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Marylanders have better credit scores than the average American, report finds

By Mary Eber

Updated on: September 11, 2025 / 9:35 AM EDT / CBS Baltimore

22% of Americans have credit scores of 800 or higher, payment history an important factor

A new report by Experian found that Marylanders have higher credit scores than the average American.

Examining data from 2025, Experian found that nearly 1 in 4 U.S. consumers (or 23%) have FICO scores of 800 or higher. In Maryland, 24.4% of consumers have scores of 800 or higher.

According to the report, Baby Boomers make up the majority of exceptional credit scores at 43.3%. Exceptional scores fall between 800 and 850.

That statistic was no surprise for Johns Hopkins Federal Credit Union President and CEO Keith O'Neil.

"The longer that you have a credit score out there, and the more mature you are in your utilization of credit, the better your scores are going to be overall," he said.

According to Experian, the following factors contribute to a person's credit score:

Payment history makes up 35% of the score. Build good credit by regularly making payments on time.
Amounts owed make up 30% of the score. It looks at how much credit you are using. Experian recommends keeping utilization below 30%.
Length of credit history makes up 15% of the score. A longer credit history can help improve your score.
Credit mix makes up 10% of the score. Having a variety of credit types can help your score.
Applying for new credit makes up 10% of the score. Applying for new credit lines can temporarily lower your score.

Tips for improving your credit score

To improve your credit score, O'Neil recommends building a budget and coming up with a plan that you can work on over time with a professional.

"There are lots of folks out there that will tell you that they can move [your credit score] overnight, and that you can have significant improvement, O'Neil said. "While there are opportunities for small changes, generally it's something that you have to work on over time."

You can also look at your credit report for areas of improvement.

"The foundation is creating a budget and making sure that you're managing your expenses effectively, and then that'll naturally lead to a positive credit score, and things will move in the direction that you really need them to move," said O'Neil.

Institutions, including Johns Hopkins Federal Credit, offer financial coaching. Help is also available for free through The Baltimore Financial Empowerment Center.