Average credit score by age in the U.S. | Chase (2024)

Credit scores are a vital part of your finances and overall financial health, and as with many things, they can change with age. So you may be wondering, what is the average credit score by age? Before we get into that, it helps to know a little bit about credit scores.

Your credit score is a three-digit number that represents a borrower's history of repaying loans and lines of credit. Credit agencies assign scores to people over 18 to represent their creditworthiness. Credit scores are calculated using the information found in your credit reports, which includes data like payment history, credit usage, the length of your credit history and more.

FICO® vs VantageScore®

FICO and VantageScore are examples of credit scoring models.

The factors that make up FICO credit scores are:

  • Payment history: 35 percent
  • Amounts owed: 30 percent
  • Length of credit history: 15 percent
  • Credit mix: 10 percent
  • New credit: 10 percent

The factors that make up a VantageScore are:

  • Payment history: 40 percent
  • Age and type of credit: 21 percent
  • Percent of credit used: 20 percent
  • Total balances/debt: 11 percent
  • Recent credit behavior and inquiries: five percent
  • Available credit: three percent

What's a good credit score?

Credit scores typically range from 300 to 850, and the ranges vary depending on the credit scoring model.

With the FICO credit scoring model, credit scores ranging from 300 to 579 are considered poor. Scores that range from 580 to 669 are considered fair. Anywhere between 670 to 739 is considered good. A credit score between 740 to 799 is considered very good. Credit scores 800 and up are considered excellent.

Someone with a VantageScore that's 600 or less is considered to have poor or very poor credit. A fair credit rating is anywhere between 601 and 660. Scores between 661 and 780 are considered good credit scores. Anything over 780 is excellent.

What's a good credit score for my age?

A good credit score is a good credit score, as discussed above, regardless of age. But it may help you to know two things about age and credit scores. First, the length of credit history plays a role in assessing a credit score. Second, the average credit score for your age group can give you a benchmark to work with.

Average credit score for people in their 20s

For those in their 20s, the average credit score is 662. When you're first starting out and trying to build credit, it may take some time to gain traction.

Average credit score for people in their 30s

The average credit score for those in their 30s is 672. By now, you may have a 10-year credit history, more lines of credit and more types of credit, like a car loan.

Average credit score for people in their 40s

For those in the 40 to 49 age group, the average credit score is about 684. People in their 40s typically have a long credit history and a mix of credit types like car loans, mortgages and personal loans.

Average credit score for people in their 50s

The average credit score for borrowers between the ages of 50 and 59 years old is 706. By this time people often have a very long credit history and a full range of credit types that affect the average score.

Average credit score for people in their 60s and beyond

For borrowers 60 and over, the average credit score is 749. As a person approaches retirement they have a long and detailed credit history and, again, many types of credit.

How to improve your credit score

Some ideas to improve your credit score include:

Make on-time payments

Your payment history is one of the most important factors that make up your credit score, and making payments on time can build a positive payment history. One way to avoid late payments is by automatically paying your credit card bill to help manage and pay your bills.

Check your credit score

Regularly checking your score on Chase Credit Journey, which uses VantageScore 3.0, is one way to review and monitor your score for any changes.

Keep your balances low

It's suggested that cardmembers keep their balances, or credit utilization, below 30 percent of the total available credit. Credit utilization refers to the measure of how much you owe on your card versus your total credit limit and is another important factor that makes up your credit score.

Keep old accounts open

You may be wondering if you should close your old accounts, but remember that the age of your credit card accounts is a factor that makes up your credit score.

Avoid opening too many accounts

Applying for new lines of credit might seem like a good idea at first, but each application comes with a hard inquiry, which can negatively impact your credit score.

What's next?

Knowing the average credit score by age can be a helpful tool to understand how you compare to your peers. With good credit habits and the benefit of time, you may be able to increase your credit score above the average of your age group.

Average credit score by age in the U.S. | Chase (2024)

FAQs

What is the average credit score by age? ›

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.

Is 750 a good credit score for a 25 year old? ›

Your FICO® Score falls within a range, from 740 to 799, that may be considered Very Good. A 750 FICO® Score is above the average credit score.

How rare is an 800 credit score? ›

According to a report by FICO, only 23% of the scorable population has a credit score of 800 or above.

How rare is 825 credit score? ›

Membership in the 800+ credit score club is quite exclusive, with fewer than 1 in 6 people boasting a score that high, according to WalletHub data.

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.

How do I get an 800 credit score? ›

Making on-time payments to creditors, keeping your credit utilization low, having a long credit history, maintaining a good mix of credit types, and occasionally applying for new credit lines are the factors that can get you into the 800 credit score club.

How rare is a 750 credit score? ›

A score of 750 puts you in a strong position. Roughly 48% of Americans had a score of 750 or above as of April 2023, according to credit scoring company FICO.

Is there a big difference between 750 and 800 credit scores? ›

This is because only 1% of these individuals will become delinquent on their loans in the future. While credit scores of 800 or above are labeled “exceptional,” a score of 750 will likely get you some of the best rates available for auto loans and mortgages.

Is a 650 credit score good at 18? ›

A 650 credit score is considered fair. Your score helps lenders decide whether you qualify for products like credit cards and loans, and what interest rate you should pay.

Is a 900 credit score possible? ›

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.

What credit score do most Americans have? ›

Based on 2023 data from Experian™ and VantageScore®, the average FICO® credit score in America is 715, and the average VantageScore 4.0® stands at 701. These are two of the most widely used scoring models in the country, and both range between 300 – 850.

Does anyone have a 1000 credit score? ›

Although a 1,000 score isn't possible, an excellent credit score is attainable.

What is the riskiest credit score? ›

What is a bad VantageScore credit score?
  • Very Poor: 300-499.
  • Poor: 500-600.
  • Fair: 601-660.
  • Good: 661-780.
  • Excellent: 781-850.
3 days ago

What is the average credit score in America in 2024? ›

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.

What is the average credit score to buy a house? ›

Credit scores are indeed a big factor, but don't forget it also depends on your financial situation and the purchase price of the home you want to buy. There isn't a standard credit score that is needed across all of California, but, generally, mortgage firms and banks prefer to see a score of 600 or higher for loans.

What should my credit score be based on age? ›

Average Credit Score By Age
Average FICO® Score By Age Group In 2023
Generation Z (18 – 25)680
Generation X (42 – 57)709
Baby Boomers (58 – 76)745
Silent Generation (77+)760
1 more row
Jun 12, 2024

Is a 700 credit score at 18 good? ›

Your score falls within the range of scores, from 670 to 739, which are considered Good.

Is 650 a good credit score? ›

As someone with a 650 credit score, you are firmly in the “fair” territory of credit. You can usually qualify for financial products like a mortgage or car loan, but you will likely pay higher interest rates than someone with a better credit score. The "good" credit range starts at 690.

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