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Keeping your credit score healthy is a lifelong endeavor. It’s never too soon to start working on improving your credit score, but it’s also never too late to make progress. If you are in your forties or fifties, you may be wondering, what is the average credit score by age 50? Read on to find out.

Average Credit Score by Age 50

On average, consumers between the ages of 50 and 59 have a credit score of 706, which is considered a “good” credit score. This credit score is partially due to the borrowers having had the chance to build credit over a long period of time. The length of a borrower’s credit history is an important factor taken into consideration by the major credit scoring models.

What Is a Credit Score?

A credit score is a three-digit number issued by a credit scoring agency that provides both you and interested parties with a glimpse of how reliable of a borrower you are. Lenders use these credit scores to get an idea of how likely an applicant is to repay a loan on time. Employers, landlords, and utility companies can also use a credit score to get an idea of your credit history, which helps them better understand how you manage your money.

Your credit report gives a detailed look at your credit history, but a credit score acts as a quick snapshot of how you navigate credit.

Recommended: How to Check Your Credit Score for Free

What Is the Average Credit Score?

Every borrower has a unique credit score, but understandably consumers don’t want to fall behind the average if they want to compete for the best lending products and rates. As of March 2024, the average credit score for all consumers in the United States was 705.

Average Credit Score by Age

To get a better idea of how you compare to borrowers in your age group, let’s take a look at what the average credit score is by age.

Age	Average Credit Score
20s	662
30s	672
40s	684
50s	706
60s +	749

What’s a Good Credit Score for Your Age?

Because factors like length of credit history, credit mix, and consistent payments play a role in how high a credit score is (all of which come with years of credit usage), it’s understandable that younger borrowers are at a bit of a disadvantage. It takes time and discipline to build a high credit score. That being said, no matter their age, borrowers should aim for at least a “good” credit score — typically in the 670 to 739 range. Ideally, you will work toward a “very good” (740 to 799) or “excellent” (800 or higher) credit score.

How Are Credit Scores Used?

Credit scores are used in a few different ways, but primarily lenders rely on them to make decisions about which borrowers to work with, how much to lend them, and how much interest to charge them. Your credit score paints a picture for a lender about how responsible of a borrower you are.

If your score reflects that you have a manageable debt load and a history of making consistent on-time payments, a lender is going to be more likely to work with you and offer you favorable loan terms. If your score is on the lower side, that doesn’t mean you can’t qualify for a loan. However, lenders tend to charge borrowers with lower credit scores more interest to help offset their risk.

Factors Influencing the Average Credit Score

One of the best ways to keep your credit score in good standing is to understand how your credit behavior impacts your score. There are five factors that influence your FICO® Score — which is the most popular credit scoring model on the market (VantageScore is another popular model that works similarly). How much of your score is impacted by each factor varies.

Credit Score Factor
Payment history	35%
Amounts owed	30%
Length of credit history	15%
New credit	10%
Credit mix	10%

Recommended: Differences Between VantageScore and FICO Credit Scores

To strengthen your credit score, you will work on improving each of the five credit scoring factors consistently throughout your lifetime.

•  Payment history: Missing a single payment by just 30 days can harm your credit score. Always aim to make consistent on-time payments.

•  Amounts owed: Lenders like to see that you are keeping your credit utilization ratio low so you can afford to make debt payments.

•  Length of credit history: The longer your credit history is, the better. Many young consumers start their journey with a credit card before moving onto loans.

•  New credit: Applying for too much new credit can make lenders nervous. Keep your hard inquiries to a minimum.

•  Credit mix: Having a healthy credit mix can assure lenders you can handle multiple loan payments at once.

How Does My Age Affect My Credit Score?

One area of your credit score that can be challenging to control is the length of your credit history. The more experience someone has managing credit, the more their score benefits. Applying for credit while young (such as with a credit card) and not closing credit card accounts can help keep that credit history strong.

At What Age Does Credit Score Improve the Most?

Credit scores generally improve the most in a person’s 30s, as they establish a longer credit history, stabilize income, and adopt better financial habits. Consistent on-time payments, reduced debt, and responsible credit usage during this period significantly boost scores, laying the groundwork for strong credit into middle age.

Older borrowers have many factors working in their favor that give them a leg up in the credit world, too. To start, they tend to have many more years of experience paying bills on time. They also tend to have longer credit lengths and a stronger credit mix due to having more time on their side. Borrowers in their 60s have the highest average credit score of 749.

Recommended: How Long Does It Take to Build Credit?

How to Build Credit

One of the best ways to start building credit is with a credit card. If you pay your balance in full each month, you don’t have to spend any money to have a credit card and can build your credit score while earning rewards points or cash back.

You can also keep your credit utilization ratio low by paying off the balance in full each month. If you can’t qualify for a credit card due to a lack of credit history, you can have a parent or spouse add you as an authorized user on their credit card.

Credit Score Tips

To keep your credit score healthy, it’s a good idea to practice these good credit habits:

•  Pay on time: Always make payments by the due date to build a strong payment history. Use a money tracker app to keep an eye on your spending throughout the month so you can afford to pay your bills.

•  Keep balances low: Aim to use less than 30% of your credit limit to keep credit utilization within the recommended range.

•  Avoid frequent hard inquiries: Limit new credit applications, as multiple inquiries can lower your score.

•  Maintain old accounts: Keeping older credit accounts open can help lengthen your credit history.

•  Monitor your credit report: Credit score monitoring can help you stay on top of things. Regularly check your credit score and review your credit report for errors and dispute inaccuracies to protect your score.

•  Diversify credit types: A mix of credit types (e.g., credit cards, loans) can positively impact your score if managed well.

The Takeaway

There’s no need to fear getting older when it comes to your credit score — time is on your side here. Practicing decades of good credit habits can result in your gaining access to the best loan rates and terms and make it easier to meet your financial goals.

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.

See exactly how your money comes and goes at a glance.

FAQ

How rare is a 700 credit score?

Earning a credit score of 700 is a very realistic goal. The average credit score in America is 705, so many consumers have a “good” credit score.

Does anyone have a 900 credit score?

The FICO credit scoring model tops out at 850. Finding a credit score of 900 isn’t possible.

How rare is 825 credit score?

Having a credit score of 825 is one of the best credit scores a borrower can achieve. This is a rare but not impossible score to obtain.

How rare is an 800 credit score?

Having an 800 credit score is not common and is very impressive. Borrowers can work toward an 800 credit score by always making credit payments on time, keeping a healthy credit mix, and maintaining a low credit utilization ratio.

How common is a 750 credit score?

The average credit score for borrowers of at least 60 years of age is 749 (this is the highest average of any age group). Achieving a credit score of 750 is not impossible but requires a lot of hard work and discipline.

What is a good credit score for a 50 year old?

The average credit score for a 50 year old is 706. Ideally, borrowers in their fifties will want to either have that score or an even higher one if they want to qualify for the best loan rates.

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Photo credit: iStock/JLco – Julia Amaral

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.

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

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SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

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The average FICO® credit score in America is 717, as of October 2023. And as of May 2024, the average VantageScore® is 702. Both scores are considered to be in the good range and could help a borrower qualify for favorable loan and line of credit terms.

As you’re comparing your own credit score to the national average, it helps to understand how scores are calculated and how these three digits could impact your financial health and long-term goals. Here, learn more about credit scores and some steps you can take to build yours.

How Do Average Credit Scores Compare by State?

While there’s a national average credit score, there are also state numbers that vary a bit. The chart below shows the average credit score by state as of the third quarter of 2023, according to Experian®.

State	Average Credit Score
Alabama	692
Alaska	722
Arizona	713
Arkansas	696
California	722
Colorado	731
Connecticut	726
Delaware	715
District of Columbia	715
Florida	708
Georgia	695
Hawaii	732
Idaho	729
Illinois	720
Indiana	713
Iowa	730
Kansas	723
Kentucky	705
Louisiana	690
Maine	731
Maryland	716
Massachusetts	732
Michigan	719
Minnesota	742
Mississippi	680
Missouri	714
Montana	732
Nebraska	731
Nevada	702
New Hampshire	736
New Jersey	725
New Mexico	702
New York	721
North Carolina	709
North Dakota	733
Ohio	716
Oklahoma	696
Oregon	732
Pennsylvania	723
Rhode Island	722
South Carolina	699
South Dakota	734
Tennessee	705
Texas	695
Utah	731
Vermont	737
Virginia	722
Washington	735
West Virginia	703
Wisconsin	737
Wyoming	724

Why Do I Have More Than One Credit Score?

As mentioned, the chart above shows FICO scores, which are used in 90% of lending decisions. But that’s not the only credit score you have. The other is called VantageScore. You’ll find different credit scores for two main reasons. First, they are competitors in this category, and each one calculates credit scores differently.

The other reason you might see a different credit score is due to the fact that FICO has different credit scoring models based on what the lender is looking for (mortgage, auto, credit card). In addition, FICO also releases credit score updates, or versions, of their credit-scoring model, similar to an Apple or Microsoft software update.

Here’s an example of what FICO scores you might see and the purpose they serve. (Note: You will see that the numbering does not always go sequentially; for instance, there isn’t a FICO Bankcard Score 6 or 7 in use.)

FICO credit-scoring model	Purpose
FICO Score 2 FICO Score 5 FICO Score 4	Mortgage lending
FICO Bankcard Score 9 FICO Bankcard Score 8 FICO Bankcard Score 5 FICO Bankcard Score 4 FICO Bankcard Score 3 FICO Bankcard Score 2	Credit card lending
FICO Auto Score 9 FICO Auto Score 8 FICO Auto Score 5 FICO Auto Score 4 FICO Auto Score 2	Auto lending
FICO Score 9 FICO Score 8	General
FICO Score 10 FICO Auto Score 10 FICO Bankcard Score 10 FICO Score 10T	Newly released scoring models

As you can see, there are many scoring models currently in use. But your score likely won’t vary drastically with the different versions.

What Is a Good Credit Score Range?

Technically, a good credit score range is between 670 and 739, according to FICO, the original provider of credit scores. (For VantageScore, the good range runs from 661 to 780.) But if you’re casually talking about what a “good” credit score is, anything above 670 is considered good. A score of 850 is the maximum credit score and is considered excellent or exceptional.

If you are curious about what the starting credit score is, you’ll find two different answers: the lowest credit score and the first credit score you get. The lowest credit score is 300, but that’s not where you’ll start. If you take out your first loan and make on-time payments, for instance, you’ll get your first credit score about six months later. Chances are, your consistent payment history will bump it up closer to the 500-700 credit score range. A score lower than that would likely reflect bad marks on your credit report.

Where Can I Check My Credit Scores?

If you are wondering how to check your credit score without paying, there are a number of resources available for you:

•  Your bank or credit card issuer: You’ll often see a free credit score — and sometimes a full credit report — supplied by your bank or credit issuer located in your online account. Be sure to check if the credit score is supplied by VantageScore or FICO, as the numbers can be different.

•  Nonprofit credit and housing counselors: You may be able to get help accessing your credit score through nonprofit agencies.

•  Credit score service: You may be able to pay to monitor your credit score with various companies. Usually, there are more services they can offer in addition to monitoring your credit score to make it worth your while.

Checking your credit score can help you see where you are, if there are any errors on your report, and whether you might address areas that are dragging your score down.

What Affects Your Credit Scores?

What affects your credit score is related to how well you manage credit. Credit scoring models were developed as a way to help lenders evaluate how risky it is to lend you money based on how you have handled credit to date.

There are different ways lenders gain insight into how you manage credit with the credit scoring model, which is further broken down into categories. That said, key facets of your credit score (which are detailed below) include such aspects as whether you pay on time, how much you owe, the mix of ways in which you’ve accessed credit, and the length of time you’ve been using credit, among others.

Credit Score Factors by Percentage

The breakdown of factors contributing to FICO credit scores is 35% payment history, 30% amounts owed, 15% length of credit history, 10% new credit, and 10% credit mix. Here’s how they work.

Payment History: 35%

Payment history captures your past behavior of making payments on time or not. It also includes whether or not any of your accounts have fallen into delinquency. In other words, if you have a long history of paying on time, that can contribute positively to your credit score.

Amounts Owed: 30%

Most financial experts believe that you should only use 30% of your credit limit. Ten percent is better still. Using too much of the credit available to you is seen as a sign of risk to lenders, and it’ll pull down your score. Learning how to lower credit card utilization may help build your score.

Length of Credit History: 15%

When you have a short credit history, you are something of an unknown quantity to lenders. Those who have been accessing credit for a significant period of time have proven how well they can handle this aspect of their finances. That is why a longer credit history can positively impact your score.

If you are just starting out on your credit journey, you will likely need to manage your payments well for several months in order to start building your credit score.

New Credit: 10%

This factor reflects whether you have been seeking additional credit recently. Applying for a lot of new credit in a short period of time is typically seen as risky to lenders. They may see it as a sign that you’ll be overextended and have financial trouble ahead. For this reason, it’s best to limit the amount of credit you apply for.

Credit Mix: 10%

Credit mix refers to the different types of credit accounts you have. This includes installment accounts (such as auto loans, personal loans, and mortgages) and revolving credit accounts (such as credit cards and HELOCs). Good management of a mix of credit shows lenders you can be responsible with different types of credit.

What Information Credit Scores Do Not Consider

You might also be curious to know what doesn’t affect your credit score. FICO lists the following as factors that do not affect your FICO Score:

•  Where you live

•  Salary and employment

•  Age and sex

•  Color, ethnicity, race, or national origin

•  Marital status

•  Religion

•  Receipt of public assistance

•  Child or family support obligations

•  Interest rate being charged on another card

•  Any information not found on your credit report (such as your bank account details)

•  Whether or not you’re participating in credit counseling of any kind

•  Nonbankruptcy public records

How the VantageScore Is Calculated

Now that you know all about the FICO scoring system, consider how VantageScore is determined. The VantageScore calculation breakdown is a little different from FICO. The following breakdown is based on VantageScore 4.0, the most recent model released in 2017:

•  Payment history: 41%

•  Depth of credit: 20%

•  Credit utilization: 20%

•  Balances: 11%

•  Recent credit: 6%

•  Available credit: 2%

In this model, payment history is the biggest driver of your credit score, much like it is with FICO. But the weights and calculations are different from FICO’s, so it’s natural to see a different score when the credit score provided to you is a VantageScore instead of a FICO score.

Recommended: What Is a FICO Score? FICO Score vs Credit Score

Why There Are Different Credit Scores

The first credit score was the FICO score, launched in 1989 with the leading credit bureaus to help them evaluate a consumer’s creditworthiness. (FICO, incidentally, is an acronym for Fair Isaac Corporation.) The VantageScore was launched in 2006, a joint venture among the big three credit bureaus, Equifax®, Experian®, and TransUnion®.

Different lenders use different scoring models, and once they’ve committed to a version of the scoring model, it’s not easy to change. Each individual lender chooses when to update to new scoring models released by FICO or VantageScore.

One auto lender may use FICO® Auto Score 9 while another lender may use FICO® Auto Score 8. One credit card company may show you a VantageScore while another shows you a FICO score.

To sum up, the reason you see different credit scores is due to three main factors: different providers (VantageScore vs FICO) with different credit scoring models and different versions.

Why Having a Good Credit Score Is Important

A good credit score can benefit your financial life. Here’s how:

•  Better loan rates: You may be able to secure a better interest rate on your loan.

•  Easier to get a loan: A better credit score can help you qualify for a loan.

•  Better insurance rates: You likely won’t pay as much for car insurance when you have a good credit score.

•  Easier to get an apartment: If you apply for an apartment, your landlord may look favorably on a good credit score.

•  Higher credit limits: A better score can help you be approved for a higher credit limit, which can help with your credit utilization ratio.

•  Better rewards: You may be able to qualify for the premium travel cards and rewards programs with good credit.

•  No security deposit for utilities: If you’re setting up utilities, your credit is typically checked. If you have a good credit score, the deposit may be waived.

How to Build Your Credit Scores

It’s not uncommon to need to build your credit score before applying for financing. Doing so can help your chances of being approved as well as possibly secure competitive terms.

•  Check your credit report for errors. Any information that is incorrect, such as dates or amounts, can be disputed.

•  Set up autopay. Your payment history makes up 35% of your FICO credit score, so you want to get your bills paid on time, every time. Putting your bills on autopay helps make this task a snap.

•  Consolidate credit card debt. Replacing credit card balances with a personal loan can help improve your credit utilization ratios and get the debt paid off with the regularity that an installment loan brings.

•  Use a money tracker app. Technology is incredible for facilitating money decisions. It can be helpful for seeing your income, spending, saving, investing, planning, credit score monitoring, and more. A good starting point: See what tools your financial institution offers.

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

What to Do If You Don’t Have a Credit Score

If you don’t have a credit score yet, don’t stress: There are plenty of ways to start building your credit. Here are some strategies to consider:

•  Become an authorized user. Being added to another credit card account (like a parent’s) can build credit history.

•  Get a secured credit card. A secured credit card requires a deposit in exchange for a line of credit. When you pay it off on time, you’ll build a positive credit history.

•  Take out an installment loan. It may be possible to build credit history with an installment loan. Auto loans are an example of an installment loan that often advertise possible loan approvals with little to no credit history. In some cases, you may need a cosigner to get the loan approved.

•  Consider a credit-builder loan. You may want to look at credit-building loans, which can benefit people who don’t have a credit score (or have a low credit score). They usually require a deposit or paychecks be automatically deposited to the account to qualify.

Recommended: How Long Does It Take to Build Credit?

Why Your Credit Score Changed

At times, you’ll see your credit score change, and it might worry you. Here are some common reasons why your credit score may have changed.

•  Too many credit inquiries. Don’t apply for too much credit in a short period of time. This can look like risky behavior on your part (say, like you are strapped for funds), and your score will likely decrease.

•  Late payment. If your payment is more than 60 days past due, it may show up on your credit report, and when it does, you may see a noticeable drop in your credit score.

•  Maxed out a card. When your credit utilization ratio increases (how much credit you’re using relative to how much is available to you), you’ll typically see a decrease in your credit score.

•  Paid off an account. It might seem illogical, but when you pay off a loan and close the account, your credit score may go down. This is because you’re decreasing the credit available to you and shortening the length of your credit history, both of which can pull down your credit slightly. But don’t panic — your score will usually recover quickly.

•  Collection account, bankruptcy, foreclosure, or other derogatory mark: Your credit score may decrease drastically if there’s negative information in your credit report. These kinds of marks can stay on your credit report for seven to 10 years.

Monitor Your Credit Report and Score

Monitoring your credit score and report can help keep you on track to reach your financial goals. This is especially true if you are focused on building your score to a certain level (say, if you plan to apply for a mortgage in the near future).

There are a lot of smart tools you can use to monitor your credit report and score, as well as budgeting and spending apps that can help you manage your money more effectively and pay down debt

The Takeaway

The average credit score in America is 717 using the FICO system, while the average VantageScore is 702. Knowing the factors that comprise a credit score, how the different scoring systems compare, and where your score stands can be helpful information. You can check your score and empower yourself with the knowledge to build it so you have access to the best lending terms possible.

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.

See exactly how your money comes and goes at a glance.

FAQ

How many Americans have an 800 credit score?

According to data collected by credit reporting agency Experian, 22% of Americans have a credit score of 800 or greater.

How common is a 750 credit score?

Approximately 25% of American have a credit score in the 750 range, according to data collected by credit reporting agency Experian.

Does anyone have a 900 credit score?

It’s impossible to have a 900 credit score, as both FICO and VantageScore models only go as high as 850.

What is the riskiest credit score?

Lenders may see a borrower with a “poor” credit score as a high risk. Poor credit scores fall between 300 and 579.

What is the most respected credit score?

While lenders use both VantageScore and FICO and consider them reliable, FICO is used in 90% of lending decisions.

What is a good credit score to buy a house?

Borrowers with higher credit scores are often in a better position to secure favorable rates on a home loan. Generally speaking, lenders require a credit score of at least 620 to buy a house with a conventional mortgage, though requirements vary based on the type of loan you’re pursuing.

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Photo credit: iStock/

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Third Party Trademarks: Certified Financial Planner Board of Standards Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, CFP® (with plaque design), and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.

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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.

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.)

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.

See exactly how your money comes and goes at a glance.

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.

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SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Establishing a robust credit profile takes time, so teaching your children how to start building credit at 18 or even younger can help them get ahead. Building a positive credit history can play a key role in accessing competitive borrowing opportunities in the future.

If you have a teen or early-adult child, there are a few ways to help them establish credit at age 18. This can include getting a secured credit card, becoming an authorized user, or implementing other strategies.

What Is Credit and How Does It Work?

When a person purchases an item on credit, they aren’t using money they already have. Instead, they’re borrowing the funds to make that purchase and promising to repay the amount, plus interest, in the future.

A credit history is a complete record of a consumer’s installment loans and revolving credit accounts. It logs data about the type of credit that’s borrowed, their amounts, the lender that issued the credit, whether payments were made on time, and each account’s status.

Creditors report this data to the three major credit bureaus: Experian®, Equifax®, and TransUnion®. Activity is submitted at regular intervals as soon as a consumer submits an application, and as long as the account is active. Data is also reported when an account is closed.

Recommended: What Is a Charge Card?

Why Is It Important to Start Building Credit Early?

The earlier your child builds their credit, the more time they have to establish and positively impact their credit history and their scores. Credit scoring models, like the commonly used FICO® score, will use your child’s credit history to calculate their credit score.

This score is like a snapshot of your child’s creditworthiness. Businesses and lenders may refer to that score when evaluating your child for future jobs, apartment rental applications, and new loans and credit cards.

Recommended: Does Applying for a Credit Card Hurt Your Credit Score?

Tips to Start Building Credit at 18 Years of Age

As a parent of a teenager or early-adult child, there are a handful of ways to assist them in building credit under their name.

Recommended: Tips for Using a Credit Card Responsibly

1. Add Your Teen as an Authorized Card User

One of the easiest and best ways to start building credit at 18 for your child — and sometimes younger, depending on your card issuer — is by adding them as an authorized user. As an authorized user, your child will be able to make purchases using the card, with the primary account holder remaining liable for monthly payments.

If you have a credit card in good standing, making your child an authorized user on your account lets them reap the benefits of your positive borrowing habits. See if your card issuer allows authorized users (different types of credit cards may have different policies). Also double-check if it reports the account’s data to the credit bureaus for all users under the account.

Your credit card company might have a minimum age requirement for card users (and it often differs from the age to get a credit card independently). If your child meets the issuer’s requirement, your continued good borrowing activity on the card will get reported to credit bureaus to develop their credit file.

Recommended: How to Avoid Interest on a Credit Card

2. Work a Student Loan Into Their Education Financing Strategy

Talk to your college-bound high school graduate about strategically using a student loan to pay for some of their higher education costs. Student loans are installment loans in which your child is the primary borrower. They’re designed to cover school-related expenses and are paid back over time.

Some students might be eligible for a federal student loan, which offers fixed interest rates and borrower protections, like student loan forgiveness as well as flexible repayment and forbearance options. Although payments can be deferred on federal student loans while your child is in school, making payments during school can help them establish credit early on through student loan payment data.

Recommended: When Are Credit Card Payments Due?

3. Help Them Research for a Starter Credit Card

Getting a credit card for the first time can be an overwhelming process for your 18-year-old. There are many types of credit cards on the market with varying benefits. A credit card for individuals who are new to credit, like a secured card, might be an effective way for your child to initiate their credit history.

With a secured card, your child will need to provide the card issuer with a deposit that sets the card’s borrowing limit. Since the issuer uses the deposit as collateral for the account, it can be easier for individuals without credit to qualify. As your child uses the card and makes on-time monthly payments on the account, that data is reported to the credit bureaus.

Recommended: What Is the Average Credit Card Limit?

4. Find Ways To Report Their Payment History

If your child is moving into their own apartment or has done so already, look into whether their landlord is willing to report their rental payment history to the credit bureaus. Additionally, other types of non-traditional payment data can be reported to the credit bureaus by utility service providers.

Your child also might look into a service like Experian Boost®, which is offered by the credit bureau Experian. This service helps individuals who are new to credit start their credit history by accounting for payments toward services, like cell phone and streaming plans.

The Takeaway

Helping your child understand how to build credit at 18 can help them access favorable borrowing opportunities later on. That is, assuming they maintain positive borrowing habits once they have credit accounts of their own, like making payments on time and not taking on too much debt. Strategies can include getting their own credit card or becoming an authorized user on a family member’s card.

Whether you're looking to build credit, apply for a new credit card, or save money with the cards you have, it's important to understand the options that are best for you. Learn more about credit cards by exploring this credit card guide.

FAQ

Can you build your credit before 18?

Yes, parents can help their child’s credit during their high school years by adding them on their credit card account as an authorized user. Depending on the credit card, there might not be an additional fee for adding an authorized user, though some card issuers do charge an annual fee per card user.

What credit score do you start with at 18?

If at 18 years old, a consumer hasn’t had a credit account, they simply won’t have a credit score at all since a credit score of “zero” does not exist. The lowest FICO score possible is actually 300, but a person’s starting score is typically higher than this, unless they’ve already demonstrated poor borrowing behavior early in their credit-building history.

When should I get my first credit card?

There’s no one “right age to get a credit card”; however, card issuers typically set a minimum age requirement of 18 for their card users. Parents can help their child access their first credit card as an authorized user, sometimes before the age of 18 years old. As an authorized user, your child can make purchases on your card, and start building their credit without being liable for monthly payments.

What is the fastest way to build credit at 18?

One of the fastest ways for parents to help their 18-year-old child build credit is by adding them to the parent’s existing credit card account as an authorized user. As parents make on-time monthly payments for at least the minimum amount due, some card issuers report this positive payment data to the credit bureaus for all users listed on the account.

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Photo credit: iStock/PeopleImages

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Third Party Trademarks: Certified Financial Planner Board of Standards Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, CFP® (with plaque design), and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.

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Figuring out whether you will get approved for a credit card is seemingly simpler now with credit card approval odds calculators. These tools can offer guidance, highlighting credit cards with high approval odds in your favor. However, they are not always reliable.

It can be helpful to also understand the key factors that can help make you a more desirable borrower for credit card companies, thus increasing your future approval odds.

What Are Credit Card Approval Odds?

Credit card approval odds inform you of the likelihood that you’d get approved for a particular credit card. How these approval odds are determined, including which details are assessed, can vary between services and card issuers.

For example, a credit card approval odds calculator might suggest that, based on your credit score and income, you have an 80% chance of getting approved for a credit card. It might also offer you a few credit cards with high approval odds to explore.

Checking Your Credit Card Approval Odds

Using a credit card approval odds calculator offers a glimpse of your approval chances, but not a promise. That’s because a credit card company or credit card marketplace can’t provide a 100% assurance of your approval without going through a formal underwriting process.

Underwriting is the step where a lender or issuer evaluates your credit portfolio and application details (like existing debt and income) to calculate whether it would be a risk to extend credit to you. Since this process can only happen after an application is submitted, a tool that states you have high approval odds doesn’t mean your eventual approval is guaranteed.

Prequalifying for a Credit Card Approval

There are a couple of ways to obtain a pre-screened credit card to gauge your approval odds: Receiving a prequalification offer or requesting a prequalification from a credit card issuer.

Using a Prescreened Offer

Based on your general information from the credit bureaus, card issuers might send you an unsolicited prescreened offer stating that you might be qualified for its credit card.

At this step in the process, the card company has only looked at limited markers, like whether you’ve met its minimum credit score requirement. It hasn’t performed a hard credit check nor evaluated your existing debt or income to base an approval on. However, if you receive a prequalification offer, this can be a positive sign that your approval odds are better than if you hadn’t received it.

Checking the Card Issuer’s Website

You don’t always have to cross your fingers in hopes that a card issuer will give you a prescreened offer. Some credit card issuers offer a prescreening form that you can fill out to see if you’re prequalified for its card. If your preferred card doesn’t let you request a prequalification, you might find more insight on the issuer’s website about what’s required for approval.

While you’re on the card issuer’s site, it’s helpful to review its response timelines so you can track your pre-qualification or application progress. This includes the timeline for an application decision, as well as how long it takes to get a credit card if you’re approved.

What To Do if You Prequalify

If you prequalify for a credit card, you can choose to submit an application. Doing so will require a hard credit inquiry before a decision is made, which can temporarily have an effect on your credit score.

Additionally, you can continue shopping around for different cards to see if another product offers a lower interest rate or better incentives.

Recommended: How to Avoid Interest on a Credit Card

What To Do if You Don’t Prequalify

If you don’t prequalify for a credit card, you can proceed in a few ways:

•   Hold off on getting a new card. Too many hard credit inquiries might flag you as a high-risk borrower who’s reliant on credit. If you’ve recently had multiple inquiries on your credit, consider waiting a couple of months before re-applying for a new card.

•   Build your credit score. Card issuers typically look at your credit score to see if it meets its minimum requirement. A higher credit score is a positive indicator that you’re a responsible borrower.

•   Apply for a secured credit card. A secured credit card can be a credit-building card in which you deposit money or collateral in a certain amount. This amount acts as your credit limit.

•   Appeal the decision. If you applied for a credit card and were denied, the issuer must legally inform you of the reason for the denial. If you can provide more information that might sway the issuer in your favor, you can ask them to reexamine your application.

Recommended: Tips for Using a Credit Card Responsibly

Tips for Improving the Likelihood of Approval

Whether you’re getting a credit card for the first time or adding a new card to your rotation, there are a few steps you can take to improve your approval odds.

Reviewing Your Credit Report

Your credit report gives credit card issuers a comprehensive view of your borrowing habits to date. Since it’s a highly scrutinized factor when approving applications, review your credit report before submitting an application.

Check that all accounts, their statuses, and the amounts are accurate. If you spot an account that looks outdated or incorrect, reach out to the credit bureaus immediately to dispute it.

Taking a Look at Your Credit Score

In addition to ensuring your credit report is accurate, evaluate where your credit score stands today. Credit scores are the most common credit card requirements that influence your approval odds. For instance, if a card issuer explicitly states that its minimum credit score required is 720, but your score is 650, your credit card approval odds might be low.

Recommended: Does Applying for a Credit Card Hurt Your Credit Score?

Minimizing Your Debt

Keep your debt-to-income (DTI) ratio as low as possible. Credit issuers use this ratio as a way to determine whether you can afford to pay back potential purchases made on the card. The ratio is based on your aggregate monthly debt amounts divided by your gross monthly income.

Stating All of Your Income

As mentioned above, your income is one of multiple factors used to determine your credit card approval odds. A higher income can reduce your DTI ratio, making you a less risky customer to extend credit to.

You can include various types of income sources on your application. This might include your salary from your full-time job, earnings from a side gig, Social Security benefit payouts, and alimony.

Managing Payment History and Credit Utilization

Staying on top of your existing loan and credit card payments keeps your credit score healthy. This means paying at least the minimum amount due, and making those payments on time every month.

Additionally, be aware of how much of your total credit limit you’re using, compared to how much credit you have access to. This ratio is called your credit utilization ratio. The lower it is, the better. Many financial experts say that no more than 30% or, better still, less than 10% is a good number.

Recommended: When Are Credit Card Payments Due?

Comparing Cards Carefully

With so many credit card products on the market, choosing a credit card that suits your borrowing needs and qualifications can help you find the right card.

Ensure you’re comparing credit cards with the same credit card features between different cards to accurately determine their pros and cons. Some considerations to make when comparing credit cards include:

•   APRs. The annual percentage rate, or APR, is how much you’ll pay in interest if you carry a balance on the card. The lower the interest rate, the better.

•   Balance transfer costs. Some issuers offer a zero-interest balance transfer promotion for a limited period, while others don’t. Similarly, some credit cards charge an additional balance transfer fee.

•   Penalty APRs. If your account becomes delinquent, some card issuers impose a higher penalty APR on your existing balances and future transactions. Make sure you understand how a credit card works and which rules apply.

•   Fees. Certain cards charge an annual fee just for the privilege of carrying the card. This fee is in addition to interest charges you might pay for rolling over a balance, month over month.

•   Rewards program. If you’re after credit card rewards, compare the details of each card’s program. For example, look at whether rewards points or miles are tiered or offered for specific categories or if there’s a flat rewards rate for all purchases.

•   Incentives. You might encounter special promotions, like a welcome bonus or promotional 0% APR. These added perks can factor into your decision.

The Takeaway

Although a credit card approval odds tool can offer broad guidance about whether you’ll be approved for a credit card, it doesn’t replace a card issuer’s underwriting criteria. The credit card company relies on its own underwriting team and algorithms to ultimately decide whether your application is approved. This decision is based on the specific information on your application and your creditworthiness.

Whether you're looking to build credit, apply for a new credit card, or save money with the cards you have, it's important to understand the options that are best for you. Learn more about credit cards by exploring this credit card guide.

FAQ

Does getting rejected for a credit card hurt my credit?

It depends on the specifics of how you are rejected. A credit card preapproval rejection typically doesn’t hurt your credit since preapprovals usually involve a soft credit check. However, if you move forward with a credit card application that involves a hard credit inquiry, your credit score might temporarily drop, regardless of whether you were approved or denied.

Are credit card approval odds accurate?

Generally, credit card approval odds calculators don’t provide a 100% guarantee that you’ll be approved. There have been reported cases of tools claiming that a consumer has high approval odds for a card, only to get denied upon applying. The card issuer is the only entity that can accurately say whether you’re approved for a credit card.

How can I improve my credit card approval odds?

The best way to get good approval odds for credit cards is to minimize high-risk borrowing practices. One way to achieve this is by building your credit score. Keep your credit balances low, make timely monthly payments, maintain long-standing credit accounts, and avoid opening multiple new lines of credit in a short period.

How do you guarantee credit card approval?

There’s no way to absolutely guarantee credit card approval to any particular card. Card issuers base their decisions on a number of factors, like your credit history, credit score, income, credit utilization, debt-to-income ratio, and more.

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Photo credit: iStock/akinbostanci

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

Third Party Trademarks: Certified Financial Planner Board of Standards Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, CFP® (with plaque design), and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.

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