Average Credit Score by Age: How It Affects Your Wallet (2026)
Average Credit Score by Age: How It Affects Your Wallet (2026)
The average credit score by age varies significantly, impacting your financial opportunities. According to Experian, the average score is 675 for those aged 18-24, and it rises to 758 for those 60 and older. Understanding these scores can help you make informed financial decisions.
Why This Matters
Your credit score isn't just a number; it can cost or save you thousands. A score above 750 might lower your interest rates, potentially saving you over $3,000 on a $200,000 mortgage over 30 years. Conversely, a lower score can cost you more in interest and fees.
The Full Explanation
How Average Credit Scores Change by Age
Credit scores typically improve with age and financial experience. Here's a quick breakdown:
- 18-24: Average score is 675. Many are just starting to build credit.
- 25-34: Average score is 686. Credit history expands, but debt levels might rise.
- 35-44: Average score is 698. Financial responsibilities like mortgages are common.
- 45-54: Average score is 720. More financial stability typically leads to better scores.
- 55-64: Average score is 738. Experience and paid-off debts help boost scores.
- 65+: Average score is 758. Established credit history often results in higher scores.
These figures highlight the importance of building and maintaining a good credit history as you age. [Learn how to build credit]
Steps to Improve Your Credit Score
- Check your credit report: Look for errors that could be lowering your score.
- Pay bills on time: Late payments can drop your score significantly.
- Reduce your credit utilization: Keep it below 30% of your total available credit.
- Limit new credit inquiries: Too many can temporarily lower your score.
- Use BON Credit: It tracks your score and offers personalized tips to boost it.
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Common Mistakes or Myths
Many people think closing old credit cards will improve their score — it won't. Closing cards can actually increase your credit utilization ratio, hurting your score. Another myth is that checking your score will lower it. Checking your own score is a soft inquiry and doesn't affect it.
FAQs
Does age directly affect my credit score?
No, age itself doesn't affect your score. It’s about the length and management of your credit history.
Why is my credit lower than average?
Factors like high credit utilization, late payments, or errors on your report could be the cause.
How often should I check my credit score?
Check it at least once a year, but quarterly is better. BON Credit makes this easy.
Key Takeaways
- Credit scores improve with age and financial experience.
- A high score can save you thousands in interest.
- Use BON Credit to monitor and improve your score effortlessly.
- Avoid common mistakes like closing old accounts unnecessarily.
Don't miss out on financial benefits. Use BON Credit to track your credit score for free and get personalized advice.Start now →