Average Credit Score by Age (2024)

FAQs

Average Credit Score by Age? ›

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%.

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%.

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.

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.

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.

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.

Home loans

Technically, a 710 credit score is high enough to qualify for a home loan.

The “prime range” runs from 661 through 780. If your credit score is anywhere between 700 to 709, you are in the middle of this segment, and you can get competitive rates to finance your vehicle. However, these depend on your shopping habits, income, and debt-to-income ratio.

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.

Some types of mortgages have specific minimum credit score requirements. A conventional loan requires a credit score of at least 620, but it's ideal to have a score of 740 or above, which could allow you to make a lower down payment, get a more attractive interest rate and save on private mortgage insurance.

A 750 FICO^® Score is above the average credit score. Borrowers with scores in the Very Good range typically qualify for lenders' better interest rates and product offers. 25% of all consumers have FICO^® Scores in the Very Good range.

A perfect FICO credit score is 850, but experts tell CNBC Select you don't need to hit that target to qualify for the best credit cards, loans or interest rates.

It might also be hard to achieve an 800 credit score until you have a mix of credit under your name. We're not saying you should take out a mortgage or a car loan just to get your credit score over 800, but if the only credit accounts on your file are credit cards, you might struggle to reach that 800 credit score.

A breakdown of younger generation credit scores

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.

Average credit score for people in their 40s

For those in the 40 to 49 age group, the average credit score is about 684.