Americans' average credit score at every age—see how you compare (2024)
From the youngest Americans to the oldest, most seem to be managing their credit pretty well.
In the U.S., the average credit score is 716, per Experian's latest data from the second quarter of 2023.
And when you break down the average credit score by age, the typical American is hovering near or above that score.
For members of Gen Z, defined as those between 18 and 26, the average credit score is 680, according to Experian. Meanwhile, the average credit score for people 78 or older, categorized as the silent generation, is 761 — the highest of the generational cohorts.
It makes sense that the oldest generation would have the highest scores. The length of your credit history, your payment history, the amounts you owe, how recently you've opened a new line of credit and your credit mix are all factors used to generate your score. Older Americans have had more time to build and manage their credit than younger Americans who are just starting out.
Here's the average credit score by generation as of the second quarter of 2023, according to Experian:
FICO's scoring model is most commonly used by lenders to assess how well you're managing your credit. Those credit scores can fall anywhere between 300 and 850.
Here are the ranges that qualify as poor, fair, good, very good and exceptional, according to Experian.
Poor: 300 to 579
Fair: 580 to 669
Good: 670 to 739
Very good: 740 to 799
Exceptional: 800 to 850
How to boost your credit score
While you don't necessarily need a perfect 850 to get the most favorable interest rates on products like credit cards and mortgages, you're going to want to try boost your score to the mid-700s if you're not already there, Bankrate senior industry analyst Ted Rossman told CNBC Make It in August.
"I generally think of a good credit score as about 670 to 739, and excellent credit as 740 plus," he said. "Every 20 points or so can make a big difference in the battleground between fair, good and excellent credit."
The good news is that the best ways to improve your credit score are pretty straightforward. Since your payment history and the amounts you owe count for 35% and 30%, respectively, of how your credit score is calculated, try to avoid late payments and aim to pay off your balance in full when possible.
And remember, excellent credit scores aren't made overnight. They're built and maintained over time.
"Much of credit scoring is more a marathon than a sprint — seek to pay your bills on time, keep your debts low and show that you can manage various types of credit over the long haul," Rossman said.
Correction: A previous version of this article misstated the range of credit scores Experian classifies as "fair."
CNBC will host its virtual Your Money event on November 9 at 12 p.m. ET, with experts including Jim Cramer, Ben McKenzie and Farnoosh Torabi. Learn how to boost your finances, invest for the future, and mitigate risk amid record-high inflation. Register for free here.
Here's the average credit score by generation as of March 2024, per VantageScore CreditGauge data shared with CNBC Make It: Gen Z (18 to 27): 665. Millennials (28 to 43): 687. Gen X (44 to 59): 710.
Consider yourself in “good” shape if your credit score is above the average for people in your age group. Given that the average credit score for people aged 18 to 25 is 679, a score between 679 and 687 (the average for people aged 26 to 41) could be considered “good”.
Credit age has an impact on your score because research shows that historically people with older lines of credit tend to be less of a risk when it comes to loaning money. For that reason, landlords and lenders want to see you have the ability to maintain a long-term relationship with a creditor issuer.
At 20 years old, you will likely have a lower score due to the shorter length of credit history and income. The average FICO credit score for this age range is around 679, which is considered "good" or "very good" but is relatively lower than someone older with more credit history.
Highlights: While older models of credit scores used to go as high as 900, you can no longer achieve a 900 credit score. The highest score you can receive today is 850. Anything above 800 is considered an excellent credit score.
It's reassuring to know that your age and your salary won't determine whether you have a good or bad credit score, but you should still know what lenders will see when they evaluate your risk.
In a 2019 study of people with a perfect 850 credit score, the average age of their oldest accounts was 30 years old according to FICO. So the older your length of credit history, the better the impact tends to be on your credit score.
The credit scoring algorithms calculate the average of how long all your accounts have been open. That average age of accounts is your “credit age.” It's all but impossible to get a score higher than 800 if you're young, because your credit age likely will be low.
Millennials average a credit score of 690, and Gen Zers come in at 680. For reference, the qualifying credit score for most conventional home loans is 620, according to Rocket Mortgage.
Generally speaking, a good credit score is 690 to 719 in the commonly used 300-850 credit score range. Scores 720 and above are considered excellent, while scores 630 to 689 are considered fair. Scores below 630 fall into the bad credit range.
Address: 359 Kelvin Stream, Lake Eldonview, MT 33517-1242
Phone: +577037762465
Job: Product Hospitality Supervisor
Hobby: Gardening, Web surfing, Video gaming, Amateur radio, Flag Football, Reading, Table tennis
Introduction: My name is Manual Maggio, I am a thankful, tender, adventurous, delightful, fantastic, proud, graceful person who loves writing and wants to share my knowledge and understanding with you.
We notice you're using an ad blocker
Without advertising income, we can't keep making this site awesome for you.
