What Is the Average Credit Score by Age? - NerdWallet (2024)

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Your age is critical when it comes to certain money matters, such as saving for retirement or getting car insurance — younger adults have more time for compound interest to work its magic, and they and pay higher car insurance rates. But what about when it comes to your credit?

While credit scoring companies don’t consider ages when assigning scores, there is a correlation between age and score.

Here’s a look at the average credit scores by age, how age can help determine scores and how to judge whether your score is in a good place.

What is the average credit score by age?

There isn’t just one average credit score for every age because many different credit scoring models exist. These are the averages for the two most popular models, FICO 8 and VantageScore 3.0, according to the score providers.

Average FICO 8 score by age

Here’s the breakdown of FICO 8 scores by age range as of April 2023:

Age group

Average FICO 8 score

18-29

680

30-39

692

40-49

706

50-59

724

60+

753

Scores get progressively higher with each age group.

Average VantageScore 3.0 score by age

VantageScore 3.0 data from October 2023 is on par with FICO’s. Younger generations have lower average scores than older generations.

Age group

Average VantageScore 3.0 score

Gen Z (1997+)

669

Millennial (1981-1996)

677

Gen X (1965-1980)

696

Baby boomer (1946-1964)

738

Silent (1928-1945)

745

While FICO and VantageScore take different approaches to age groupings — one uses roughly 10-year age ranges while the other uses broader generational ranges — the average scores for specific ages are similar to one another. For example, the average score for a 25-year-old is 680 and 669, respectively — an 11 point difference.

What is the average credit score overall?

The average FICO 8 credit score is 717, as of October 2023. The average VantageScore 3.0 score is 700, as of October 2023. Only adults in the two oldest age groups have average scores above these numbers, but the other groups aren’t too far behind.

Does age affect your credit score?

Your credit scores are not directly impacted by how old you are. Credit scoring companies don’t include ages in their calculations. However, age can play an important role in shaping your scores.

How age can influence scores

The length of your credit history is one of the biggest factors that make up your credit scores. The longer an account has been open, the better, because it gives lenders more information to go off of when assessing risk. Theoretically, your credit scores should get higher as you get older because the age of your credit accounts increases each year. However, if you close an account — particularly one with a high credit limit or that you’ve had for a long time — it could set you back.

Younger adults are more likely to have thin credit files, meaning fewer accounts or credit types. Scoring models reward people with a mixture of revolving and installment credit. For example, having credit cards, an auto loan and a mortgage is better for your score than having only credit cards.

However, your record of paying bills on time and spending responsibly have a much stronger impact. Stumbles that drag down scores such as missing payments or having a high credit utilization ratio can happen to anyone, young or old.

What is a good credit score for your age?

You might consider your score to be good if it meets or exceeds the average for your peers, but that isn’t the best gauge. Following NerdWallet’s general guidelines, a good credit score is within the 690 to 719 range on the standard 300-850 scale, regardless of age.

Credit scoring companies have their own measures. FICO’s good range is 670-739 and VantageScore’s, which it labels “prime,” is 661-780. (Find the complete list of FICO and VantageScore categories below.) But a score that falls below these ranges is still good if it helps you do what you need or want to do, such as open a new credit card or rent the apartment you like.

FICO score ranges

  • Below 580: poor.

  • 580 to 669: fair.

  • 670 to 739: good.

  • 740 to 799: very good.

  • 800 and above: exceptional.

VantageScore ranges

  • 300 to 600: subprime.

  • 601 to 660: near prime.

  • 661 to 780: prime.

  • 781 to 850: superprime.

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What Is the Average Credit Score by Age? - NerdWallet (2)

How to check your credit score

Checking your credit score yourself is free and will not lower your score. You can get a free credit score through NerdWallet — TransUnion VantageScore 3.0 — and many other financial websites. You might also find your credit score on your monthly bank statement or by logging in to your banking account.

Ways to build credit

It’s normal for credit scores to go up and down. A minor shift usually isn’t cause for alarm. But if your score drops into an undesirable range, there are strategies you can try to bump it:

  • Check your credit reports to learn what may be causing the drop in your score and dispute any errors with the credit bureaus.

  • Spend cautiously and pay your balances frequently to keep your credit utilization as low as possible. This might mean not waiting until your bill is due to pay off your balance but, instead, making payments every other week.

  • Set reminders or set up automatic payments on your credit accounts to ensure you pay bills on time.

  • Increase your credit limit. Try asking your existing credit card issuer to raise your limit or consider adding a new card to the mix.

Credit scores, while important, are just one part of your financial picture. Checking your broader financial health score on NerdWallet can give you a better understanding of your relationship with money.

What Is the Average Credit Score by Age? - NerdWallet (2024)

FAQs

What Is the Average Credit Score by Age? - NerdWallet? ›

Here's the average credit score by generation as of the second quarter of 2023, according to Experian: Gen Z (18 to 26): 680. Millennials (27 to 42): 690. Gen X (43 to 58): 709.

What is average credit score for my age? ›

Here's the average credit score by generation as of the second quarter of 2023, according to Experian: Gen Z (18 to 26): 680. Millennials (27 to 42): 690. Gen X (43 to 58): 709.

What credit score is enough? ›

Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.

What is the average credit score? ›

What is the average credit score? The average FICO credit score in the US is 717, according to the latest FICO data. The average VantageScore is 701 as of January 2024. Credit scores, which are like a grade for your borrowing history, fall in the range of 300 to 850.

Is 740 a good credit score at 21? ›

Accessed Mar 6, 2024. FICO says scores of 580 to 669 are considered "fair" and 740 to 799 are considered "very good." Anything at 800 or above is considered "exceptional." NerdWallet's credit score bands, used for general guidance, are pictured above.

What age group has 800 credit score? ›

Baby boomers (ages 58 to 76) with 800-plus scores have an average utilization ratio of 6.3%, while all baby boomer cardholders have an average utilization ratio of 14.3%. The silent generation (ages 77 and older) with 800-plus scores have an average utilization ratio of 4.6%.

How rare is 800 credit score? ›

How rare is an 800 credit score? An 800 credit score is not as rare as most people think, considering that roughly 23% of adults have a credit score in the 800-850 range, according to data from FICO. A score in this range allows consumers to access the best credit card offers and loans with the most favorable terms.

How rare is a 780 credit score? ›

Less than 2% of Americans have a perfect credit score.

“If you're at 760, or 780, you're already getting the best you can get,” Jim Droske, president of the credit counseling company Illinois Credit Services, said. “You're already hitting that pinnacle of what lenders care about. Anything above that is just pride.”

What credit score is needed to buy a car? ›

The credit score required and other eligibility factors for buying a car vary by lender and loan terms. Still, you typically need a good credit score of 661 or higher to qualify for an auto loan. About 69% of retail vehicle financing is for borrowers with credit scores of 661 or higher, according to Experian.

What is a good credit score to buy a car? ›

Your credit score is a major factor in whether you'll be approved for a car loan. Some lenders use specialized credit scores, such as a FICO Auto Score. In general, you'll need at least prime credit, meaning a credit score of 661 or up, to get a loan at a good interest rate.

What is a realistic credit score? ›

For a score with a range between 300 and 850, a credit score of 700 or above is generally considered good. A score of 800 or above on the same range is considered to be excellent. Most consumers have credit scores that fall between 600 and 750.

What credit score is needed to buy a house? ›

You'll typically need a credit score of 620 to finance a home purchase. However, some lenders may offer mortgage loans to borrowers with scores as low as 500. Whether you qualify for a specific loan type also depends on personal factors like your debt-to-income ratio (DTI), loan-to-value ratio (LTV) and income.

How many Americans have bad credit? ›

Around 33% of Americans have a bad FICO credit score (between 300-620). In 2021, the average credit score in the United States was 711, with around 16% of adults having a credit score lower than 579.

How rare is an 820 credit score? ›

Your score falls in the range of scores, from 800 to 850, that is considered Exceptional. Your FICO® Score and is well above the average credit score. Consumers with scores in this range may expect easy approvals when applying for new credit. 21% of all consumers have FICO® Scores in the Exceptional range.

Can I buy a house with a 723 credit score? ›

However, with a 723 credit score, you should qualify for rates on-par with national averages. Also, even though your score qualifies you for a mortgage, it's important to know that the lower your score is, the stronger the rest of your qualifications are generally expected to be.

How big of a loan can I get with a 740 credit score? ›

Best Personal Loans for a 740 Credit Score
LenderLoan AmountsAPRs
SoFi$5,000 - $100,0008.99% - 29.99% Fixed APR with all discounts
Wells Fargo$3,000 - $100,0007.49% - 23.24%
USAA$1,000 - $100,0007.24% - 17.65%
Discover$2,500 - $40,0007.49% - 24.99%
1 more row
Aug 26, 2022

Is a 700 credit score good for a 20 year old? ›

So, given the fact that the average credit score for people in their 20s is 630 and a “good” credit score is typically around 700, it's safe to say a good credit score in your 20s is in the high 600s or low 700s.

What percentage of population has over 800 credit score? ›

About 21% of the American population has a FICO® Score between 800-850, according to 2022 Experian® data. This is the highest range in the FICO credit score categories, also known as an “exceptional” or “excellent” credit score.

What can a 750 credit score get you? ›

You can get the best rates on loans and credit cards

When your score is 750, you can rest easy that you will qualify for most financial products and get among the very best rates on them. A 750 credit score is considered excellent on commonly used FICO and VantageScore scales, which range from 300 to 850.

Is 700 a good credit score for a 24 year old? ›

For a score with a range between 300 and 850, a credit score of 700 or above is generally considered good. A score of 800 or above on the same range is considered to be excellent. Most consumers have credit scores that fall between 600 and 750. In 2022, the average FICO® Score in the U.S. reached 714.

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