The Average Credit Score in Indiana Is Actually Not Bad

Most folks in Indiana seem to be managing their credit quite well, but how do Hoosiers stack up to the rest of the nation?

Checking my credit score is something I've been very mindful of over the last few years. I spent a lot of time building my credit after high school, so keeping it at a higher number has been a priority for me throughout my adult life. This was very beneficial when shopping for a home earlier this year, as people with higher scores tend to qualify for better interest and insurance rates.

I was recently curious about how my own credit score stacks up against the current national average, as well as the state average here in Indiana. While credit scores vary greatly by location and age, it's safe to say most Hoosiers are keeping their finances top of mind. According to Business Insider, folks in Indiana actually have one of the highest average credit scores in the U.S.

Average Credit Score by Age

Business Insider notes that the average credit score varies significantly between age groups. Since credit scores are calculated based on credit and borrowing history, older individuals typically have higher credit scores due to a more extensive borrowing history. Meanwhile, Gen Z lags behind because they’ve had less time to build credit. Here’s how it breaks down by age group, according to data from Experian:

• Generation Z (18-25) = 680
• Millennials (26-41) = 690
• Generation X (42-57) =  709
• Baby boomers (58-76) = 745
• Silent generation (77+) = 760

Average Credit Score in Indiana

The average credit score varies significantly across the U.S. Mississippi currently has the lowest average credit score, clocking in at 680, while Minnesota has the highest at 742. Indiana, on the other hand, has the 15th highest score in the nation, with an average of 713. However, that is just a tad below the current national average FICO credit score of 717.

Business Insider added that Americans now have more consumer debt than ever before, holding an average debt of $104,215 and a total of $17.50 trillion in 2023 (Yikes). That said, despite historic levels of debt, the average credit score continues to rise, and Americans actually have better credit than ever. However, whether that continues is still up in the air as Americans continue to tighten their purse strings.