What Is the Average Credit Score for a 30 Year Old?

By Jennifer Calonia. December 02, 2024 · 12 minute read

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What Is the Average Credit Score for a 30 Year Old?

The average credit score for a 30-year-old is 691, which qualifies as a good score. It can likely lead to your approval for loans and lines of credit, but perhaps not at the most favorable rates or with the best terms. Those offers tend to be reserved for those with very good or excellent scores.

However, one thing to keep in mind is that credit scores tend to rise with age. This is especially true if you adopt financial habits that positively impact your three-digit number. Read on to learn more.

Key Points

•   The average credit score for a 30-year-old is 691, which is in the good range.

•   The average credit score for Americans of all ages is currently 717.

•   Credit scores generally increase with age, influenced by better financial habits.

•   Key factors affecting credit scores include payment history, amount owed, credit age, credit mix, and new credit inquiries.

•   Credit can be built by adopting good financial habits, opening a secured credit card or credit-builder loan, becoming an authorized user on a card, or getting a loan cosigner.

Average Credit Score for a 30-Year-Old

Experian®, one of three major credit bureaus in the U.S., revealed that the average credit score for a 30-year-old is 691. This is the average credit score for the millennial generation, which it defines as between the ages of 27 and 42 years old.

This falls in the good credit range, which runs from 670 to 739 on the FICO® scoring scale.

What Is a Credit Score?

A credit score is a number, typically three digits, that expresses how well you handle credit, such as loans and lines of credit. If you have good habits, such as always paying on time, your score will usually be higher than if you are often late with payments.

There are different types of scoring models, such as the VantageScore vs FICO. The FICO score was developed by the Fair Isaac Corporation in 1989 and is one of the most well-known credit scoring models today. The VantageScore was created in 2006 by the three major U.S. credit bureaus to gauge a consumer’s creditworthiness. Both scoring methods use a credit score range from 300 to 850.

Here are the credit score categories for the FICO system:

•  Poor: 300-579

•  Fair: 580-669

•  Good: 670-739

•  Very good: 740-799

•  Excellent (or exceptional): 800-850

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What Is the Average Credit Score?

Experian’s data reveals that the average FICO credit score among U.S. consumers is 717. Consumers who are 30 years of age — part of the Millennial generation, according to Experian — fall below the national average credit score. But as you will see, credit scores do tend to rise with age.

Your credit score updates whenever the credit bureaus receive new payment information, so they fluctuate over time.

Recommended: What Is the Average Salary in the U.S.?

Average Credit Score by Age

Here are how credit scores typically stack up by generation. As you’ll see, older people tend to have higher credit scores than younger ones do.

What’s a Good Credit Score for Your Age?

These averages are a helpful baseline to see how your credit rates versus others in your age group. However, there’s no one golden number to aspire to based on your age. For example, a good credit score could qualify a given person for a mortgage, though perhaps not at the most favorable rates. But it would help them achieve the goal of owning a home, which might be more than good enough.

Another person, however, who loves luxurious vacations might not be satisfied with a good credit score. They might choose to focus on building their score into the very good or excellent range, so that they can snag a credit card with a robust program of travel rewards.

How long it takes to build credit is unique to each person. It depends on your borrowing and repayment habits, among other factors. The higher your credit score, the stronger your qualifications are for future credit applications. A stronger credit score can also help you access competitive interest rates, which saves you money over the repayment term.

Average FICO Credit Score by Age

Gen Z (born 1997-2012) 681
Millennials (born 1981-1996) 691
Gen X (born 1965-1980) 709
Baby Boomers (born 1946-1964) 746
Silent Generation (born 1928-1945) 759

What’s a Good Credit Score for Your Age?

These averages are a helpful baseline to see how your credit rates versus others in your age group. However, there’s no one golden number to aspire to based on your age. For example, a good credit score could qualify a given person for a mortgage, though perhaps not at the most favorable rates. But it would help them achieve the goal of owning a home, which might be more than good enough.

Another person, however, who loves luxurious vacations might not be satisfied with a good credit score. They might choose to focus on building their score into the very good or excellent range, so that they can snag a credit card with a robust program of travel rewards.

How long it takes to build credit is unique to each person. It depends on your borrowing and repayment habits, among other factors. The higher your credit score, the stronger your qualifications are for future credit applications. A stronger credit score can also help you access competitive interest rates, which saves you money over the repayment term.

How Are Credit Scores Used?

When you apply for credit — whether a revolving line of credit, like a credit card, or an installment account, like a car loan — lenders check your credit score by performing a soft or hard inquiry. Credit checks are a risk assessment measure. This allows potential lenders to use your past borrowing behavior to project the likelihood that you’ll repay the new debt on time. (You can also check your credit score without paying to see where your number falls.)

They might conduct a soft credit check to help determine whether you prequalify for their lending products. Soft inquiries don’t adversely affect your credit score. If you meet prescreening requirements and decide to move forward in the application process, the lender or creditor will conduct a hard credit inquiry. This is a deep dive into your credit report, score, and details of past credit behavior, and can temporarily affect your score (usually lowering it by several points per hard inquiry).

How Does My Age Affect My Credit Score?

Typically, individuals who don’t have credit associated with their name have no credit score, but this doesn’t mean your starting credit score will be 300. Rather, if you open a line of credit or take out a loan and manage it responsibly for several months, you might see an initial credit score in the 500 to 700 range.

The earlier you start building your credit, the more time you’ll have to positively impact your score. As a 30-year-old, you might already have credit accounts under your name from, say, student loans or a car loan.

What Factors Affect My Credit Score?

There are various credit scoring models that are used in the market, and what affects your credit score may differ among them. Here are the factors that impact FICO scores, which are the most commonly used scores:

•  Payment history. Your payment habits have the greatest impact, determining 35% of your credit score. Your history considers late payments, delinquent and defaulted accounts, bankruptcy and collections records, and how many accounts have been paid based on your credit agreement. The age of adverse repayment marks is also taken into consideration. To fare well in this area, make on-time payments each month for at least the minimum amount due. (Smart budgeting and/or a money tracker app can help you stay on top of your cash, which can help you be ready to pay your bills on time.)

•  Amounts owed. This category contributes to 30% of your score. It looks at each credit account’s unpaid balance versus the credit limit on the account. So if you have a credit card balance of $7,000 on a card with a limit of $10,000, your utilization ratio is 70%. This is considered high; ideally, you want to lower your credit utilization to 30% at most (preferably closer to 10%).

•  Age of credit accounts. How long you’ve had credit counts for 15% of your FICO score. This facet of your credit considers the average age of all credit accounts under your name, among other metrics. Consider keeping your oldest account active, if possible, to help your credit score.

•  Credit mix. A diverse credit mix shows creditors that you can manage different types of credit well. This category accounts for 10% of your FICO score and checks to see varied types of credit, like revolving accounts (e.g., a home equity line of credit, credit cards, and gas cards), and installment loans, such as a mortgage or student loans.

•  New credit. The number of inquiries and new credit accounts you open (and how quickly you apply for new credit) contributes 10% of your score. If you apply for a few different forms of credit in a short period of time, it may look as if you are in serious need of funding and risk overextending yourself financially.

Another point to consider that could impact your credit score: Check your report for any errors that could be dragging your score down. For instance, if a credit card balance you paid off in the past is still showing up in your file, you’ll want to dispute that and try to get it removed. Doing so could positively impact your credit score.

Recommended: Why Did My Credit Score Drop After a Dispute?

How to Build Credit

There are a few ways to build credit, whether you are just starting out on your credit journey or working to positively impact your score.

•  Apply for a secured card. If your lack of a credit score or low score is preventing you from getting an unsecured credit card (or one with a favorable rate), consider a secured card. This is a type of credit card that requires a refundable deposit, which acts as your credit limit. As you use the card, you’ll make payments like you would with a traditional credit card. The creditor then reports your repayment data to the credit bureaus, which can help build your score if you use it responsibly.

•  Use retail or gas credit cards. Popular retail shops and gas stations offer branded retail cards for you to use at their stores or locations. These cards typically are easier to get than a traditional credit card, but charge high interest rates. If you don’t have existing credit or have a thin borrowing history, however, this could be a valuable option.

•  Become an authorized user. You might ask a family member with good credit, like a spouse or parent, to add you as an authorized user on their credit card. As an authorized user, you can make purchases using the card but aren’t liable for the payments. However, repayment data that’s reported to the credit bureaus by the card issuer also shows up on your credit report. This is one strategy that can help you build credit if you have none. Just be sure you use the card responsibly.

•  Get a cosigner on a loan. If you are applying for a loan but have no or limited options, having a family member with good credit cosign can lead to approval. However, they will share responsibility for the loan, so it’s important for both parties to be aligned about handling the loan responsibly.

•  Apply for a credit-builder loan. As with secured credit cards, this is an option designed for those looking to build their credit score. In this situation, you take out a loan. However, you don’t get a lump sum upfront. Instead, the lender deposits your regular payments into a savings account or certificate of deposit (CD). You then receive this money back at the end of the loan’s term. Fees and interest rates involved will vary, so make sure you understand the details of this kind of financial product.

•  Be meticulous about paying bills on time. As mentioned above, your payment history is the single biggest factor in determining your credit score. For this reason, you’ll want to avoid late payments. You can automate payments to help with this goal, or at least set up reminders to help you make payments on or before the due date.

•  Watching your credit utilization ratio. Keeping your credit utilization below 30% is another important goal. There are tools to help you, like a spending app, so you can keep an eye on this important metric. See what your bank offers, or review third-party products.

The Takeaway

The average credit score for a 30-year-old in the U.S. is 691, which qualifies as a good score. This number should unlock loans and lines of credit, though perhaps not with the most favorable rates and terms. By adopting good financial habits and using credit-building tools, you can positively impact your credit score, which does tend to rise with one’s age.

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.

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FAQ

What is a good credit score for a 30-year-old?

A good FICO score is considered between a 670 to 739 rating. Experian’s latest data found that consumers ages 27 to 42 have an average score of 691, which falls into this good range. If you’re 30 years old and want to build your score, there are financial habits and tools that can help you do so, potentially allowing you to reach the very good or excellent categories.

How rare is an 800 credit score?

An 800 FICO score is somewhat rare: 21% of U.S. consumers have built their score to reach 800 or greater, based on Experian data. This means they likely will qualify for a variety of credit products, such as loans with favorable rates or credit cards with rich rewards programs.

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

A 750 FICO credit score falls into the very good range. It’s higher​ than 681, which is the average credit score for Millennials. It’s also higher than the average American’s credit score, which is currently 717. While there’s room for improvement (the excellent or exceptional credit score range runs from 800 to 850), this score is likely to qualify you for loans and lines of credit.

How rare is 825 credit score?

A FICO score of 825 is considered exceptional or excellent, and it puts a person in the highest possible credit score range. According to Experian, 22% of U.S. consumers have a credit score between 800 and 850. In other words, about one in five Americans have a credit score in this range.

What is the riskiest credit score?

People with FICO scores that are under 580 are considered the highest-risk consumers by lenders. Scores in this range are considered poor and are significantly below the average U.S. credit score of 717. This score tells lenders that an individual does not have a good record of using credit responsibly and might be late with payments or default on loans.

What credit score is considered rich?

The amount of wealth you have doesn’t determine whether your credit score is high or low. Lenders use credit scores as a measure of your riskiness as a borrower, based on your borrowing habits with credit-based accounts and your repayment habits. So you could be a very wealthy person who doesn’t pay their bills on time and has a high credit utilization ratio, resulting in a low credit score.


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This content is provided for informational and educational purposes only and should not be construed as financial advice.

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