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The Average Credit Score of Americans By Age Group


The credit score is what most banks and lenders use to figure out an individual's creditworthiness. It reflects how a person handles their finances through numbers rated by credit bureaus such as Experian, Equifax, and TransUnion. 

At the age of 18, a person can start building their credit score as they are of legal age to acquire a credit card or loan. A credit score is necessary when applying for a loan from banks or online lenders such as CreditNinja. A person's credit score starts at 300 or even lower depending on the used scoring system. So a person can not possibly have a credit score of zero even if they are still building it. 

Here is the average credit score per age group in America. It can help you know what your credit score should be based on your age. 

Generation Z (Ages 18-23)

Generation Z is the youngest generation with an active credit history in America. The Average credit score of this generation in the 2020 report was 674. Your credit score should not go below this number if you belong to this age group. Although this is a lower number, it is understandable, as this is the age group where people just start to build their credit scores.

Millennials (Ages 24-39)

The Millennial generation can also be an age group of people who are just starting to build their credit record, so the average credit score of this age group is 680. It is a generation of young adults who have just graduated from college and are getting their first jobs, so having a credit score of 680 is considered typical. 

Generation X (Ages 40-55)

Generation X is the age group that should have already established stable finances, which also means that people in this bracket should have strong credit scores to acquire different kinds of loans without any hardships.

Baby Boomers (Ages 56-74)

This age group is the starting age of retirement in America. At the age of about 66 or 67, Americans can file for retirement, which means they have already made a long history of credit. The average credit score of the baby boomer is 736. If you belong to this age group, you should use this as the basis of your credit score goal. 

Silent Generation (Ages 75 and Above)

The silent generation is the generation known to be the hardworking ones. They are the people who have gone through rigorous labor and manual jobs. This age group's average credit score is 758, and this does not come as a surprise. 

Credit Score Meaning 

Now that you know Americans' average credit score based on their age group, it is time to know what their credit score means. Are those numbers good or bad? Well, let’s see below:

  • 800-850 credit score is considered as the highest credit score, the best score a person can have.
  • 740-799 is a very good credit score. Although this is only the second-highest credit score, you will usually find this nowadays.
  • 670-739 credit score is considered as a good credit score. If you have a credit score between these numbers, you are still good to go. 
  • 580-669 credit score is the boundary score. People with this credit score may start to experience trouble acquiring a loan or getting a credit card.
  • 300-579 credit score is the lowest you can get. With this score, you will automatically be denied for almost every loan, credit card, or any other financial service. 

There are so many ways to improve or start the credit history right. The first thing you can do is pay your bills on time every month. It will ensure that your payment history is unstained, which will reflect how you manage all your financial obligations. 

The next thing you can do is pay off your credit card balances. Make sure to keep it at its minimum to make your credit utilization at a good level. Additionally, if you are one of those Americans who do not have a credit card, did you know that having one can help you improve your credit score? But only if you pay your credit card bills on time. 

A credit card is also one of the best ways to start building your credit score at an early age with your parents' help, of course.

Credit Score is Important 

A credit score is an important factor of a person's financial record to acquire and any available financial opportunity. Knowing how much score you should have is vital when you plan to build up your score for the first time or improve your existing credit record.