How Does Miami’s FICO Score Compare to the Rest of the U.S.?

Residents of the Greater Miami area have an average FICO Score of 703, according to Experian data from the third quarter (Q3) of 2023. That’s a bit behind the national average credit score of 715. Miami’s score has remained stable at 703 since Q3 2022, while the U.S. average credit score has grown one point from 714 in the same time period. 

While there’s no way to say for certain what may have caused this gap, debt balances may have played a role. The cost of living in Miami is 21% higher than the national average, according to employment compensation data company Payscale. A higher cost of living does not directly affect credit scores, but it could contribute to high debt balances that have the potential to drive scores down. In fact, residents in Miami carry a higher average debt balance than the nation on average.

In the Greater Miami area, the city with the highest average FICO Score is Jupiter (747), and the city with the lowest average score is Lauderhill (659). Eight cities in the Greater Miami area have an average FICO Score equal to or greater than the national average credit score of 715. This could indicate residents of those cities are managing their debt balances well by reducing their credit card debt and staying current on their bill payments. Account payment history and amounts owed on debt accounts are two of the most impactful FICO Score categories.  

Palm Beach Gardens has the second-highest average FICO Score, with an average score of 746, and Boca Raton ranks third with its 737 average score. Miami Beach, which tops the list of Miami-area cities with the most mortgage debt, has an average FICO Score of 715 (eighth on the list). In Miami proper, the average credit score is 694—putting it at 20th on this list.

To find out more about your debt and monitor your credit reports and scores, consider enrolling in Experian’s free credit monitoring tool. This allows you to log in to your account regularly and check on your progress. You can also get a free copy of your credit reports and scores from Experian.