What Is the Average Credit Score for the Middle Class and Upper Middle Class?
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Martin Dasko
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Molly Sullivan
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According to a recent survey conducted by Motley Fool, the average credit score for Americans is 714. For middle-class Americans, the median credit score is 735, a pretty strong showing. While it seems like Americans have realized the significance of a high credit score on their finances, finding an average for a broadly defined category can be challenging.
This is why we reached out to the experts to examine the average credit score for the middle class and upper middle class.
The Average Credit Score
“The average credit score can vary widely depending on a number of different factors, including location, age and even the credit rating system used,” shared Erika Kullberg, an attorney, personal finance expert and founder of Erika.com. “Different research reports can also suggest varying ‘average’ credit scores.”
Since credit scores depend on multiple factors, ranging from your payment history to how much credit you have access to, the average can vary greatly depending on your age and your income.
According to Experian, there are a few possible reasons why credit scores are going up:
- Decreasing unemployment levels between 2010 and 2024
- Demographic changes led to older Americans being less likely to miss a credit payment.
- More consumers are willing and able to pay off their bills.
- The 2008 credit crisis led to more Americans being aware of their credit.
Regardless of the reasoning, with credit scores going up over time, we will share the averages for the middle class, according to the experts.
Average Credit Score for Middle Class
“For the middle class, individuals or households with an annual income between $48,000 and $145,000, the average credit score tends to fall within the ‘good’ range of 670 to 739, around 700,” commented Cheri Read, senior writer, personal finance, MarketWatch Guides.
“In my experience, the average middle-class credit score generally falls between 690 and 739,” Kullberg said.
“The average credit score is based on a variety of different factors, but the average credit score for the middle class is between 660 and 720,” shared Josh Jampedro, CEO of Home Loan Advisors.
Why are the credit scores at this level?
“Typically the middle class earns income that is sufficient to pay their debts and have responsible credit management,” Jampedro said.
When someone has the financial resources to pay their bills on time and build up their savings, they’ll be able to build up a decent credit score over time.
Average Credit Score for Upper Middle Class
“As for the upper middle class, those with an annual household income between $145,000 and $250,000, the average credit score falls within the ‘very good’ range of 740 to 799, around 740,” according to Read.
“The average upper-middle-class credit score ranges from 740 and above,” Kullberg said.
“The upper middle class has higher credit scores ranging from 720-780,” Jampedro said.
Why are the credit scores at this level?
“The higher disposable income for the upper middle class would help this demographic cover unforeseen expenses without missing payments or overutilizing credit, allowing for more consistency in credit scores,” Jampedro said.
As your income increases, you’re able to apply for more credit, which helps with your credit utilization ratio, which will allow you to build up your score.
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