Consumer Credit Stays Resilient as Leverage Drops to a 12-Month Low: VantageScore CreditGauge Insights

Balances steady as leverage falls to a 12-month low, says the Sept. VantageScore CreditGauge report

SAN FRANCISCO, CA, UNITED STATES, November 11, 2026 /EINPresswire.com/ -- Consumer credit held up well in September 2026, even with a little early-stage payment pressure in the mix. According to the September edition of CreditGauge™ from VantageScore, the average VantageScore 4.0 credit score held at 701, extending a long stretch of steady scores, while overall consumer leverage slipped to a 12-month low.

Taken together, the numbers describe a consumer who is managing debt with care. Average balances barely moved, the balance-to-loan ratio kept easing, and serious delinquencies stayed in check. Early-stage delinquencies are the one spot worth a closer look, since they ticked up from August, though they remain only slightly above where they stood a year ago. Credit card utilization fell to the lowest levels since before the pandemic.

Balances hold steady while leverage falls to a 12-month low

The average consumer balance held near $107.5K in September, essentially unchanged from August and $990 higher than a year ago. The balance-to-loan ratio slipped from 49.60% to 49.50% over the month and now sits 1.29% below the 50.79% recorded in September 2025. In plain terms, balances are not growing faster than the loans behind them, which suggests consumers keep paying down debt relative to what they originally borrowed and that borrowing conditions remain stable.

Early delinquencies tick up, but serious delinquencies stay contained

Late-stage delinquencies (90-119 days past due) held at 0.23%, just 1 basis point above September 2025. Early-stage delinquencies (30-59 days past due) rose from August to 1.15% though that is only 2 basis points above a year ago. With year-over-year rates barely moving, borrowers appear to be keeping up with their obligations despite ongoing economic pressure, and so far the uptick has not shown up in the late-stage numbers.

Credit tiers shift only slightly from Prime to Nearprime

The average VantageScore 4.0 credit score held at 701 in September, and the tier mix tells a similar story. Over the past two years, the Prime share eased from 33.3% to 32.5%, while Nearprime rose from 17.4% to 18.0% and Subprime from 18.4% to 18.7%. Those are small moves, and they point to credit quality that remains steady in the current economic environment.

A steady picture with one area to watch

September’s CreditGauge findings describe a consumer credit market that remains resilient, with stable balances, lower leverage and a steady average score. At the same time, the month-over-month rise in early-stage delinquencies and the slow drift from Prime to Nearprime are the trends to keep an eye on in the months ahead as a signal of how households are handling ongoing economic pressure.

About VantageScore CreditGauge™

CreditGauge is provided both as a monthly analysis to industry stakeholders as well as through a series of interactive tools at VantageScore.com, which also includes Inclusion360^®, RiskRatioTM and MarketGainTM. Stakeholders can use the tools to execute additional queries on credit metrics and compare current levels to a pre-pandemic timeframe, starting with January 2020. CreditGauge solely represents the views and analysis of VantageScore and does not necessarily reflect or represent the views of the Nationwide Consumer Reporting Agencies (NCRAs) – Equifax, Experian, and TransUnion.

About VantageScore^®

VantageScore is the fastest-growing credit scoring company in the U.S., and is known for the industry’s most innovative, predictive and inclusive credit score models. In 2024, usage of VantageScore increased by 55% to hit 42 billion credit scores. More than 3,700 institutions, including nine of the top 10 U.S. banks, use VantageScore credit scores and digital tools to provide consumer credit products or generate greater insights into consumer behavior. The VantageScore 4.0 credit scoring model scores 33 million more people than traditional models. With the FHFA allowing the immediate use of VantageScore 4.0 for Fannie Mae and Freddie Mac guaranteed mortgages, the company is also ushering in a new era for mortgage lending.

VantageScore is an independent joint venture company owned by Equifax, Experian and TransUnion.

Yani Pena
VantageScore
yani@vantagescore.com