It's no secret that millennials are saddled with debt. But what many people might not know: Millennials also have one of the lowest average credit scores of any generation.

Weighed down by student loan debt and maturing on the heels of the 2008 economic crisis, millennials—people between ages 23 and 38—have had a tough time getting ahead financially. Held back by their credit scores, some millennials have struggled to obtain new credit and, as a result, may be finding it hard to reach certain financial milestones.

To understand more about millennial credit scores, Experian took a look at data from the fourth quarter of 2018 to see where these consumers had the best and worst FICO® Scores☉ , what type of debt they had and how they've progressed in the past year.

Millennials Have an Average FICO® Score of 665 Compared with the national average of 701, millennials had an average FICO® Score of 665 in the fourth quarter of 2018, according to Experian data. The silent generation, those in their 70s and older, had the highest average FICO® Score of 756, followed by baby boomers, who had an average score of 732. Generation Z—the youngest group, with people between ages 18 and 22—had the same average score as millennials. Here are some quick facts about millennial debt across the country: Millennials have an average credit card balance of $5,231 , up 7% year over year from $4,869 in 2017.

, up 7% year over year from $4,869 in 2017. Millennials carried an average of $34,770 in student loan debt, up 8% from $32,239 in 2017.

in student loan debt, up 8% from $32,239 in 2017. Millennials have an average total debt amount of $80,666, up 11% from $72,988 in 2017.

Millennials in Minnesota Have the Highest Average FICO® Scores Minnesota had the highest average millennial FICO® Score among states, with an average of 698—just three points shy of the national average of 701, according to Experian data from the fourth quarter of 2018. The District of Columbia followed with an average score of 697 for millennials, and North Dakota came in third with an average score of 693. Massachusetts had the fourth-highest average millennial FICO® Score at 692, followed by South Dakota, which had a 690. States Where Millennials Had the Highest FICO® Scores Top 10 States FICO® Score Average Total Debt Balance Minnesota 698 $100,589 District of Columbia 697 $115,359 North Dakota 693 $98,861 Massachusetts 692 $99,041 South Dakota 690 $92,739 Utah 689 $103,460 Washington 689 $107,686 Hawaii 686 $95,301 Nebraska 685 $81,044 Vermont 685 $84,215 Source: Experian Q4 2018 data



Millennials in Mississippi Have the Lowest Average FICO® Scores Mississippi millennials had the lowest score with an average FICO® Score of 621—a 44-point difference from the millennial average of 665. Alabama had the second-lowest average score at 633, followed by South Carolina at 635 and Louisiana at 636. West Virginia—the only state not located in the South—came in fifth with an average FICO® Score of 637. States Where Millennials Had the Lowest FICO® Scores Top 10 States FICO® Score Average Total Debt Balance Mississippi 621 $62,277 Alabama 633 $67,628 South Carolina 635 $75,498 Louisiana 636 $77,572 West Virginia 637 $69,378 Arkansas 637 $68,140 New Mexico 639 $69,762 Oklahoma 640 $69,182 Georgia 643 $71,405 Texas 646 $74,587 Source: Experian Q4 2018 data

