VantageScore released today the December 2022 CreditGauge, a monthly analysis designed to track consumer credit health in the United States. Overall consumer credit health remains stable with an average national VantageScore® credit score of 696 (a minor decline from 697, where it had been steady since March of this year). 

While the decline indicates that there has been some level of consumer credit volatility, overall a 696 national average VantageScore credit score is historically quite high.

CreditGauge data also suggests that while inflation pressure has eased, there are indicators that some consumers are struggling with their auto loans and credit card accounts. Moreover, as of the end of November, new credit card originations have slowed compared to last year during the important holiday shopping season

Key findings from the most recent CreditGauge analysis include:

RISING MISSED AUTO LOAN PAYMENTS: Delinquencies on auto loans in the 30-59 days past due category demonstrated an increase of .51% versus the same period last year. This is still in line with pre-pandemic levels but an area to watch as consumers with lower credit scores could be more vulnerable to rising interest rates.

INCREASED LEVERAGE: Overall average total balances increased 6.0% compared to November 2021 and increased 0.4% compared to October 2022. Overall credit card balances in November 2022 increased to $5,600 with average utilization rates of 30.2% compared to $5,000 and 27.9% respectively 12 months prior (November 2021).

HOLIDAY SHOPPING CHECK-IN: Month-over-month, 3.46% of consumers opened a new credit card, a slight increase after a brief slowdown in October. Year-over-year, however, new credit card account activity is still below November 2021 levels of 3.70%

Download the full report here.