The average credit score by age 60 is currently 745, which falls in the very good range. Your credit score is an important indicator of how well you use credit, and it can help you reach financial goals like securing a home loan at favorable rates.
Knowing what the average credit score by age 60 is and how yours compares can be an important step in assessing your financial status. Here, learn more about this topic and how you might build your credit score further.
Key Points
• The average credit score by age 60 is 745, considered to be very good by FICO standards, and higher than younger generations.
• Credit scores tend to increase with age, with Baby Boomers having an average score of 745.
• A credit score predicts the likelihood of loan or credit line repayment, with scores ranging from 300 to 850.
• Factors affecting credit scores include payment history, credit utilization, and length of credit history.
• Building credit can involve always paying bills on time, using secured credit cards, taking out credit-builder loans, and maintaining low credit utilization.
What Is the Average Credit Score by Age 60?
Credit scoring bureaus don’t break down average credit scores by age. Rather, they show data based on age ranges for generations. Those around age 60 are considered the Baby Boomer generation (at the younger end) and therefore have an average credit score of 745 on the FICO® (Fair Isaac Corporation) rating system, which is the most popular one used.
What Is a Credit Score?
A credit score is based on information from your credit history that gives companies an insight into your credit behavior. This three-digit number, calculated using formulas from credit scoring bureaus like FICO and VantageScore®, predicts the likelihood you’ll pay back loans on time. This can also be thought of as your risk as a borrower.
Credit scores start at 300 and top out at 850. The ranges for FICO scores are:
| Poor | 300-579 |
| Fair | 580-669 |
| Good | 670-739 |
| Very good | 740-799 |
| Excellent (or exceptional) | 800+ |
Average Credit Score by Age
In general, someone who is 60 years or older tends to have a higher credit score than younger people. It makes sense, considering older folks have more opportunities to build and maintain their credit history.
According to Experian data from October 2023, the average FICO credit score is broken down by age as follows.
| Age group | Average credit score |
|---|---|
| Gen Z (18 to 26) | 680 |
| Millenials (27 to 42) | 690 |
| Gen X (43 to 58) | 709 |
| Baby boomers (59 to 77) | 745 |
| Silent generation (78+) | 760 |
As you see, the average score steadily increases with age. Worth noting: Your credit score is updated regularly as new payment data is added to your report.
What’s a Good Credit Score for Your Age?
There really isn’t a certain credit score that’s considered “good” for your age. Rather it’s more useful to see where you stand right now, how you compare to your peers, and see whether your current credit score can help you reach your goals. For example, if you’re looking to refinance your mortgage, you’ll want to see if your current credit score can help you qualify for a loan with favorable rates.
Another way of looking at what is a good credit score for your age is to simply look at the ranges for these scores. The good range goes from 670 to 739, which is often good enough to qualify you for loans and lines of credit. However, if you have a very good score (740 to 799) or an excellent or exceptional one (between 800 and 850), you would likely qualify for more competitive rates and terms when borrowing money. Or if you were applying for a new credit card, you’d likely be approved for one with a richer rewards program if you had a higher score.
Checking your credit score in the same way that you might monitor your bank account balance or track your spending can be a wise financial habit that helps you understand where you stand.
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How Are Credit Scores Used?
Credit score is one factor lenders look at when assessing your risk as a lender. The higher your credit score, the more likely you’re responsible with credit, and pay back loans on time. It also shows lenders how you use credit, such as the types of loans you take out, and whether you rack up higher balances on credit cards. Other lenders like credit card issuers may even require minimum credit score requirements to approve you for higher credit limits or access to luxury credit cards.
Recommended: What Is the Biweekly Money Saving Challenge?
How to Build Your Credit Score
While your credit score can fluctuate over time for reasons like accidentally missing a payment, there are plenty of opportunities to positively impact your score. Consider setting up automatic payments or reminders to pay your balances, as well as keeping all your accounts current. At the very least, pay the minimum amount owed or any past-due amounts. (More about specific factors to build credit is detailed below.)
Checking your credit history report from the major credit bureaus — TransUnion®, Experian®, and Equifax® — is also useful, as well as regularly monitoring your credit score. That way, you can see what is affecting your credit score and take positive steps to build it if necessary. Reviewing your credit reports is also helpful in case there are any errors you need to dispute.
Recommended: Why Did My Credit Score Drop After a Dispute?
How Does My Age Affect My Credit Score?
Your age doesn’t directly affect your credit score because credit scoring models don’t use this as a factor. Rather, companies like FICO and VantageScore look at your credit behavior to calculate your score. As you get older, your score may go up because you may have a longer credit history (which can contribute positively to your score) and more opportunities to build credit over time. You may well have already taken out student loans, car loans, and a mortgage and handled these capably.
What Factors Affect My Credit Score?
There are five key factors that can affect your credit score.
1. Payment history: Whether you pay your loans on time and if any have gone to collections is one of the most important factors in calculating your credit score.
2. Credit utilization: This is the percentage of your credit limit you use on revolving accounts like credit cards. Financial experts suggest that this amount be no more than 30% (that is, using $5,000 if you have a $15,000 credit limit). A credit utilization of closer to 10% can be better still.
3. Length of credit history: Scoring models tend to have more data when you have a longer credit history. This can be one reason why younger people tend to have lower credit scores.
4. Credit mix: Having a mix of loans like mortgages, credit cards, and personal loans can show scoring models how you handle various kinds of credit. A combination of installment loans and lines of credit can be valuable in this regard.
5. New accounts: If within a relatively short amount of time you open several new accounts, you could temporarily lower your score. This can make it look as if you are in need of funding and might overextend yourself.
At What Age Are Credit Scores Built the Most?
Experian data shows that the average credit score of Baby Boomers (59 to 77) is 36 points higher than the average credit score among Gen Xers (43 to 58), which represents the biggest gap, generationally speaking. This, however, may reflect external factors (such as economic conditions) rather than the financial habits of a particular peer group.
Also keep in mind that there is no set age when your credit score will be impacted the most. Behaviors such as consistent on-time payments and keeping your credit utilization low can be far more effective in helping you build your score than merely waiting for time to pass and assuming it will positively impact your score.
How to Build Credit
There are several best practices you can adopt to build credit:
• Pay bills on time, all the time. Your payment history accounts for 35% of your credit score.
• Become an authorized user on a credit card (if possible). If the cardholder has positive payment habits and credit usage, it can reflect well on you.
• Consider a secured credit card or credit-builder loan. These financial products are designed for people seeking to build their credit. They can work well for those whose credit scores don’t qualify them for traditional credit cards or loans. (Learn more about these below.)
• Get a cosigner on a loan, which can help you either qualify or qualify for better terms. Then as you manage your loan payments well, you can build your credit.
• Limit applying for new credit to only when necessary. Each time there’s a hard credit inquiry made, it will temporarily lower your credit score, usually by several points. These can add up and negatively impact your score.
• Keep your credit utilization low. As noted above, ideally your utilization will be below 30% of your credit limit or, better still, around 10%. A money tracker app, whether provided by your bank or a third party, can be useful in this endeavor as you watch how dollars flow in and out.
• Have your rent or utility payments reported to the credit bureaus. There are services that can help you get these regular payments logged towards your credit score. Typically, they don’t count. You may have to pay for this service, but it can be a worthwhile move for some people.
• Keep accounts open. The length of your credit history contributes to your credit score. So if you have, say, a credit card that you don’t use often and are thinking about closing, it could be in your best interests to keep it open and use it occasionally. Once you close it, you will shorten your credit history, which could ding your score. You will also be lowering your overall credit limit and potentially increasing your credit utilization, which can downgrade your score as well.
Credit Score Tips
Secured credit cards and credit builder loans can be good ways to build your credit, including in situations in which you have had negative marks on your report. These options can be especially valuable if it’s not possible to get a cosigner on a loan or become an authorized user on someone else’s credit card account.
• With secured credit cards, you put down a refundable security deposit that serves as your credit limit. If you meet certain criteria like paying on time for a specified time period, you may be able to upgrade to an unsecured credit card.
• Credit-builder loans are personal loans where you do not receive funds upfront. Rather, you pay the lender monthly installments, which they deposit in a separate savings or certificate of deposit (CD) account. Once the loan amount is paid off, you’ll get the funds. Fees and interest rates can vary on these loans.
The Takeaway
The average credit score by age 60 is currently 745, which falls into the very good credit score range. Understanding the average credit score at age 60 can be useful as a general metric, but it’s far better to find out what yours is and, if needed, find ways in which you can build yours. Regularly monitoring your credit score can be a wise move, as can taking steps like ensuring you pay bills on time, all the time, and don’t shorten your credit history as time passes.
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 the average credit score for seniors?
The average credit score for the Baby Boomer generation (born between 1946 and 1964) is 745, whereas it’s 760 for the Silent Generation (born between 1928 and 1945).
How rare is an 820 credit score?
An 820 credit score falls into the excellent or exceptional range for a FICO credit score. According to recent data, around 22% of U.S. consumers have a credit score in that range.
How rare is an 800 credit score?
An 800 credit score just nudges into the excellent or exceptional range. Around 22% of U.S. consumers have a FICO credit score that’s in the range of 800 to 850, which is the highest possible range.
How rare is an 825 credit score?
It’s somewhat rare for someone to have a credit score in the 825 range. In the U.S., 22% of consumers (or just over one in five) have FICO credit scores in the excellent or exceptional range, which runs from 800- to 850.
What credit score do most Americans have?
The average credit score on the FICO scale is currently 717, which qualifies as good. In terms of credit score ranges, the category with the largest percentage, with around 28% of Americans, is the very good credit score group, which runs 740-799. Different mathematical functions are responsible for this variation.
What is the average credit score to buy a house?
It’s difficult to pinpoint the average credit score needed to buy a house, because the figure will depend on the type of mortgage you want. For example, lenders typically look for at last a 620 credit score for conventional mortgages, whereas government-backed ones like FHA loans have credit score requirements as low as 500.
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