Credit Trends

Trends by Age

Based on our data, there is clearly a relationship between age and average credit scores. Generally speaking, younger individuals will have lower credits scores on average.

There is a very good technical reason for this phenomenon. The length of your credit history is a factor that goes into the credit score calculation. Since younger individuals will have shorter credit history, they will tend to have a lower credit score all else equal.

The depth of your credit is probably lower with younger individuals as well. The combination of the two effects lead to the lower averages for younger people.

Keep in mind the chart does not mean you can't have high credit if you are young. It just points out the correlations and averages. There are dozens of factors that affect credit scores. Being aware of all the factors is important to being a well informed consumer.

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USER COMMENTS(94)

teachartmw
Oct 21
10:39 pm

My score from Credit Karma/Transunion is 699. The reason given was because my revolving credit debt to limit was high. It said nothing about my bankruptcy. That will be deleted in August 2010 and I pay off my remaining student loan in 7 months. Will either of those things happening raise my FICO significantly from 699 OR will my revolving credit balance being so high keep it around 699 anyway?

CK Moderator

Credit scores are have multiple levels. High balances will have a certain effect but other good practices can have positive effects. Use the credit report card and try to move your grades to A's.

forgetmenot4
Oct 14
7:05 am

After paying off several cards last year, the creditors closed my accounts within about 60 days after my closing. Stating they based their information on my credit report. How can I help to bring my score up on my report. I have only 2 open cards now, one being a Sears charge card, which they have cut my limit in half and the other being a VISA credit card, which is maxed out. I am currently paying approximately $50 over the limits in an effort to completely pay them off within 24 months. I am hoping to be able to refinance my home after that time, provided the market has improved. My current score is 609, which i know is not great. Any other suggestions to help me improve my scores.

CK Moderator

Try Public Savings Bank. You can read the feedback yourself. Good Luck.

alleen
Oct 12
3:47 am

I am trying to repair my credit but is currently part-time employed. What is make each month is barely enough to keep me on top of my monthly bills. I need guidance to help me build my credit. I am a fairly new resident to this country and do not have much credit history. I am not interested in getting more credit cards. What can I do to build my credit?

CK Moderator

You really need some lines of credit to build your score. Public Savings Bank is a good starting point if you have poor credit. Remember to always pay on time and never spend beyond your means.

Tarblooder
Oct 10
4:24 pm

I am surprised that our credit score is as low as you state. The one negative is our current credit card is 2.2 years old. We had a card for 28 years & paid the balance monthly. It had fee associated with it & when I retired, I no longer needed it. Then I received our current card. We pay the balance monthly. All large purchases, home (2) auto's were paid for by cash. Just a thought. Thank you.

ECT
Oct 8
11:39 am

Quite a surprise. My credit score has fallen from the low 800s to 751, with no change in credit behavior. Credit card paid in full each month, all bills paid ahead of schedule. Only recurring debt is a small first mortgage. Doesn't appear to be any tangible basis for reduction in score. No wonder consumers have difficulty obtaining credit.

CK Moderator

Did you look at the changes in your Credit Report Card? It should help correlated the changes.

stace8549
Oct 30
7:58 am

I had the same thing happen to me. My score fell from a 732 to a 676 which puts me in an entirely different rating for credit. My only changes is that I paid off half of my student loans and a personal loan. The change lowered my debt ratio, so paying off debts actually hurt my score.I can increase my back to where it was if I open up more loans. Go figure.

CK Moderator

Can you share the grade changes in your credit report card?

missskoolgrl
Oct 5
4:24 pm

I am 23 years old, and have a credit score of 677. I am trying to get a personal loan along with my grandfather as a co-signer to pay off my debts of about $8,300. I have never had a late payment, and I have never gone over my credit limits, but at this time a few cards do have high balances.

I know that taking out a loan will cause a negative effect on my credit at this time, but in the long run will it look better since I pay everything on time, and I will only have the balance of my loan to pay off?

I am trying to build up my credit as much as possible at this time.

TRIN115FORD
Oct 9
6:01 am

Assuming you use the loan to pay off your credit card balances, and you don't run up the credit cards again, your score should actually go up. By keeping your credit cards open but not used you show that you have access to credit and are not tapping into it.

asherz13
Sep 29
1:26 pm

my credit report says that i am 2000 in debt but the only credit card i have is in the 500's?

CK Moderator

There could be an erroneous account associated with your credit report. You can view your detailed credit report at AnnualCreditReport.com. That is the free government site. You can also view it at anytime at TrueCredit (charges may apply).

onlyonehere
Sep 24
8:35 pm

am very impressed with this site. I am 82 years of age and my score is now 788. It was 827 but I closed two cards that I hadn't used in a couple years. I assume this is what reduced my score. I have always paid my cards off each month, carried no balances and never late on any type payment

brianb57
Sep 23
9:02 pm

IM 19 with a credit score of 687. i don't have a credit card, and i keep getting denied when i apply for one. Is there a reason no one wants to approve me for a credit card? any advice on what i can do to get one.

CK Moderator

While your score is fair, your length of credit history may be too short (a.k.a thin file)for many issuers. Try a student credit card or a secured credit card as a starting point since they generally have less stringent requirements.

mmelvin
Oct 25
10:32 am

I was in the same boat as you. Get a secured card from Citibank. Basically you give them cash collateral as your credit limit. I raised my credit score 100 points in 2 months.

I love this website.

blueeyedhigi
Oct 29
10:59 am

try getting it through your bank...its the best way. If you have a US Bank by you i would open an account there and get a student CC card. My sister is 18 and got a $300 limit card with them. Don't get a secured card unless you really need to

jenbeaumont
Sep 22
6:19 am

My account shows I have a number of open accounts - Is there somewhere on the site that I can see the name of the accounts so I can cancel the ones I dont need?

CK Moderator

You can view your detailed credit report at AnnualCreditReport.com. That is the free government site. You can also view it at anytime at TrueCredit (charges may apply).

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