A typical 18-year-old has an average credit score of 681, according to Experian data from June 2024. The score is considered good and can help borrowers qualify for some credit cards and loans, though they could pay higher interest rates.
Learn what a credit score is, how it can vary by age, and the steps you can take to improve yours.
Key Points
• The average credit score for an 18-year-old is 681, which is considered good and allows for some credit card and loan qualifications.
• Credit scores vary by age, with older generations typically having higher scores.
• Key factors affecting credit scores include payment history, credit use, and credit history length.
• Strategies to improve credit scores include timely payments, low credit utilization, and regular credit report checks.
• A credit score of 620 is generally needed for a conventional home loan, with some loans accepting lower scores.
What Is a Credit Score?
Your credit score is a three-digit number that reflects how likely you are to responsibly manage credit and pay it back on time. It’s based on information from your credit reports, which are created by the three major credit bureaus: Equifax, Experian, and TransUnion. With this information and other personal details you provide on your application, lenders can determine whether to approve you for a loan or credit card.
Most people have more than just one score, and each score can vary based on the source of the data being used, when that data was calculated, and the scoring model (for instance, FICO® vs. VantageScore).
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Average Credit Score by Age 18
There’s no single starting credit score for people who are just beginning their credit journey. However, early scores tend to be in the good (670-739) or fair (580-669) range. The average credit score for 18-year-olds — 681 — falls well within the good range.
What Is the Average Credit Score?
If you’re an 18-year-old with a credit score of 681, it can be useful to see how your score compares to other borrowers in the country. According to Experian, the average adult in the U.S. has a credit score of 715.
Average Credit Score by Age
It makes sense that a younger consumer would have an average score that’s below the national average. After all, it takes time to build credit, and as the chart below shows, credit scores tend to rise with age.
|
Average FICO Credit Score by Generation/Age |
|
|---|---|
| Generation | Average Score (as of June 2024) |
| Generation Z (18 to 26) | 681 |
| Millenials (27 to 42) | 691 |
| Generation X (43 to 58) | 709 |
| Baby Boomers (59 to 77) | 746 |
| Silent Generation (78+) | 7595 |
Source:Experian
What’s a Good Credit Score for Your Age?
It can be tempting to compare your credit score to your peers’ average score. But a more effective way to determine whether your three-digit number is good is by checking how credit scoring companies classify it. FICO defines a “good” credit score as one between 670 and 739, while VantageScore considers scores between 661 and 780 as “prime.”
Another approach: Ask yourself if your credit score is high enough to help you achieve your goals, like renting an apartment or buying a car. If so, then it’s reasonable to think your score is good.
How Are Credit Scores Used?
Your credit score helps lenders evaluate your potential credit risk, and it’s used for a variety of purposes. When you apply for a credit card or loan, for instance, a lender will look at your credit score to help decide whether to extend credit and what interest rate and credit limit to offer.
Scores may also be used by landlords to screen potential tenants and by utility companies to determine how much of a deposit you’re required to pay for services.
Factors Influencing the Average Credit Score
Understanding what affects your credit score is a key part of strategically improving your credit. FICO, which is used by 90% of lenders, considers the following factors when calculating your score:
• Payment history. This includes whether you make payments on time or have a pattern of late payments. It also takes delinquencies, default, collections, and bankruptcies into account.
• Amount owed. Your score is influenced by the amount you’ve borrowed on each account compared to your available credit as well as your total amount of outstanding debt.
• Credit history length. Keep older accounts open. This adds to the length of your credit history, which can positively impact your score.
• Credit variety. Having a diverse mix of credit types, like retail cards, credit cards, student loans, and personal loans, shows you can responsibly juggle revolving and installment credit payments.
• New credit and inquiries. Too many new credit lines or inquiries in a short period can be a red flag that you’re financially overextended.
How to Build Your Credit Score
Working on the factors described above is a good way to build credit and maintain a strong credit score.
The biggest factors affecting your FICO Score are payment history (35%) and credit use (30%). VantageScore gives more weight to payment history and depth of credit, which includes length of credit history and credit mix. With that in mind, one impactful way to raise your score is to pay your bills on time, every time. Consider setting up payment reminders on your mobile device, or enroll in autopay so you don’t miss a due date.
Keeping your unpaid credit card balances as low as possible can also bolster your credit over time. And keep your credit use at less than 30% of your available credit limit. A good place to start is learning how to lower credit card utilization.
It’s also wise to go through your credit report at least once a year via AnnualCreditReport.com and fix any errors you see. You can also check your credit score for free through some banks, credit card issuers, and Experian.
Recommended: Why Did My Credit Score Drop After a Dispute?
How Does My Age Affect My Credit Score?
Your age has no direct impact on your credit score, but there tends to be a connection between age and the average credit score. Generally speaking, the older you are, the more likely you are to have a higher average credit score.
That’s because older individuals are more likely to have a longer credit history than younger consumers. And chances are, they have a more diverse credit mix, too. Both of those things can help bolster a borrower’s creditworthiness.
What Factors Affect My Credit Score?
As we mentioned, a number of factors go into determining your credit score. The five most impactful ones are:
• Payment history
• Amounts owed
• Length of credit history
• Credit mix
• New credit
It’s worth noting that your credit score updates once a month. If you’re working to boost your numbers, it could take a little time before you see the results.
At What Age Does a Credit Score Improve the Most?
There’s a correlation between older age and a higher credit score. According to Experian data, Gen Z consumers (age 18-25) have the lowest credit score, at 680, while the Silent Generation (age 77+) has the highest credit score, at 760.
Tips for Building Your Credit Score
If you’re just starting your credit journey, consider these strategies to build your score incrementally and over time:
• Start your credit use slowly. Opening a secured credit card at 18 years old can be an effective way to establish your credit, as it has some guard rails. Card issuers require a deposit which acts as your card’s credit limit. You can then use your secured credit card up to your limit, and the issuer reports your payment data to the credit bureaus. This builds your credit history without the risk of overspending.
• Use an app to manage your finances. A spending app can help you see how you’re balancing your income and spending habits across multiple financial accounts, including credit accounts. It can also help you keep track of upcoming bills.
• Check on your credit score regularly. Checking in on the health of your credit score doesn’t have to cost you. Financial tools, like a money tracker app, often show you your credit score as a complimentary feature.
The Takeaway
The average credit score by age 18 is 681. If you’ve achieved a score that’s at or near there by age 18, then you’re in a good place. If your score is below 681, there are steps you can take to give it a boost, including paying bills on time, limiting new credit applications, and paying off debts.
Remember that your credit score can fluctuate, depending on your repayment and borrowing patterns. It’s a good idea to get into the practice of keeping track of your credit score and disputing any inaccuracies you see.
Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.
FAQ
What credit score is needed to buy a $300K house?
For a conventional loan, you’ll typically need a minimum credit score of 620. Some mortgage loans, like an FHA loan, might accept a minimum credit score of 500 for home financing.
Is 650 a good credit score?
A 650 FICO credit score is considered a “fair” credit rating and is lower than the average credit score in the U.S. However, some lenders are willing to offer financing to consumers with this score.
Is a 900 credit score possible?
No. The two most commonly used U.S. consumer credit scoring models, FICO and VantageScore, set their maximum score at 850.
How rare is an 800 credit score?
Among U.S. consumers, only 21% of borrowers have a FICO score between 800 to 850, while 25% of consumers have scores between 740 and 799.
Is a 600 credit score at 18 good?
A 600 FICO score, which is considered “fair,” is below the average credit score of individuals ages 18 to 26. The average 18-year-old has a 681 score.
What is the average credit line for an 18-year-old?
The average credit card limit for an 18-year-old is $12,899, according to Q3 2023 Experian data. Among all generations, Generation Z has the lowest average credit card limit.
Photo credit: iStock/sorrapong
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