What Is a Good Credit Score for My Age?

Whether you're just getting started building credit or you have years of credit experience behind you, it's common to wonder how your credit looks when compared to your peers. "What is a good credit score for my age?" is a common question asked by people from all age groups. This is especially true if you're hoping to build good credit so you can improve your quality of life.

According to recent stats, the average FICO credit score worked out to 714 as of the second quarter of 2022. However, younger consumers tend to have lower scores, and older people tend to have FICO scores that are much higher than average.

Key Takeaways

• The FICO credit score is the most common type of credit score that's used by 90% of top lenders. According to recent data, the average FICO score for Americans worked out to 714 at last count.
• Your credit score will typically increase as you grow older and gain valuable credit history and experience.
• Good habits like making on-time payments and keeping debt levels low can put you on a path to improving credit over time.

Average Credit Scores by Age

The average credit score by age shows that, without question, older Americans have better credit overall. In fact, the average credit score by age increases incrementally for each decade someone ages until they turn 90, at which point the average score drops by a few points.

The data we compiled below shows how credit scores vary by age group based on FICO data from the second quarter of 2019:

Average Credit Scores by Generation

Data below comes from Experian, and it also shows the incredible disparity between the average credit scores of younger people versus older Americans. However, it also shows that scores for most generations increased slightly from 2021 to 2022.

Note how the average credit score by age 21 came in at more than 80 points lower than the average credit score for individuals 77 and older in 2022, and 27 points lower than the average credit score by age 50.

Average Credit Score for People in Their 20's

When you break down data from Experian, you can get a better view of credit scores for people in their 20's in particular. As you can see from the chart below, individuals in their late 20's tend to have better credit than those who are in their early 20's.

Average Credit Score for People in Their 30's

Our latest data groups individuals in their 30's all into one category for the purpose of ranking their credit scores. You can see from the chart below that people in their 30's have better credit than individuals in their early 20's, likely due to having higher incomes and more credit history listed on their credit reports.

Average Credit Score for People in Their 40's

Individuals in their mid- to late 40's seem to have cracked the code to building good credit based on our latest data. This is when individuals have even more credit history under their belts, and when they are more likely to own a home. 

Average Credit Score for People in Their 50's

Individuals in their 50's tend to have even more established credit overall, and this is reflected in their average scores. The chart below shows the average credit score of two age groups within their 50's.

Average Credit Score for People in Their 60's and Beyond

People in their 60's do even better when it comes to their credit scores, which makes sense when you consider the stage of life this generation is in. Individuals in this age range are much more likely to have a considerable amount of credit history, and to have fewer types of debts.

That said, those in their 70's have even better credit. The chart below shows how individuals who fall into this age group fare when it comes to their average credit scores.

Average FICO Score Through the Years

The average FICO score across all age groups has ebbed and flowed over the years based on economic conditions and other factors. The chart below shows where the average FICO score has landed since 2005 and all the way up to 2022.

Why Age Matters

While your physical age doesn't directly impact credit scores, some age-related factors absolutely do. The fact is, lenders and other creditors prefer to extend borrowing amounts to individuals who have a proven history of repayment and using credit responsibly. 

Here's how age plays a role in this calculation:

• Your payment history makes up 35% of your FICO score. The most important factor that makes up your FICO score is your payment history, and younger people haven't had enough time to show a lengthy history of on-time payments.
• The length of your credit history makes up another 15%. The length of your credit history also plays a role in your score, and once again, younger people need time to improve their standing in this category.
• It takes time to improve your credit mix. Credit mix is a factor that considers the types of credit you have, and it makes up another 10% of your FICO score. Younger people have a disadvantage in this category since they may not have a mortgage yet, much less a combination of installment loans and revolving credit accounts.

What Makes a Good Credit Score?

Before you can focus on building credit, you should know what range of score you should shoot for. When it comes to FICO scores, the following ranges help you know where you stand:

Also consider the factors that make up FICO scores, some of which we already explained above. Here's an overview of each factor the credit bureaus use to determine your score.

As you look over the categories that impact your credit scores, it's easy to see how your age plays a role — and how growing older can help you build credit and improve your score over time.

• You can build a history of on-time payments with each passing year. The older you get, the more chances you have to make on-time payments on all your bills. Over time, the cumulative effect of your timely payments will help your credit in a big way.
• You can keep debt levels lower as your income increases. You may have more debt when you're earning less money and you have kids at home. However, managing debt usually gets easier as you grow older and reach your peak earning potential.
• Your credit mix can improve as you gain more experience managing money. Growing older can also mean buying a home and taking out different types of credit products. These new additions to your credit history can help improve your credit mix, thus boosting your score.

Trends Impacting Credit Scores

It's common for various trends to impact credit scores over time, and this year is no exception. The Fair Isaac Corporation (FICO) says the following situations are impacting the average credit scores across various age groups today:

• Increase in missed payments: FICO says that, as of April 2022, a little over 15% of the U.S. population had a missed payment on their record, which is up 1% from the year before. Since payment history is the biggest factor determining credit scores, missed payments play a significant role.
• Increase in average debt: FICO also points out that debt levels are on the rise. According to the most recent figures, average credit utilization was at 31% as of April 2022. This figure is up from the average utilization in April of 2021, which was at 29.6%.
• Increase in new credit: Consumers are also asking for new credit cards and other types of credit at a faster pace. As of April 2022, 47.5% of consumers had opened at least one new account in the past year, up from 44.8% in April of 2021.

How to Improve Your Credit 

Whether you're at the beginning of your credit building journey or you need to improve your score based on mistakes you made in the past, the same moves will help you get on the right path. Consider the following tips to help you enjoy the benefits of a good credit score no matter your age.

• Never miss a payment. Since your payment history is the biggest factor used to come up with your credit score, make sure you pay every bill you have early or on time. 
• Keep your oldest accounts open — even if you're not using them. This step can help you increase the average length of your credit history. If you close old accounts, on the other hand, you can decrease your average credit history length overnight.
• Keep your credit utilization ratio in check. Most experts suggest keeping your debt amounts owed below 30% of your available credit at all times. This means never owing more than $1,500 on revolving accounts if you have total credit limits of $5,000.
• Only apply for new credit when you have to. Avoid unnecessary hard inquiries on your credit report by only applying for new credit when absolutely necessary. If you can wait for a while to increase your credit before you apply for a new account, that's even better.

Final Word

The benefits of a good credit score are too good to pass up, which is why building credit is important no matter your age. After all, getting a good credit score can help you qualify for lower interest rates and more loan options, as well as lower insurance rates and better employment opportunities.

Also remember that the average credit score by age is just an average. With the right credit moves, you can boost your score well beyond those in your age bracket.