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What is the average credit score by age in the US?

The credit scores of Americans have improved year over year despite the high cost of living, with the national average reaching a new record of 718.

Personal loans and credit scores

Having a good credit score is important as it can have a significant impact on various aspects of your financial life, including applying for loans and mortgages, renting a home, and even employment opportunities.

Americans have been managing their credit well recently, with data analytics company Experian reporting that the national average credit score has climbed to a new high of 718, according to figures from the second quarter of this year.

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With age comes good credit

Upon looking at the credit scores broken down by generation, you can see that it goes up the older the person is, with the so-called silent generation netting an average credit score of 761. Older individuals have better scores in general due to several factors.

First of all, they have a longer credit history which provides more data for credit scoring algorithms to assess a person’s creditworthiness. They are also more likely to have established credit accounts, including credit cards, mortgages, and installment loans.

Increased financial stability also often comes with age. Older individuals may be more established in their careers, have higher income levels, and may be more adept at managing their finances. Another factor is that older people may have accumulated more experience in managing credit responsibly. This experience can lead to better financial habits and decision-making, positively influencing credit scores.

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Gen Z and Millennials rack up good credit scores

The younger generations, however, are doing well for themselves, credit-wise. Gen Z, the youngest range included in the data, has an average credit score of 680, while millennials have it slightly higher at 690. Experian’s rating system puts the number 670 as the minimum to achieve a “good” score.

It’s essential to manage and monitor your credit responsibly to maintain a good credit score. This includes paying bills on time, handling credit card balances well, and avoiding excessive debt. Regularly reviewing your credit report allows you to identify and address any inaccuracies that could affect your credit score.

Here are the average scores per generation, as reported by Experian.

Gen Z18 to 26680
Millennials27 to 42690
Gen X43 to 58709
Baby boomers59 to 77745
Silent generation78+761