When building credit, age can play a key role in shaping your financial profile. But what exactly is considered a good credit score for my age? Whether you’re just starting your credit journey or have been managing debt for decades, your credit score can impact everything from loan approvals to interest rates. Keep reading to see how you can get personalized offers from our trusted partners through MoneyLion!
What is a good credit score?
A good credit score generally falls within the 670-739 range on the FICO scale, although some scoring models, like VantageScore, have slight differences. Scores in this range are considered strong enough to qualify for most loans and credit cards, though the interest rates may not be as favorable as they would be for someone with a higher score.
The national average FICO score as of October 2024 is 717 and the average VantageScore is 700. You’re in pretty good shape if your score is around or above these averages. Scores vary across age groups due to factors like the length of credit history and financial habits. 📈
What is the average credit score by age? 🤔
The average credit score by age tends to increase as individuals get older, reflecting a longer length of credit history and more financial experience. For those aged 18-29, the average FICO score is 680, while individuals in their thirties average around 692. In their forties, the average score rises to 706, which continues to climb to 724 for those in their fifties. People in their sixties and beyond generally have the highest average scores, with a FICO score of 753, thanks to decades of managing credit responsibly.
Average FICO 8 score by age
Now that you know what qualifies as a good credit score, let’s look at the average credit score by age. It’s no secret that older generations have higher scores, mainly due to their longer credit histories and more established financial profiles. Here’s how the numbers breakdown:
| Age group | Average FICO 8 score |
| 18-29 | 680 |
| 30-39 | 692 |
| 40-49 | 706 |
| 50-59 | 724 |
| 60+ | 753 |
Average VantageScore 3.0 score by age
Similar to FICO scores, VantageScore 3.0 scores also increase with age, as older generations typically have more established credit histories and financial experience. Here’s how the average VantageScore 3.0 scores breakdown by age group:
| Age group | Average VantageScore 3.0 score |
| Gen Z (1997+) | 669 |
| Millennial (1981-1996) | 677 |
| Gen X (1965-1980) | 696 |
| Baby boomer (1946-1964) | 738 |
| Silent (1928-1945) | 745 |
Average credit scores in your twenties 🧑🎓
If you’re in your twenties, the average credit score range is around 660-680. This is often the lowest credit score range people will have. The reason? A shorter length of credit history. As young adults begin their financial journeys, they may just start to build credit by taking out student loans, credit cards or car loans.
Average credit scores for your thirties 🧑💼
By the time you’re in your thirties, the average credit score rises to about 672-692. This age group typically sees improvements as more individuals establish a solid payment history and gain diverse credit lines like mortgages or auto loans, which help with their overall credit mix.
Average credit scores for your forties 👨👩👧
In your forties, the average credit score climbs to 706. This is when people generally start seeing the benefits of managing credit responsibly for a couple of decades. If you’re in this age group, it’s important to continue practicing good financial habits, as this can be a turning point where scores start to solidify.
Average credit scores for your fifties 💃🕺
Once you hit your fifties, the average credit score jumps to 724. People in this age group often have multiple decades of credit history, which positively affects their scores. Many may also have paid off major loans or are close to paying them off, further boosting their credit standing.
Average credit scores for your sixties 👩🦳👨🦳
The average credit score for individuals in their sixties is 724. This is the first age group whose average score surpasses 700, reflecting decades of responsible credit management and financial maturity. People in this age range typically have a long length of credit history, which plays a significant role in achieving higher scores.
Many in their sixties may have paid off major debts, like mortgages or car loans, leading to healthier balance sheets and improved credit profiles. While there’s still room to increase a score beyond 724, significant gains become more challenging as individuals approach the upper limit of the credit score range.
Average credit scores in your seventies and older
People in their seventies tend to have the highest average credit scores, reaching 753. This excellent score highlights the culmination of decades of credit use and financial responsibility. With a credit score range like this, individuals can access the best interest rates and perks from lenders. The combination of lengthy credit history, on-time payments and well-managed debt has allowed this age group to achieve credit scores higher than younger generations, further reinforcing the value of long-term financial habits.
How age can influence credit score 📆
While your age doesn’t impact your credit score, the length of credit history plays a significant role. Credit scoring models reward individuals who have longer histories of responsible credit use. Credit score range is also influenced by other factors:
- Payment history: The most critical factor, making up 35% of your score. Consistently paying bills on time boosts your score. ✅
- Credit utilization: This measures how much of your available credit you’re using. It’s best to keep your utilization below 30% – even better if it’s under 10%. 📉
- Credit mix: Lenders like to see a mix of credit types (like credit cards, loans) as it shows you can handle different kinds of credit responsibly. 🏦
- New credit inquiries: Applying for too many credit lines at once can hurt your score, as each application triggers a hard inquiry. 💳
How to work toward a good credit score
If you’re looking to surpass the average credit score range for your age, these strategies can help.
Make payments on time ⏰
Payment history is the foundation for your credit score. It makes up 35% of your score and keeps other credit score categories healthy.
Only incur new debt if you can pay it off on time. Credit bureaus will learn about late payments and lower your score accordingly. Late payments can snowball and create worse credit scores and financial health problems.
Keep your balance low 💼
A low balance promotes healthy spending habits and fortifies your credit utilization ratio. Credit utilization makes up 30% of your credit score and measures how much of your limit has been used.
If you have a $10,000 credit card limit and a $2,000 balance, you’ll have a 20% credit utilization ratio. A credit utilization of below 30% ratio will potentially improve your score, but credit utilization below 10% will favorably impact your score.
Pay down existing debt 📉
Paying down existing debt will improve your credit utilization ratio and make you less vulnerable to compounding debt. Overwhelming debt problems usually start from a small unpaid debt.
Only making minimum payments and letting the debt compound can result in poor money habits and a towering balance. Gradually chipping away at existing debt will make it more manageable.
Monitor your credit report for errors 👀
Improving your payment history and lowering your debt can help improve your credit score over the long term, but detecting errors in your credit report can immediately raise your score.
Credit bureaus will give your credit report a closer look if you dispute any mistakes. The credit bureaus will remove errors on your report and since those errors no longer drag your score, you will see a quick increase.
Keep old credit accounts open 🧾
Some people close old and inactive accounts, but leaving them open can help your credit. Credit length makes up 15% of your score.
Keeping old accounts open allows them to continue propping up your credit score. Deleting older accounts can hurt your credit score, removing history from your credit profile.
Don’t apply for multiple credit lines at once 🛑
Applying for credit lines gives you additional funding sources. It’s good to have extra capital just in case something happens, but applying for multiple lines of credit will hurt your score.
Each credit application triggers a hard inquiry. The lender will conduct a deeper dive into your credit report and you will lose a few points from the hard credit check.
A single hard pull won’t hurt your credit score, but applying for several lines of credit results in numerous credit inquiries that all drag down your score. Soft credit inquiries are okay for your credit score, but lenders usually do a hard check if you’re asking for a line of credit.
Stay on top of your credit at any age 🏆
No matter how old you are, maintaining a good credit score for your age is crucial for your financial health. Good financial habits will keep your credit in great shape, whether you’re just starting in your twenties or enjoying a strong score in your sixties. Focus on paying your bills on time, keeping your credit utilization low and maintaining a diverse credit mix and you’ll see improvements over time.
FAQs
How long does it take to build good credit?
Building good credit can take several months or even years, depending on your financial habits, but making payments on time and keeping your balances low can help speed up the process.
Is 725 a good credit score for a 22-year-old?
Yes, a 725 credit score is excellent for a 22-year-old and well above the average for that age group.
Is 5 years a good credit age?
Yes, a 5-year credit history is generally considered good, especially for younger individuals.
