For the first time in nearly a decade, the national average FICO score has decreased, signaling that many Americans are experiencing some level of financial stress during a time of inflation and high interest rates. This drop has occurred despite historically low unemployment rates and as fears of recession fade. In October 2023, FICO released data showing the national average FICO score came in at 717, down from 718 in July. FICO shared that this recent one-point drop was a result of an increase in missed payments and rising debt levels for borrowers. While this average score remains near record high, and is above pre-pandemic levels, this marks the first decrease since October 2013, when scores fell by two points from April. “The effects of high interest rates and persistent inflation may be starting to weigh on consumers, especially those already struggling to manage their finances,” said Can Arkali, FICO’s…
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