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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.

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.

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.

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

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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Photo credit: iStock/Miljan Živković
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 general trend is that the older you are, the better your credit score. The average credit score for Gen Z is 680; that rises to 745 for Baby Boomers. This is largely because Boomers have had more time to build a credit history. Your credit history shows how well you manage your debt over time and how much of a risk you are to a lender.

You can improve your credit score by paying bills on time, not using more than 30% of the credit available to you, and using a variety of loans responsibly.

Here’s an in-depth look at credit scores by age and how you can maximize your score regardless of age.

What Is a Credit Score?

Your credit score is a measure of how well you manage your debt. Lenders can access your credit score from the three main credit reporting agencies: Equifax, Experian, and TransUnion. The scores you receive from each bureau vary because each bureau may have different information about your credit.

Your credit reports, on which your scores are based, show information such as loan-paying history and the status of your credit accounts.
When you apply for a loan or financing, lenders use your credit score to establish how risky you are as a borrower. The riskier you are, the lower your score, and the more interest you may pay for a loan.

Recommended: How to Check Your Credit Score for Free

Average Credit Score by Age

Here’s the average credit score by age and generation as of the second quarter of 2023, according to Experian.

Generation	Age	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+	761

How Does My Age Affect My Credit Score?

While age doesn’t have a direct effect on your credit score, older generations tend to have higher scores because they’ve had more time to establish a solid credit history. Factors that affect your credit score include your payment history, your credit utilization, the length of your credit history, your credit mix, and how often you’ve recently opened a new line of credit.

However, according to OpenLending and TransUnion’s “Financing the Future” report, Generation Z and millennials are more likely to move up to higher credit tiers at a faster rate than older generations because of their borrowing habits.

What Factors Affect My Credit Score?

There are five main factors that make up your FICO® credit score, each with varying weights. The five factors include:

Payment History

Your payment history makes up 35% of your FICO score. It includes how promptly you pay your credit card bills, your mortgage, and any installment loans. A few late payments on credit cards or a mortgage won’t ruin your score, but any bankruptcies or collections may.

Credit Utilization

Your credit utilization makes up 30% of your FICO score. It measures the amount of revolving credit you use versus the total amount of credit you have available (credit card limits, lines of credit, etc.).

Length of Your Credit History

The length of your credit history accounts for 15% of your FICO score. The longer your credit history, the better, assuming you manage your credit well. Your credit history includes how long your credit accounts have been open, the age of your oldest account, the age of your newest account, and the average age of all your accounts.

Credit Mix

Your credit mix, or the diversity of your debt, accounts for 10% of your FICO score. This includes credit cards, mortgages, HELOCs, installment loans, student loans, and car loans. If you are successfully managing a variety of financing types, it will be reflected in your FICO score.

New Credit Applications

When you apply for a new credit card, the lender will do a hard inquiry on your credit that could cause your score to dip slightly. New accounts also reduce the average age of your accounts, which could lower your score, as well. On the flipside, a new credit card account increases the amount of credit available to you, which might lower your credit utilization rate. It might also diversify your credit mix, and if you make payments on time, it could help build your credit score.

Recommended: How Long Does It Take to Build Credit?

Average FICO Score by State

The state with the highest average credit score is Minnesota at 742, and the state with the lowest average score is Mississippi at 680, according to Experian. Average credit scores are typically influenced by demographics, unemployment rates, poverty levels, education, and income.

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

FICO Vs. VantageScore

FICO and VantageScore are the two leading companies in the credit score industry. Both use slightly different criteria in their scoring models to determine your credit score.

The VantageScore models and the base FICO models are generic credit scores created for use by a wide range of creditors, such as private student loan companies, online lenders, and credit card issuers.
FICO also creates industry-specific auto and bankcard scores, which are built on the same criteria as the base FICO scores, but tailored for auto lenders and card issuers.

Both VantageScore and FICO update their scoring models regularly to keep up with technology and industry changes, but also to ensure they remain predictive as consumer behavior changes.

With all credit scores, the lower your score, the more risk you pose to lenders. That’s why borrowers with the highest credit score get the best loan terms.

Both the base FICO scores and the base VantageScores range from 300 to 850, while FICO’s industry-specific scores range from 250 to 900.

What Is a Good Credit Score?

According to Experian, 670 to 739 is considered good. Credit scores above 740 are very good and above 800 are excellent.

Here is how credit scores are categorized:

•  Poor: 300 to 579

•  Fair: 580 to 669

•  Good: 670 to 739

•  Very Good: 740 to 799

•  Exceptional: 800 to 850

Average Credit Score by Income

Your income is not considered as part of your credit score. However, some studies, including a 2018 Federal Reserve study, found that your income may have a “moderate correlation” to your credit score.

Average Credit Score by Income (according to the latest data from American Express)
Annual Income	Average Credit Score
Low Income	658
Moderate Income	692
Middle Income	735
High Income	774

The reason your income might affect your credit score is that the higher your income, the likelier you will be able to pay your debts on time and build a strong payment history. For example, if you earn $120,000, it will be easier to pay back a debt of $10,000 than if you earn $50,000.

Nevertheless, you don’t have to be a high-income earner to build credit over time. Paying bills and debt payments on time is the most important thing.

Tips for Building Your Credit Score

•  Make on-time payments: Consistently paying bills on time is one of the most effective ways to build and maintain a strong credit score.

•  Keep credit utilization low: Aim to use no more than 30% of your available credit to show responsible credit management.

•  Limit new credit applications: Avoid frequent credit applications, as each inquiry can temporarily lower your score and indicate potential financial strain.

•  Pay down debt: Reducing outstanding balances on existing debts can improve credit utilization and positively impact your score.

•  Maintain old credit accounts: Keeping older accounts open contributes to a longer credit history, which is favorable for your score.

•  Review credit reports regularly: Check your credit report for errors and dispute any inaccuracies that could be lowering your score.

•  Use a mix of credit types: A blend of credit types, like installment loans and credit cards, shows you can manage different forms of credit.

Practicing good fiscal management will keep your credit score from dropping and slowly help to build your credit score over time.

The Takeaway

The general trend is that the older you are, the better your credit score. That’s because older individuals have had more time to demonstrate that they can use debt responsibly. With a higher credit score, lenders consider you less of a risk and may charge you a lower interest rate on a loan.

You can build your credit score by paying bills on time, not using more than 30% of the credit available to you, and using a variety of loans responsibly. Also, don’t apply for new loans too often, as this can lower your score.

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 an 800 credit score?

According to Experian, nearly a quarter (22%) of Americans have a FICO Score of 800 or higher, which the credit scoring company describes as exceptional.

What is the average American’s credit score?

The average credit score in the U.S. was 715 in 2023, increasing by one point from its 714 average in the third quarter (Q3) of 2022, according to Experian.

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

Yes, a 750 credit score is excellent for a 25-year-old, showing responsible credit management at an early age. With this score, you’re likely to receive favorable terms on loans and credit products, setting a strong foundation for future financial goals.

What is a good credit score to buy a house?

While credit score requirements vary based on loan type, lenders generally require a credit score of at least 620 to buy a house with a conventional mortgage.

What is a good FICO score to buy a car?

You will likely need a credit score of 661 or above to get an auto loan at a good interest rate. If you have poorer credit, you can still get a loan, but you will probably have to pay more for it or find a cosigner.

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Photo credit: iStock/Jacob Wackerhausen

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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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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Photo credit: iStock/Pekic

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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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