The average credit for 30-year-olds is 690, according to the most recent analysis of FICO® scores in 2024 by Experian.
Knowing how you compare with other borrowers is an interesting way to look at your finances. Perhaps you want to improve your credit score, or maybe just you’re wondering if your credit score is good enough to secure the financing you want. Either way, a better credit profile could translate into better lending terms and, ultimately, more money back in your pocket.
Here’s what you need to know about average credit scores by age 30 and steps you can take to boost your score.
Key Points
• The average credit score for 30-year-olds is 690, which is slightly below the national average of 717.
• A credit score of 690 is considered “good,” allowing individuals to qualify for mortgages and loans.
• Credit scores range from 300 to 850, with higher scores typically providing better loan terms.
• Factors such as payment history, credit utilization, and credit history length affect credit scores.
• Understanding credit scores can improve financial health and secure better lending terms.
Average Credit Score by Age 30
As mentioned, the average credit score for Millennials is 690. This is slightly lower than the national average FICO Score of 717, but that’s to be expected. After all, it takes time to build good credit, and a borrower’s credit score tends to increase with age.
If you have an average credit score of 690 by age 30, it falls within the “good” range. This means you’ll likely be able to qualify for a mortgage, car loan, and other types of financing applications, though you may not be offered the most favorable terms. (Saving up for a big-ticket item? A spending app can help you track savings and stay on top of recurring expenses.)
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What Is a Credit Score?
Taking a step back, it’s important to understand what a credit score is and where it comes from. A credit score is a three-digit number that lenders use to assess how risky it is to loan money to a borrower. Scores range from a low of 300 to a high of 850. In general, the higher your credit score, the more likely you are to get the best interest rate and loan terms.
There’s no starting credit score for those just starting to establish their credit history. The two main players — FICO and VantageScore — each look at a variety of factors to come up with a person’s credit score.
Lenders may use one or both of those scores to assess a borrower’s creditworthiness, so it can be helpful to understand the differences between a FICO Score and VantageScore.
Recommended: FICO Score vs. Credit Score
What Is the Average Credit Score?
As of October 2023, the national average credit score across all ages is 717, according to FICO. That’s one point lower than earlier in the year, which could be the result of months of high interest rates and inflation. That said, 717 falls easily within the “good” credit score range and could help you qualify for more favorable lending terms.
Average Credit Score by Age
When broken down by age, you’ll find the average credit score as follows:
| Age | Credit score |
|---|---|
| Generation Z (18-26) | 680 |
| Millennials (27-42) | 690 |
| Generation X (43-58) | 709 |
| Baby boomers (59-77) | 745 |
| Silent generation (78+) | 760 |
Source:Experian
What’s a Good Credit Score for Your Age?
It’s common to want to see how your personal, professional, or financial track record compares to your peers. But that may not be the best approach for assessing your credit score. Instead, it can be helpful to see where your score falls on the standard 300-850 scale. A credit score of 670 or higher is generally considered good, regardless of a person’s age.
How Are Credit Scores Used?
Credit scores can be used in a number of ways. Let’s look at some common scenarios when your credit score may come into play:
• You’re applying for a loan. Whether you’re applying for an auto loan, mortgage, or personal loan, a lender will use your credit score to determine the risk associated with loaning you the money.
• A lender is determining your interest rate. Generally speaking, the better your credit score, the better interest rate you’ll be offered.
• A lender is setting your credit limit. The amount of credit you qualify for is based in part on your credit score. If you manage your credit well, you might qualify for a higher credit limit.
• You’re applying for car insurance. When quoting a car insurance rate, insurers often factor in your credit score along with other factors, like your driving history.
Factors Influencing the Average Credit Score
According to Experian, the average credit score has generally trended upward over time. This can be explained by a number of factors, including:
• Education. More people are aware of their credit scores and are paying their bills.
• Age. Data shows a direct correlation between higher credit scores and older generations.
• Economics. Experian data scientists point to steadily decreasing unemployment levels as one reason for the upward trend of credit scores.
• Credit utilization. Overall credit utilization ratios have increased to 30% (up from 28% a year ago) for all borrowers, which affects the average credit score.
• Delinquencies. Mortgage delinquencies are lower than they were before the pandemic, which could be a result of the low interest rates that were offered.
Recommended:How Often Does Your Credit Score Update?
How to Strengthen Your Credit Score
If your credit score isn’t where you want it to be, take heart. There are steps you can take to help boost your numbers over time.
• Pay your bills on time, every time. Whether you use a money tracker app to manage upcoming bills or go the autopay route, find a bill paying system that works for you.
• Manage your credit utilization. Lenders look at how much of your available credit you’re using. By paying off debt, you can lower your credit utilization ratio, which in turn can help improve your score.
• Keep accounts open. A long credit history can help strengthen your credit profile. If you have an older account in good standing, consider keeping it open.
• Check your credit report regularly. Mistakes happen. If one ends up on your credit report, take steps to address it right away. It’s a good idea to keep an eye on your credit score as well. You can get your score for free through banks, credit card issuers, and Experian.
How Does My Age Affect My Credit Score?
Technically speaking, your age doesn’t affect your credit score. However, credit scores do tend to increase with age. That’s because the longer a person lives, the more opportunities they have to build up a credit history, earn a higher income, and pay off debts.
At What Age Does Credit Score Improve the Most?
According to Experian’s 2023 findings, credit scores tend to improve the most between the ages of 59 to 77, when many Americans are either starting to think about retirement or settling into their golden years. (The average credit age among this age group is 745, which is considered very good.)
One possible explanation for the jump is that older people may have older credit accounts in their credit profile and, as a result, enjoy a higher average age of accounts. Also, people 59 and older typically have a more stable income and lifestyle, both of which can make bill paying and money management easier.
What Factors Affect My Credit Score?
Understanding what factors impact your credit score can go a long way toward helping you maintain a good score. Note that FICO and VantageScore use different factors and weightings when calculating a credit score. Let’s take a look at what goes into both scores.
A FICO Score, which is used in 90% of lending decisions, considers how a consumer handles debt. It weights scores according to the following categories:
• Payment history (35%)
• Credit utilization (30%)
• Length of credit history (15%)
• New credit inquiries (10%)
• Credit mix (10%)
Though there’s some overlap with FICO, a VantageScore is based on the following categories:
• Payment history (40%)
• Depth of credit (21%)
• Credit utilization (20%)
• Balances (11%)
• Recent credit (5%)
• Available credit (3%)
As you can see, while the weighting is different, both models pay close attention to how much credit you’re using, how well you’ve been paying on it, and how long you’ve been managing credit.
How to Build Credit
No matter how old you are, there are plenty of ways to build credit. As previously mentioned, on-time bill paying and a low credit utilization rate can both go a long way toward boosting your credit profile. But here are some other strategies to consider as you establish your credit.
• Become an authorized user. If someone is willing to take you on as an authorized user (your parents, for example), their payments may be reported on your credit history.
• Apply for a beginner credit card. A couple of options to consider: a student credit card, which is an unsecured card to help college students build credit, or a secured credit card, which requires a cash deposit as collateral.
• Consider a credit builder loan. A credit builder loan takes the loan amount and deposits it into a savings account for you. You’ll repay the loan in installments, and once it’s paid off, you’ll receive the money. On-time payments are reported to the credit reporting agencies.
• Look into an installment loan. Auto loans and personal loans are examples of installment loans that can help a qualified borrower build up their credit history.
• Enroll in a program that reports rental or utility payments. Find a service that reports your monthly rent or utility payments to the credit reporting agencies. Some services are free, but others may charge a fee.
Credit Score Tips
Looking for ways to help improve your credit score? Keep these tips top of mind:
• Stay on top of bill paying.
• Pay down debt.
• Keep track of your credit score and review your credit report at least once a year.
• See an error in your credit report? Dispute it with each credit bureau that has the mistake as well as the business that reported the inaccurate information.
• Write a goodwill letter to the creditor asking for negative (but accurate) information to be removed from your credit report. They’re under no obligation to honor your request, but it’s worth a shot.
The Takeaway
The average credit score by age 30 is 690, which is slightly lower than the national average score of 717. However, a borrower’s age doesn’t directly impact their credit profile. Rather, data shows that the older someone is, the more likely they are to have a higher credit score. That’s because they’ve had more time to build up their credit profile.
Regardless of your age, there are ways to help boost your credit score and potentially qualify for better lending terms. Some strategies include paying bills on time, managing how you use your available credit, and keeping older accounts that are in good standing open.
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 is a good credit limit for a 30-year-old?
The average credit limit for all credit cards for people in their 30s is $27,533, according to Experian.
Is 700 a good credit score for a 25-year-old?
A credit score of 700 at any age is considered good.
Is $10,000 a high credit limit?
Ten thousand dollars can be considered a good limit for people who have managed their debt and credit cards responsibly. To put that amount in perspective, the average limit for all credit cards combined is $29,855, according to Experian.
What credit limit can I get with a 750 credit score?
A 750 credit score is a good credit score, but it’s not the only piece of information lenders use to determine your credit limit. They consider a number of other factors, including your payment history, income, and credit utilization.
Can you have a $100K credit limit?
Though not common, it is possible to find a credit card with a limit of $100K. However, you’ll likely need to have good credit and demonstrate that you have the financial resources to support repayment. For example, a business that earns millions of dollars each year and has employees as authorized users on the card may be granted a higher credit limit.
What is a good credit score to buy a house?
In general, you’ll need to have a credit score of at least 620 to qualify for many types of mortgages.
Photo credit: iStock/Pekic
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