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(99)

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

sweetchildo8
Nov 14
8:32 pm

i would try the capital one for young adults card. I was denied several times for no credit and they took me on this card, since then i have been approved for 3 card total (including capital one). Just remember, pay the bill off when it is due, this way you build credit and also will not have to worry about interest.

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).

umuc1
Sep 21
7:25 am

I'm 31 with a score of 595. I recently opened 3 new cards within the last year. When deciding which card to pay off first, should i pay off the ones I opened this last year first or does it matter?

CK Moderator

Doesn't matter who you pay first. Just make sure you pay them all on-time.

gtoledo
Oct 19
7:13 pm

Always pay the one with the highest APR first, then the one with the highest balance.

buickman420
Sep 19
2:40 pm

I'm 23 and i have a mortgage loan, auto loan, and credit card. I'm only using 17% on my card and have never been late with anything. I've had my credit open for 5 years, which is my entire adult life and this site is showing my score only being 683. my other account for scores tells me experian is 743, trans is 723. Why is this site telling me my score is so much lower than the other site?

CK Moderator

The other site may be using a different credit scoring model. There are dozens of different credit score model in use.

tifflanders
Sep 2
12:17 am

im 19 and i have a ussa credit card and my score is 671 is and i get get approved for anything.. how do i build my credit..?

CK Moderator

Sounds like you are on the right path. Just remember not to overextend and always pay on-time. The good credit will follow.

dixie112001
Aug 29
8:39 pm

i am 19yrs old and my credit score is 694 i was wondering if that was good enough for my age. Also i have took out a loan not long ago a small one of 880 but the lady told me to keep it open for at least 6 months to build my credit i was wondering if i paid it all of when i get some extra money if it would have a good effect on my credit?

CK Moderator

Our general advice is never pay interest just to increase your score. If you are looking for a credit builder, get a student credit card or a credit cards targeted for fair or good credit.

5539
Aug 29
11:42 am

I take issue with the the negative reflection caused by my not having enough credit cards or inquiries. My strategy is to better control my finances by limiting credit cards. I charge everything I can on one card and pay off every month...Why should this be negative????

JoshHupp
Sep 30
10:41 am

I agree with you. I had 5 cards last year and paid them all down and canceled them. It was to much of a headach to pay them all every month.

Rini5
Oct 3
6:39 am

As Dave Ramsey says, this is not a "good at finances" score; this is an "I love debt" score. Nothing more, nothing less.

chicky38
Aug 17
8:43 pm

Between 1999 and 2001, we lost our investments, etc.

This is a 2nd marriage and we spent 6 years as full time RV'rs. In 2007, we purchased a manufactured home in a 55+ park in Tucson, AZ. My husband is 74 and I am 71 and we work fulltime as mobile home sales agents to supplement our fixed income of $2600/mon.

In Aug., 2008, we filed bankruptcy as we could no longer afford the $771/mon motorhome pymt and another personal consolidation loan we took with Bank of America to pay for the furnishings, replacements and repairs we had to make to the home.

At this point, my credit score is 700 with grades of A in all but one area and that one is a B.

We are trying to pay down the mortgage which is about $2,000 more than we could get for the house, to do some saving and we use our Credit Union Visa like cash - never spending more than we have.

How can I improve my credit score in our present situation.

I intend to sign my husband up and find out what his score is also.

This is a great website - found it in the AZ Daily Star in an article by Kathy Kristof of the LA Times.

CK Moderator

If you simply pay your bills on time and don't accrue much debt, you should be fine. A secured credit card can help v rebuild credit since they will report responsible credit usage. Assuming you are being responsible.

TNayelli
Aug 15
10:06 am

My score is 652, not very good news to me since my husband and I would like to buy a house in about 7 months. Is this enough time to bring my score up? Also, I noticed that my student loan from Sallie Mae is listed as about 10 different (good standing) accounts. Does this impact my score in a negative way (having so many accounts)?