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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:

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.

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.

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.

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.

SORL-Q424-033

If you’re planning a winter open house, you might think there’s not much you can do to boost your curb appeal. In summer, you can clean up the lawn, add new plants, and set out an Adirondack chair in a cool color. But in the depths of winter, it may feel hopeless. However, there’s actually a lot you can do to boost your curb appeal for a winter open house.

How to Prepare for an Open House

No matter the season, there are some things that hold true: You always want your home to give off a great first impression. Whether it’s raining, snowing, or sunny, that means cleaning up the lawn, tidying the driveway, and doing other basic maintenance.
In winter, you may face some additional challenges. Let’s look at 15 things you can do that help with a winter open house, so you can sell your current abode, free up funds for your next home purchase, secure a mortgage loan, and get moving!

1. Start at the Front Door

No matter what the weather is doing, you can always spruce up your front door. There are still plenty of people buying a home in the winter, and you can give those folks a stunning first impression of your house. It will greet potential buyers before they ever step inside. A fresh welcome mat and a charming wreath or decorative array of pine cones can go a long way in this regard. You can also do some basic cleaning no matter what the season. Tidiness can give you more of an edge than you might imagine, and it’s a truly affordable way to improve your home — it doesn’t take a home equity line of credit to pay a local teenager to help you clean out the garage!

2. Find Plants that Work in Winter

You might think you can only refresh the garden in summer and spring, but there are several plants that thrive in colder weather, depending on where you live. Holly is a popular choice that adds color all winter. Another idea is to grab some pots of mums from your local supermarket or garden center to bring some greenery to the front door area on the day of your open house.

3. Don’t Forget the Birds

It isn’t just plants that are surprisingly hardy in winter. If you have birds in spring and summer, they may be around in winter, too. Hanging a bird feeder can entice them to flit about your yard, which will charm visitors. If you already have bird feeders for the warmer months, prepare for the open house by adding seeds.

Recommended: Mortgage Calculator with Taxes and Insurance

4. Know the Trends

You don’t have to go it alone when trying to figure out how to prepare for an open house. Look up the current housing market trends by city. This can show you not only what’s selling, but perhaps why it’s selling. See what other sellers are doing to improve their curb appeal. Take a look at the listings and let them inspire you.

5. Turn on the Lights

You can use outdoor lighting to not only make your home more attractive, but also safer. You don’t want prospective buyers stumbling through the late-afternoon dark or approaching nervously because they are unsure if the house is open. Add more lighting if you can. You can line a pathway with lights, for example, for both safety and aesthetics.

6. Check the Gutters

In winter, the gutters can take a beating. Make sure you clean out snow, leaves, and other debris that tends to build up during bad weather. Overstuffed gutters just aren’t a good look.

7. Clean the Walkways

A winter open house shouldn’t require snow shoes. Make sure the walkways to and from the house are clean and clear. Shoveling snow isn’t fun, but it will make a much better impression when buyers pull up in front of your house.

8. Don’t Hide Those String Lights

You might think that you have to prepare for an open house by hiding all the holiday lighting, but string lights can add a stylish touch to your home. Don’t go overboard like something out of “National Lampoon’s Christmas Vacation,” but do think about having some in the front of your house, whether around the front door or on some shrubs by the entryway.

9. Put on a Fresh Coat of Paint

There’s no wrong season for a fresh coat of paint. If you get the opportunity and have the budget, try painting your entry area — or your entire home if you’re in a warm part of the country. It can make your home look crisp and well cared for.

10. Paint Your Front Door a Bright Color

Don’t have the time or budget to repaint the whole house? Even just painting the front door can add a fresh splash of color that boosts your home’s curb appeal. Some colors to consider: bright red, like the color of an English double-decker bus, or sunny yellow. (Don’t forget to track your costs if you do more than routine maintenance, as they may help offset capital gains tax on the sale of your home.)

11. Make Sure the House Number Is Visible

When it comes to curb appeal, you also have to think about the literal curb. Is your house number visible from the street? If not, consider updating those numbers to make them visible and chic.

12. Spruce Up the Mailbox

While you’re looking at your house numbers, why not reconsider your mailbox as well? Perhaps you get a brand-new one, or give your current one a fresh coat of paint, so it pops.

13. Do a Quick Roof Fix-Up

Maybe you’ve lived with a few broken or missing roof shingles or tiles for so long, you hardly notice them. Sorry to say, prospective buyers may well zero in on them the second they walk up your front path. After all, a new roof is among the more costly repairs a buyer will encounter. It’s wise to get those repaired before you welcome your home shoppers.

Recommended: What Are the Most Common Home Repair Costs?

14. Refresh Your Landscaping

Applying a layer of mulch (after the first few hard frosts) can help protect plants from winter’s chill and make your landscaping look tidy and clean.

15. Use Fake Plants

You don’t have to be 100% authentic with your decorations. Topiaries shaped like trees or grapevine balls can make your porch more appealing. And they’ll likely stand up to any weather winter can throw at them. And when winter is over, simply store them away.

The Takeaway

You might feel discouraged at first when wondering how to maximize curb appeal for an open house in winter. But it’s a lot easier than it seems. There’s no point trying to fake spring or summer flowers, so opt for cleaning up, some greenery (real or artificial), some lighting, and perhaps a pop of color. Then sit back and wait for the buyers to come, so you can move on to a new home of your own.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.

FAQ

What is the best day of the week to host an open house?

Saturday open houses often conflict with family activities, such as sports games, but Sunday may conflict with religious observation. Which of these is the lesser problem depends on the property you are selling, the community you live in, and the type of house you are selling. A real estate agent experienced in your local market will likely have the best advice on whether Saturday or Sunday is a better day for your specific property.

Is winter a bad time to sell a house?

Winter is traditionally considered a slow season for home sales, but if you are ready to put your home on the market, don’t let the time of year hold you back. You may find there is less competition from other properties, and that real estate agents have more time and attention for your property. If the market is less busy, you may also be able to close on the sale faster.

Photo credit: iStock/Korisbo

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SOHL-Q424-116

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.

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.

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.

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.

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.

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.

SoFi Loan Products
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.

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.

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.

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.

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.

SoFi Loan Products
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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Going for a dip in your own backyard pool can be one of life’s greatest pleasures, but installing one requires a significant financial investment.

To avoid high prices, you might want to go the above-ground pool route. A less-expensive option to in-ground pools, above-ground pools are easier to install. According to HomeAdvisor, the average cost to install an above-ground pool runs between $1,011 and $6,011, with a typical homeowner paying around $3,452. However, the same site reports that if you want an oversized or custom above-ground pool, your total cost may be closer to $11,200.

Don’t have the cash on hand to foot the costs? Here’s a look at different above-ground pool financing options, steps to finance your above-ground pool, and tips to shore up funds for your home improvement project.

Above-Ground Pool Costs

As mentioned, the average cost to install an above-ground pool is $3,452. Swimming pool installation costs depend on a handful of factors:

•   Size: As you might expect, the larger the pool and the higher the wall, the more expensive it is.

•   Shape: The shape of the pool also impacts the price tag. According to HomeAdvisor, rectangular pools are the least costly ($820 to $2,800), followed by round pools ($1,150 to $3,000). Oval pools are the most expensive and can range from $1,290 to $4,840.

•   Material: Above-ground pools can be made of steel, resin, or aluminum. While steel pools are the cheapest, they are also susceptible to corrosion or oxidation. Aluminum pools are the costliest, but they won’t rust. If you’re looking for something in the middle, the resin is rust-resistant and less pricey than aluminum.

Recommended: The Top Home Improvements to Increase Your Home’s Value

Financing Options for Above-Ground Pools

Here are a few above-ground pool financing options to consider:

Personal Loan

A personal loan is also known as a home improvement loan. The major draw of a personal loan is that it can be used for many different kinds of expenses. So if you plan a cluster of home improvement projects to spruce up your place, a personal loan can be used to fund those projects.

Amounts for personal loans typically range from $500 to $100,000, with terms between two and seven years. As of August 2024, the average interest rate for a 24-month personal loan is 12.33%, but you can expect to find rates anywhere from 8% to 36%.

While personal loans can involve a relatively simple online application, lenders will do a hard pull of your credit, which can temporarily ding your credit score. Plus, you’ll need to look out for fees, such as an origination fee, which is an upfront, one-time cost. If you pay off your loan early, some lenders might also hit you with a prepayment penalty to offset any losses in interest.

A personal loan calculator can show you how much your monthly payments can be based on the loan amount, interest rate, and repayment terms.

Home Equity Loan or Line of Credit

As a homeowner, you can borrow against the equity in your home. A home equity loan or home equity line of credit (HELOC) usually features lower interest rates and lower fees than other types of above-ground pool financing. Plus, there are generally lower credit requirements.

A home equity loan is an installment loan in which you receive the proceeds in a lump sum upfront. A HELOC offers a credit limit and allows you to borrow as you go. The interest on a home equity loan or line of credit is tax deductible when used for home improvement projects. Plus, the application process can be simpler. That said, you should be mindful that you risk losing your home if you fall behind on your payments.

Credit Card

The main advantage of using an existing credit card to purchase an above-ground pool and cover installation costs is that you don’t have to apply for a new line of credit or loan. Plus, there is no hard pull on your credit.

The downside: Credit cards usually have higher interest rates and late payment fees. As of August 2024, the average interest rate on credit cards was 23.27%. If you consider putting your above-ground pool on a credit card, you’ll want to pay off the balance as quickly as possible.

In-Store Financing

Another option for above-ground pool loans is in-store financing or directly from the dealer. One plus of getting your pool financed from the store is that the application process can be fairly quick.

However, you’ll want to be watchful for potentially higher interest rates and fees. Plus, there might be limited financing options or no financing available for the pool you’ve had your eye on.

Savings and Cash Payment

If you can pull funds out of your savings and pay for the pool in cash, you won’t have to worry about applying for a line of credit or being responsible for monthly payments. Plus, you won’t have to pay interest, which can ramp up the total cost of your home improvement project.

However, tapping into your savings means less money for other home improvement projects, financial goals, and emergencies. Consider the opportunity cost.

Pros and Cons of Each Financing Method

Let’s look at the advantages and disadvantages of each financing option:

Personal Loan

While getting funding for a personal loan involves a reasonably simple, speedy application process, the interest rates are usually higher than a home equity loan or HELOC. You’ll likely need a higher credit score to qualify for the best interest rates and most flexible terms.

You’ll also want to be aware of fees, such as prepayment penalties, origination fees, and late fees. Depending on the lender and your unique financial situation, various repayment terms may be available.

Home Equity Loan or Line of Credit

Home equity loans and HELOCs typically have lower interest rates than credit cards and personal loans, but you’re betting on your home.

The credit score requirements are normally lower because these are essentially second mortgages secured by your home. The minimum credit score required for home equity loans is usually 680.

Home equity loans usually have fixed interest rates, so you can expect predictable payments throughout the loan’s duration.

HELOCs, on the other hand, have variable interest rates. That, coupled with the fact that you pay as you go, means your monthly payment can change. However, this financing option might be a good fit for multiple home improvement projects or when the amount is likely to change.

If you miss a payment during the draw period, there may be a grace period after the payment due date. You could be charged a late fee or other penalty if you make a payment during this time. However, the lender may not report the late payment to the credit bureaus. If you fail to make a payment after the grace period ends, the lender will likely report it to the credit bureaus, which can hurt your credit score.

Credit Card

A major advantage of a credit card is that you don’t have to apply for a new loan or line of credit. You can use your current credit card to cover the costs of your above-ground pool. Plus, you need to make only minimum payments. On the other hand, you’ll pay a lot in interest if you make only minimum payments.

In-Store Financing

In-store financing can be a convenient, easy-to-apply option. However, repayment terms might be limited, and financing might be available only for certain pools. Also, interest rates might be higher than other options.

Savings and Cash Payment

If you can fork over the money to cover the cost of installing your pool, you don’t have to fret over repayment plans, meeting lending criteria, and paying interest. However, that’s less money you’ll have stashed away for other financial goals.

Recommended: What Are the Different Types of Debt?

Steps to Finance Your Above-Ground Pool

To make for a smoother process and scoop up the best rates and terms on your financing, mind the following steps:

Determine your budget. Do your homework to determine the cost of installing an above-ground pool. This involves looking at models of different sizes, materials, and shapes. You’ll also want to get an estimate for shipping and installation costs.

Build your credit score. The better the score, the more options you’ll likely have, and the less expensive the financing. Practice good credit habits, such as making on-time payments, keeping cards you don’t use open, avoiding overspending, limiting credit applications, and keeping your credit usage low.

Research financing options. Researching the financing options for your pool installation can help you find the best loan for your needs, budget, and situation. See if you can get preapproved online from a few different lenders. That way, you can gauge how much you’ll be approved for before officially applying.

Gather the required documentation. Common documents you’ll need to gather before applying include a government-issued ID, such as a driver’s license or passport, proof of address (i.e., a past utility bill), proof of employment and steady income (i.e., a recent paycheck), your Social Security Number or individual taxpayer identification number (ITIN). Some lenders may ask to see your education history.

Apply. Once you’ve narrowed down your financing choices and lenders, it’s time to submit your application. Make sure you’ve provided all the required information and carefully review it for errors.

Tips for Saving Money on Your Above-Ground Pool

To keep your above-ground pool costs in check, look for financing options with lower interest rates, no or low fees, and flexible terms. Flexible terms help you stay on top of your payments. As with any home project, it also helps to keep track of costs to ensure you’re staying within your budget.

If affordability is at the top of your list, consider pools that are smaller in size, rectangular, and made of less expensive materials. This could potentially also lower your pool’s maintenance and energy costs.

Understanding the Long-Term Costs

Beyond the installation, you’ll want to factor in the ongoing, long-term costs of having a pool. This includes maintenance costs such as cleaning the pool, checking the pH and chlorine levels, and maintaining equipment.

And don’t forget to fold in energy costs and what you’ll need to pay for cleaning supplies such as filters. Generally, chlorine pools will bump up the cost of your overall maintenance, as the upkeep costs more than saltwater counterparts.

Apply for a Home Improvement Loan

Home improvement loans often range between $5,000 to $100,000, and you may be able to get funding on the same business day. You can get a loan from many banks, credit unions, or online lenders and, as mentioned, the funds can be used to pay for just about anything.

The Takeaway

You can go many ways to secure above-ground swimming pool financing. To narrow down the best choice for you, do your homework to figure out exactly the type of pool you’d like and the costs involved.

From there, you can explore your options. It’s important not to take on more debt than necessary. After all, that’s a financial responsibility you’ll be on the hook for. By taking the proper steps, you can figure out the best route for you.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.

FAQ

How much does an above-ground pool cost?

According to HomeAdvisor, the average cost to install an above-ground pool ranges between $1,011 and $6,011, and homeowners spend an average of $3,452. However, larger custom pools that you build from scratch can cost up to $11,200.

What credit score do you need to finance?

The credit score you need for above-ground pool financing depends on the type of financing. Generally, the minimum credit score for a home equity loan or HELOC is 620, but lenders like to see a minimum score of 680. Personal loans are usually more accessible if you have less-than-perfect credit, and the minimum credit score can be as low as 580.

How long do most people finance a pool?

It depends on the type of above-ground pool financing. Personal loan repayment terms range from two to seven years, and if you’re taking out a HELOC, the draw period is usually 10 years.

Photo credit: iStock/enigma_images

SoFi Loan Products
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.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

^²SoFi Bank, N.A. NMLS #696891 (Member FDIC), offers loans directly or we may assist you in obtaining a loan from SpringEQ, a state licensed lender, NMLS #1464945.
All loan terms, fees, and rates may vary based upon your individual financial and personal circumstances and state.
You should consider and discuss with your loan officer whether a Cash Out Refinance, Home Equity Loan or a Home Equity Line of Credit is appropriate. Please note that the SoFi member discount does not apply to Home Equity Loans or Lines of Credit not originated by SoFi Bank. Terms and conditions will apply. Before you apply, please note that not all products are offered in all states, and all loans are subject to eligibility restrictions and limitations, including requirements related to loan applicant’s credit, income, property, and a minimum loan amount. Lowest rates are reserved for the most creditworthy borrowers. Products, rates, benefits, terms, and conditions are subject to change without notice. Learn more at SoFi.com/eligibility-criteria. Information current as of 06/27/24.
In the event SoFi serves as broker to Spring EQ for your loan, SoFi will be paid a fee.

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