The average credit score in the United States varied across age groups. Generally, older adults tended to have higher credit scores. Here’s a rough breakdown of average credit scores by age.
- 18-29 years: Average credit score around 652.
- 30-39 years: Average credit score around 671.
- 40-49 years: Average credit score around 685.
- 50-59 years: Average credit score around 709.
- 60+ years: Average credit score around 743.
Please note, these are averages based on commonly available information from credit bureaus like Experian, Equifax, and TransUnion. Individual credit scores can vary widely based on various factors including financial habits, debt-to-income ratio, and credit history.
Average Credit Score Chart
| Percentage of generation with 300–639 credit scores | |
|---|---|
| Generation | Percentage |
| Gen Z | 40.9% |
| Millennial | 43.5% |
| Gen X | 40.5% |
| Baby Boomer | 25.8% |
| Silent | 14.7% |
| Percentage of generation with 640–699 credit scores | |
|---|---|
| Generation | Percentage |
| Gen Z | 31.2% |
| Millennial | 23.2% |
| Gen X | 24.1% |
| Baby Boomer | 20.8% |
| Silent | 13.9% |
| Percentage of generation with 700–749 credit scores | |
|---|---|
| Generation | Percentage |
| Gen Z | 21.1% |
| Millennial | 17.1% |
| Gen X | 16.9% |
| Baby Boomer | 19% |
| Silent | 15.6% |
| Percentage of generation with 750–850 credit scores | |
|---|---|
| Generation | Percentage |
| Gen Z | 6.8% |
| Millennial | 16.2% |
| Gen X | 18.5% |
| Baby Boomer | 34.4% |
| Silent | 55.8% |
Years Born* – Gen Z (1997-2012), Millennial (1981-1996), Gen X (1965-1980), Baby Boomer (1946-1964), Silent (1928-1945). Source** – CreditKarma
Why Age Matters
The age of a person can significantly affect their credit score due to several factors related to their financial history and behavior:
- Credit History Length: Lenders look at how long you’ve had credit. Older adults with a longer credit history have an advantage. More history means lenders have more info to judge your creditworthiness, which is good for your score.
- Payment History: Paying your bills on time is crucial. If you’re young, you might not have a long history of payments. But if you pay on time consistently, it boosts your score.
- Credit Mix: Having different types of credit, like credit cards, mortgages, or car loans, is a plus. Older adults often manage various credits, proving they can handle different financial responsibilities, which improves their score.
- New Credit: Opening many new accounts quickly isn’t wise. Younger folks might do this, which can hurt their score. It’s better to keep accounts for a while to show stability.
- Credit Utilization: This compares your credit card balances to your available limits. Older adults often have higher limits due to their credit history. These higher limits keep their credit utilization ratio lower.
- Financial Experience: Older people usually have more experience managing money and credit. This experience shows in how they handle credit, leading to a higher score.
It’s important to note that while age can influence credit scores, individual financial habits and responsible credit management play a significant role. Regardless of age, maintaining a history of timely payments, managing credit responsibly, and being mindful of credit utilization are key factors in building and maintaining a good credit score.
