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Since late 2023, the average credit score for U.S. adults has held steadily at a healthy 715, according to Experian. But don’t worry if your scores fall below that figure. For anyone Gen X or younger, it's normal to have scores below 700. Plus, anything 670 or higher is still considered "good" by most lenders.
Still, it can be helpful to understand how credit scores change with age — and how yours compare to your peers. Read on for a breakdown of average credit scores by age, and what factors impact those scores.
What is a credit score?
A credit score is a three-digit number that represents the information in your credit reports. The more positive information you have in your reports, the higher your scores will be. While most credit scores range from 300 to 850, some alternative versions range up to 900.
So what's a good credit score? According to FICO (the most widely used credit scoring model), scores of 670 and up are good. That said, you may need higher scores to qualify for the lowest interest rates and fees on new loans and credit cards.
It’s also important to note that you have more than one credit score. For example, your score may vary between the three major credit bureaus — Equifax, Experian, and TransUnion — depending on what data each has about you.
Also, there are different scoring models, like FICO and VantageScore, each of which has different versions. So, your FICO 8 score from Experian could be different than your VantageScore 4.0 from TransUnion. However, if you’re practicing good financial habits, all of your scores should fall roughly within the same range or tier (as long as there are no errors on any of your credit reports).
Average credit score by age
According to data from Experian, age is strongly correlated with credit scores; the older you are, the more likely you are to have good credit.
While there are a few credit score factors you can work to improve at any time, there's one that gets easier to improve with age: the length of your credit history. The longer your history of managing credit cards and other debt, the better.
Plus, older Americans are more likely to be financially secure, which makes it easier for them to improve in other areas, such as keeping credit card debt under control and making payments on time. For younger adults, hurdles like student loan debt, rising car loan payments, high rent costs, and high mortgage rates make building good credit an uphill battle.
The good news is that no matter your age, your credit scores can always be improved. For example, you can increase your scores by consistently paying your bills on time, reducing your credit card balances, and keeping new loan and credit card applications to a minimum.
Additionally, time can work in your favor. Negative information, such as late payments or accounts in collections, stay on your credit reports for seven years. And those negative marks have less impact on your credit scores over time.
How can I check my credit scores?
Every person has multiple credit scores, but there are ways you might be able to see one or more of yours for free.
My Money from Yahoo Finance, for example, is a new personal finance tool that allows you to see your VantageScore from TransUnion for free.
Many banks, credit unions, and credit card companies also provide you with free credit scores and monitoring tools. You simply have to log into your online account or app to locate your complimentary score. Alternatively, you can sign up for a FICO Free plan.
In addition to checking your credit scores, it’s also a good idea to review your credit reports from the three bureaus on a regular basis. Errors and negative entries bring down your scores, so it’s important to address these issues right away.
You can pull all three of your credit reports for free from the federally authorized website AnnualCreditReport.com. Just like viewing your scores, pulling your own credit reports does not hurt your credit.
