The Rise of FICO Scores in America’s Cities: A Deep Dive

In recent years, the financial landscape of the United States has seen a significant shift, particularly in the realm of credit scores. According to a comprehensive review of anonymized and aggregated Experian data, credit scores have been on the rise across the nation. From 2019 to 2024, the average FICO® Score in the U.S. increased from 703 to 715. This upward trend is evident not only at the national level but also in every U.S. state and metropolitan area. At O1ne Mortgage, we understand the importance of a good credit score in securing favorable mortgage terms, and we’re here to help you navigate this evolving financial environment. Call us at 213-732-3074 for any mortgage service needs.

Cities with the Most Significant FICO Score Increases

Over the past five years, no metro area in the U.S. has seen a decline in average FICO® Scores. The smallest gain observed was four points, but several cities have experienced increases of 20 points or more. These cities include:

• Augusta, GA: From 661 in 2019 to 690 in 2024 (+29 points)
• Brownsville, TX: From 647 in 2019 to 668 in 2024 (+21 points)
• Pocatello, ID: From 697 in 2019 to 718 in 2024 (+21 points)
• Boise, ID: From 712 in 2019 to 732 in 2024 (+20 points)
• Charleston, SC: From 687 in 2019 to 707 in 2024 (+20 points)
• Wilmington, NC: From 709 in 2019 to 729 in 2024 (+20 points)
• Myrtle Beach, SC: From 694 in 2019 to 714 in 2024 (+20 points)
• Joplin, MO: From 678 in 2019 to 698 in 2024 (+20 points)
• Morristown, TN: From 680 in 2019 to 700 in 2024 (+20 points)

These mid-sized metros, particularly in Southern states, have been attracting new residents seeking more affordable and available homes. This influx of new residents, many of whom have the means and credit to purchase homes, has contributed to the significant increase in average FICO® Scores.

The Impact of In-Migration

Idaho, in particular, has seen a notable increase in average FICO® Scores, with two of its metros—Pocatello and Boise—experiencing 20-point jumps. This can be attributed to the in-migration of approximately 50,000 new residents annually from neighboring Pacific states. This trend highlights the impact of population movement on local credit scores.

Large Metro Areas with Significant FICO Score Increases

While no large metro area saw a 20-point increase, several surpassed the national average increase of 13 points. These include:

• Riverside, CA: From 683 in 2019 to 701 in 2024 (+18 points)
• Virginia Beach, VA: From 688 in 2019 to 706 in 2024 (+18 points)
• Phoenix, AZ: From 695 in 2019 to 712 in 2024 (+17 points)

These increases suggest that in-migration from larger neighboring metros may be responsible for some of the gains. For example, Riverside, CA, and Virginia Beach, VA, have benefited from their proximity to Los Angeles and Washington, D.C., respectively.

Cities with the Highest Average FICO Scores in 2024

Certain cities have consistently demonstrated strong credit management, resulting in average FICO® Scores significantly above the national average. The top 10 metros with the highest average FICO® Scores in 2024 are:

• Boulder, CO: 754
• Madison, WI: 751
• Appleton, WI: 748

These cities share several commonalities. Many are college towns, which offer steady employment opportunities not only to scholars but also to thousands of others in their communities. Additionally, these cities are often in states with higher average FICO® Scores. For example, Wisconsin has three cities in the top 10, and the statewide average FICO® Score is 738. Colorado, with two metros in the top 10, has a statewide average FICO® Score of 731 in 2024.

Factors Influencing Credit Scores

Credit scores are influenced by several key factors, including payment history, credit utilization, and the length of credit history. While regional factors such as income, employment status, and age can affect an individual’s ability to manage their finances, they are not included in credit score calculations.

Conclusion

The rise in FICO® Scores across the nation is a positive trend, reflecting improved financial health and credit management among Americans. At O1ne Mortgage, we are committed to helping you leverage your credit score to secure the best mortgage terms possible. Whether you’re looking to buy a new home or refinance your existing mortgage, our team of experts is here to guide you every step of the way. Call us today at 213-732-3074 to discuss your mortgage needs and take the first step towards achieving your financial goals.