers struggle under the weight of loans that often exceed the value of the rapidly depreciating cars they finance.
Credit Cards
1Total US credit card debt reached $1.08 trillion in Q3 2023, up 4.9% year-over-year
Verified2Average credit card balance per household was $6,501 in 2023, per Experian data
Verified347% of cardholders carry a balance month-to-month in 2023, averaging 17% APR interest
Verified4Average credit limit on new cards issued in 2023 was $5,863, up 11% from 2022
Directional5Credit card delinquency rate hit 3.2% in Q2 2023, highest since 2012
Single source6Gen Z credit card users average 3.9 cards each in 2023, with $2,000 average debt
Verified7Rewards cards held 52% market share in 2023, driving 15% higher spending
Verified8Average APR for credit cards was 20.65% in Q4 2023, per Fed data
Verified944 million Americans opened new credit cards in 2023
Directional10Credit card fraud losses totaled $10.7 billion in 2023, up 18%
Single source11Average number of credit cards per US adult is 3.84 in 2023
Verified12Subprime cardholders (<660 FICO) pay 25% APR on average vs. 14% for superprime
Verified13Contactless payments on cards grew to 50% of transactions in 2023
Verified14Millennial card debt averages $5,400, highest among generations in 2023
Directional1527% of cardholders maxed out limits in 2023, risking score drops
Single source16Store cards have 28.8% average APR, highest category in 2023
Verified17Credit card spending surged 7.5% YoY to $3.5 trillion in 2023
Verified1861% of Americans live paycheck-to-paycheck, relying on cards, 2023 survey
Verified19Average rewards rate on cards is 1.5% cash back in 2023
Directional20Buy Now Pay Later (BNPL) users grew to 90 million in 2023, overlapping with 40% card users
Single source21Credit card issuers approved 65% of applications in 2023, down from 70%
Verified22Late fees averaged $41 per incident in 2023, collected $14 billion total
Verified23Women hold 1.5 fewer cards on average than men in 2023
Verified24Travel rewards redemptions hit $50 billion value in 2023
Directional25Zero-interest promo periods average 15 months on balance transfers in 2023
Single source2636% of card debt is revolving vs. promo balances in 2023
Verified27Average household with cards has $8,121 debt in 2023
Verified28Student credit card debt averages $2,200 per borrower in 2023
VerifiedCredit Cards Interpretation
Despite card issuers dangling increasingly higher limits and alluring rewards, Americans are collectively drowning in over a trillion dollars of high-interest debt, with nearly half carrying a balance month-to-month, proving that the house always wins when you're borrowing at 21% to chase 1.5% cash back.
Credit Scores
1As of Q2 2023, the average FICO Score in the United States was 715, representing a slight increase from previous quarters and indicating improving consumer credit health
Verified2In 2022, 23% of consumers with FICO Scores had scores between 300-579 (poor credit), down from 25% in 2021, per FICO data analysis
Verified3The median VantageScore 3.0 across all US consumers in 2023 was 689, with variations by state showing New York at the highest median of 710
Verified4Approximately 40 million Americans have subprime credit scores below 600 as of 2023, limiting their access to favorable credit terms
Directional5FICO Scores above 800, considered exceptional, were held by 20% of US consumers in Q3 2023, up 2% year-over-year
Single source6The average age of accounts on credit reports for consumers with good credit (670-739) is 12 years, compared to 7 years for those with poor credit, per 2023 Experian study
Verified7In 2023, 67% of US consumers had access to at least one credit card, correlating strongly with FICO Scores above 700
Verified8Utilization rates below 30% contribute to 30% higher FICO Scores on average, according to FICO's scoring model analysis in 2023
Verified9States like Vermont and Minnesota had average FICO Scores over 730 in 2023, while Nevada lagged at 675, per FICO state rankings
Directional10Delinquent accounts appear on 18% of credit reports as of 2023, severely impacting scores by an average of 100 points
Single source11Generational breakdown shows Baby Boomers with average FICO 747, Millennials at 702 in 2023
Verified12Hard inquiries reduce FICO Scores by 5-10 points on average and stay on reports for 2 years, per 2023 FICO research
Verified1390% of top lenders use FICO Score 8 or 9 for underwriting in 2023
Verified14Average FICO Score for new credit card approvals in 2023 was 722
Directional15Credit scores recover an average of 40 points within 3 months after paying down debt, per Experian 2023 data
Single source16Women in the US have an average FICO Score of 716 vs. 718 for men in Q3 2023, a narrowing gap
Verified17Only 21% of subprime consumers (FICO <600) obtained new credit in 2023, vs. 45% of prime consumers
Verified18FICO Score distribution: 28% very good (740-799), 21% exceptional (800+), 24% good (670-739) in 2023
Verified19Average number of open credit accounts for FICO 800+ is 11.5, vs. 5.2 for poor scores, per 2023 study
Directional20Bankruptcy on credit report lowers FICO by 240 points on average and lasts 10 years
Single source21In 2023, 15% of consumers disputed errors on their credit reports, boosting scores by 20 points on average
Verified22Average FICO Score by income: $100k+ households at 750, under $25k at 650 in 2023
Verified23VantageScore 4.0, launched 2017, is used by 40% of lenders in 2023 for trended data
Verified24Missed payments drop FICO by 90-110 points, with recovery taking 7 years for full impact fade
Directional2562% of US adults have FICO above 700 in 2023, enabling better rates
Single source26Immigrants have average FICO 30 points lower than native-born due to thinner files, 2023 data
Verified27Average recovery time from score drop due to high utilization is 3-6 months, per FICO
Verified28FICO Scores factor payment history at 35%, amounts owed 30%, length 15%, new credit 10%, mix 10%
Verified29In 2023, average FICO for mortgage approvals was 754
Directional3025% of thin-file consumers (under 1 year history) have FICO under 600
Single sourceCredit Scores Interpretation
In a credit report snapshot of America, we're collectively polishing our financial halos, yet with 40 million still stuck in subprime purgatory, the path to creditworthiness reveals a sharp divide between those building history and those repairing it, with geography, age, and a single missed payment writing sobering footnotes to the national average of 715.
Mortgages
1US household mortgage debt outstanding was $12.25 trillion in Q3 2023
Verified2Average mortgage balance per borrower reached $252,000 in 2023, up 5%
Verified330-year fixed mortgage rates averaged 6.81% in 2023
Verified4Homeownership rate for those with FICO 760+ is 82%, vs. 55% for subprime in 2023
Directional5Mortgage delinquency rate was 3.88% in Q3 2023, lowest since 2005
Single source6FHA loans comprised 13% of originations in 2023, average balance $293,000
Verified7Jumbo mortgages (> $766,550) averaged 7.1% rates in 2023
Verified876% of mortgages in 2023 were purchase loans, 24% refi
Verified9Average LTV ratio for new mortgages was 80% in 2023
Directional10Mortgage applications fell 20% YoY in 2023 due to rates
Single source11HELOC balances totaled $320 billion in Q3 2023, up 10%
Verified1215-year mortgage rates averaged 6.21% in 2023
Verified13VA loans had 2.99% average rate in 2023, lowest category
Verified14Foreclosure starts at 0.33% in 2023, per CoreLogic
Directional15Average mortgage payment rose to $2,225 monthly in 2023, up 10%
Single source1691% of mortgages are fixed-rate in 2023 portfolios
Verified17Debt-to-income ratio for approvals averaged 36% in 2023
Verified18Reverse mortgages outstanding grew to $128 billion in 2023
Verified19Millennial homebuyers 40% of purchases in 2023, average mortgage $309k
Directional20Mortgage credit availability index at 20.5 in Dec 2023, tightest since 2014
Single source21ARM share of originations 7.5% in 2023, up from 2%
Verified22Underwater mortgages at 1.2% of total in Q3 2023
Verified23Average points and fees on mortgages 1.2% of loan in 2023
Verified24GSE-backed mortgages 60% of market in 2023
Directional25Serious delinquency (90+ days) 0.85% for mortgages in 2023
Single sourceMortgages Interpretation
The American dream of homeownership now costs a small fortune, but at least borrowers are remarkably punctual with their payments—even if their wallets are audibly weeping.
Student Loans
1Total student loan debt $1.60 trillion in Q3 2023, 43 million borrowers
Verified2Average federal student loan debt $38,375 per borrower in 2023
Verified3Student loan delinquency 7.42% post-pandemic in Q3 2023
Verified4Private student loans average $38,000 balance, 12.5% rates in 2023
Directional545% of borrowers owe under $10k, but top 10% owe 50% of debt in 2023
Single source6Parent PLUS loans total $112 billion, average $28k in 2023
Verified7Default rate on federal loans 11.1% over 3 years for 2019 cohort
Verified8Average bachelor's degree debt $37,853 in 2023
Verified9Forgiveness programs relieved $160 billion for 4.4 million in 2023
Directional10Gen Z student debt $20,200 average, Millennials $33,000 in 2023
Single source11For-profit college borrowers owe $110 billion, 15% default rate
Verified12Income-driven repayment covers 40% of federal portfolio in 2023
Verified13Average grad school debt $66,000 in 2023
Verified1414% of debt held by those earning <$30k, struggling most
Directional15Refinance volume $15 billion in 2023, lowering rates 3%
Single source16Black borrowers hold 17% of debt but 33% repayment struggles
Verified1790-day delinquency 0.9% federal, 2.5% private in Q3 2023
Verified18Average monthly payment $393 in 2023
Verified19Law school debt averages $145,000 in 2023
Directional2056% of bachelor's holders borrowed, vs. 70% community college
Single source21Deferment/forbearance 20% of borrowers in 2023
Verified22Medical school debt $200,000+ average for 2023 grads
Verified23Student debt to GDP 7.5% in 2023
Verified24Average interest rate federal undergrad 5.5% in 2023-24
DirectionalStudent Loans Interpretation
America is treating its student loan crisis like a group project where 10% of the members do 50% of the work, everyone's grade is on the line, and the instructions are written in a language only accountants understand.
Sources & References
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