Most Consumers Continue to Demonstrate Credit Health Resiliency

February 27, 2023

VantageScore released today the February 2023 CreditGauge, a monthly analysis designed to track consumer credit health in the United States. The data shows that credit scores remain high for most consumers, though economic volatility is causing some consumers to struggle with making payments on time and lower balances. In particular, the auto finance and credit card markets are showing some signs of concern.

Key findings from the most recent CreditGauge analysis include:

AUTO FINANCE PRESSURE: 30 days-past-due auto loan delinquencies rose 0.5% versus a year ago due in part to higher monthly payments as a result of rising prices and interest rates.

CONSUMERS STILL SPENDING: The average credit card balance remained relatively flat at $5,868 with an average utilization rate slowing slightly to 30.8% from 31%. Credit card balances remain historically high as consumers continue to spend on goods and services that are more expensive due to inflation.

AVERAGE CREDIT SCORE RISES: The overall average national VantageScore 4.0 credit score rose to 700, due in part to expected seasonality and the planned adjustment to VantageScore 4.0 to remove medical debt which was implemented last month (January 2023).

Download the full report here