Your age is critical when it comes to certain money matters, such as saving for retirement or getting car insurance — younger adults have more time for compound interest to work its magic, and they and pay higher car insurance rates. But what about when it comes to your credit?
While credit scoring companies don’t consider ages when assigning scores, there is a correlation between age and score.
Here’s a look at the average credit scores by age, how age can help determine scores and how to judge whether your score is in a good place.
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What is the average credit score by age?
There isn’t just one average credit score for every age because many different credit scoring models exist. These are the averages for the two most popular models, FICO 8 and VantageScore 3.0, according to the score providers.
Average FICO 8 score by age
Here’s the breakdown of FICO 8 scores by age range as of April 2023:
Age group | Average FICO 8 score |
|---|---|
18-29 | 680 |
30-39 | 692 |
40-49 | 706 |
50-59 | 724 |
60+ | 753 |
Scores get progressively higher with each age group.
Average VantageScore 3.0 score by age
VantageScore 3.0 data from October 2023 is on par with FICO’s. Younger generations have lower average scores than older generations.
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 |
While FICO and VantageScore take different approaches to age groupings — one uses roughly 10-year age ranges while the other uses broader generational ranges — the average scores for specific ages are similar to one another. For example, the average score for a 25-year-old is 680 and 669, respectively — an 11 point difference.
What is the average credit score overall?
The average FICO 8 credit score is 717, as of October 2023. The average VantageScore 3.0 score is 700, as of October 2023. Only adults in the two oldest age groups have average scores above these numbers, but the other groups aren’t too far behind.
Does age affect your credit score?
Your credit scores are not directly impacted by how old you are. Credit scoring companies don’t include ages in their calculations. However, age can play an important role in shaping your scores.
How age can influence scores
The length of your credit history is one of the biggest factors that make up your credit scores. The longer an account has been open, the better, because it gives lenders more information to go off of when assessing risk. Theoretically, your credit scores should get higher as you get older because the age of your credit accounts increases each year. However, if you close an account — particularly one with a high credit limit or that you’ve had for a long time — it could set you back.
Younger adults are more likely to have thin credit files, meaning fewer accounts or credit types. Scoring models reward people with a mixture of revolving and installment credit. For example, having credit cards, an auto loan and a mortgage is better for your score than having only credit cards.
However, your record of paying bills on time and spending responsibly have a much stronger impact. Stumbles that drag down scores such as missing payments or having a high credit utilization ratio can happen to anyone, young or old.
What is a good credit score for your age?
You might consider your score to be good if it meets or exceeds the average for your peers, but that isn’t the best gauge. Following NerdWallet’s general guidelines, a good credit score is within the 690 to 719 range on the standard 300-850 scale, regardless of age.
Credit scoring companies have their own measures. FICO’s good range is 670-739 and VantageScore’s, which it labels “prime,” is 661-780. (Find the complete list of FICO and VantageScore categories below.) But a score that falls below these ranges is still good if it helps you do what you need or want to do, such as open a new credit card or rent the apartment you like.
FICO score ranges
Below 580: poor.
580 to 669: fair.
670 to 739: good.
740 to 799: very good.
800 and above: exceptional.
VantageScore ranges
300 to 600: subprime.
601 to 660: near prime.
661 to 780: prime.
781 to 850: superprime.
How to check your credit score
Checking your credit score yourself is free and will not lower your score. You can get a free credit score through NerdWallet — TransUnion VantageScore 3.0 — and many other financial websites. You might also find your credit score on your monthly bank statement or by logging in to your banking account.
Ways to build credit
It’s normal for credit scores to go up and down. A minor shift usually isn’t cause for alarm. But if your score drops into an undesirable range, there are strategies you can try to bump it:
Check your credit reports to learn what may be causing the drop in your score and dispute any errors with the credit bureaus.
Spend cautiously and pay your balances frequently to keep your credit utilization as low as possible. This might mean not waiting until your bill is due to pay off your balance but, instead, making payments every other week.
Set reminders or set up automatic payments on your credit accounts to ensure you pay bills on time.
Increase your credit limit. Try asking your existing credit card issuer to raise your limit or consider adding a new card to the mix.
Credit scores, while important, are just one part of your financial picture. Checking your broader financial health score on NerdWallet can give you a better understanding of your relationship with money.
