Average Credit Score by Age

A person’s age doesn’t determine their credit score; however, MoneyGeek found that credit scores tend to be higher for older individuals, on average. Using data from FICO, VantageScore, and Experian, MoneyGeek explored what the average credit score is for every age group, which age groups have the best credit scores and more.

According to an Experian Report, the average credit score (FICO® Score) in the U.S. was 714 as of 2022; the average VantageScore by June 2023 was 702 and is considered a good credit score. However, average scores are different for people of different ages.

Different age groups have varying averages, with consumers aged 18–25 having the lowest average 679 FICO score and 661 VantageScore. Those aged 77 and older have a significantly higher average score as they’ve built it over many years, with their average FICO score standing at 760.

As you age and increase your payment history, increasing your credit score should be part of your goals. While you can do many things to speed up the process and have a better credit score, a good credit score keeps up with the national average.

In the meantime, focus on reducing your debt and improving your credit score by making on-time payments, reviewing your credit regularly and keeping your credit utilization as low as possible.

The average FICO® credit score for those aged between 18-25 is 679. Consumers in this age bracket are only starting to build their scores. These consumers may have a low-limit student credit card and are making payments towards their student loans. A low income, short payment history, and higher utilization could be why their average score is on the lower side of the credit score spectrum.

Consumers' FICO® Scores begin to grow their credit history in their mid-20s to late 30s; increasing averages steadily to 687 as of 2022. By this time, their incomes are growing as they establish their careers. Many in this age group have been paying a mortgage or auto loan, which diversifies their credit beyond credit cards and student loans.

Consumers' average FICO® Scores improve going up to 706 in their 40s to their late 50s. Around this age, consumers may be co-signing student loans with their children and looking at refinancing options, such as debt consolidation, to reduce debt and prepare for retirement. It also helps that consumers in this age bracket are in their prime earning years.

Credit scores continue to climb, and at a higher rate, throughout consumers' senior years. During this time, average credit scores were around 742, considered “very good” by FICO. Consumers in their 60s have long credit histories and likely have cash saved up along with reaping the benefits of their retirement plans built over the decades. Some might still be paying off any leftover debt to eliminate payments before retiring from their jobs

Consumers in their late 70s reach the plateau of their credit scores averaging around 760. However, consumers in this age bracket are less likely to use credit to avoid gaining more debt since they are now living off of Social Security, pensions, and their retirement savings. Payments. All in all, the silent generation has almost excellent credit scores as many in this bracket have paid off their mortgage, credit cards, and other debt that can affect their credit scores.

Consumer credit scores start jumping significantly between their 30s and 40s, but the biggest increase is seen between one’s late 40s and 60s — a significantly large 36-point jump.

By their 40s, consumers’ accounts have aged enough to warrant a higher score increase. However, their debt levels peak and those in their 40s often have to contend with multiple credit accounts, such as their credit card, student loan and mortgage. These reduce significantly in their 60s, as debts may likely have been paid off or refinanced, and credit card debt isn’t accumulated as much due to retirement. Due to the Equal Credit Opportunity Act (ECOA), credit bureaus will also look at those beyond the age of 62 more favorably.

Despite the fluctuating markets and economic conditions throughout 2022, the average FICO Score remains steady at 714, which is typically viewed as a good credit score by lenders.

Source: Experian

The table showcases the average credit scores by states in the US with the average credit score being 714. Out of all states, Minnesota has the highest average credit score at 742, followed by Hawaii, Massachusetts, and Vermont. On the other hand, Mississippi has the lowest average credit score at 680, along with states like Louisiana, West Virginia, and Nevada. Northeastern and Midwestern states generally have higher average credit scores, while some Southern states have lower scores.

Around 26 million consumers in the U.S. are said to be credit invisible, which means they have no recorded credit history or report at any of the three major credit bureaus (Experian, TransUnion and Equifax).

It’s a given that records will be limited for those 19 and below, with over 80% having unscored records. This rate drops by 40% once people reach their 20s and lowers over time, as consumers open credit accounts and take out loans. However, most consumers who are credit invisible are generally young, which may be a result of lack of income or other circumstances.

The number of credit-invisible consumers increases around age 60, caused by insufficient recent information. It’s also possible that those born before 1950 had thinner credit records throughout their careers, which reflected less credit reporting during the years when they were actively consuming credit.

Credit scores can be a tricky subject. Below are a few common questions when it comes to understanding what happens to your average credit score as you age.

As you age, understanding how credit works is essential to ensure you don’t miss out on opportune financial opportunities. Learn more about credit scores in the guides below, including how to improve your score, credit-monitoring services and reporting.

• Credit Score: Learn about the basics of a credit score, including how it can impact your future finances, how to get one and the basics of your score, report and history.
• The Ultimate Guide on How to Improve Your Credit Score: Consumers who are building their credit score can explore what actions can impact your score, how to review your credit score and more.
• Annual Credit Report: Knowing when and how to read your annual credit report is necessary to ensure your credit report is an accurate depiction of your financial activities. Learn why you need to do it, where to get it and how to read it so you can maintain a good credit profile.
• The Guide to Credit Discrimination: Credit discrimination can happen to anyone and knowing how to spot it, your rights and how to file a complaint can ensure you never suffer the consequences.
• Credit-Monitoring Services: Fraud can happen at any time and mitigating the risk by researching credit-monitoring services can help.