What is a good credit score by age?
Baby boomers (ages 58 to 76) with 800-plus scores have an average utilization ratio of 6.3%, while all baby boomer cardholders have an average utilization ratio of 14.3%. The silent generation (ages 77 and older) with 800-plus scores have an average utilization ratio of 4.6%.
| Age Bracket | 2022 |
|---|---|
| 18–25 | 679 (Good) |
| 26–41 | 687 (Good) |
| 42–57 | 706 (Good) |
| 58–76 | 742 (Very Good) |
Baby boomers (ages 58 to 76) with 800-plus scores have an average utilization ratio of 6.3%, while all baby boomer cardholders have an average utilization ratio of 14.3%. The silent generation (ages 77 and older) with 800-plus scores have an average utilization ratio of 4.6%.
Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.
| Generation | Average credit score (FICO) in 2023 |
|---|---|
| Millennials (26-41) | 690 |
| Generation X (42-57) | 709 |
| Baby boomers (58-76) | 745 |
| Silent generation (77+) | 760 |
In 2022, the average FICO Score in the U.S. was 714.1 For adults age 58 and older, the average score was higher: 742-760. It's important to keep in mind that lenders use their own criteria to define a "good" credit score.
In the U.S., the average credit score is 716, per Experian's latest data from the second quarter of 2023. And when you break down the average credit score by age, the typical American is hovering near or above that score.
What is a good length of credit history? While there's no such thing as the perfect “age of credit,” a FICO study reveals that for people with 800+ FICO Scores, their average age of credit accounts was 128 months (a little over 10.5 years).
Some types of mortgages have specific minimum credit score requirements. A conventional loan requires a credit score of at least 620, but it's ideal to have a score of 740 or above, which could allow you to make a lower down payment, get a more attractive interest rate and save on private mortgage insurance.
What is the most common credit score?
Most consumers have credit scores that fall between 600 and 750. In 2022, the average FICO® Score☉ in the U.S. reached 714. Achieving a good credit score can help you qualify for a credit card or loan with a lower interest rate and better terms.
Your credit score is a major factor in whether you'll be approved for a car loan. Some lenders use specialized credit scores, such as a FICO Auto Score. In general, you'll need at least prime credit, meaning a credit score of 661 or up, to get a loan at a good interest rate.
Generally speaking, a good credit score is 690 to 719 in the commonly used 300-850 credit score range. Scores 720 and above are considered excellent, while scores 630 to 689 are considered fair. Scores below 630 fall into the bad credit range.
Can I get a mortgage with an 643 credit score? Yes, your 643 credit score can qualify you for a mortgage. And you have a couple of main options. With a credit score of 580 or higher, you can qualify for an FHA loan to buy a home with a down payment of just 3.5%.
You'll typically need a credit score of 620 to finance a home purchase. However, some lenders may offer mortgage loans to borrowers with scores as low as 500. Whether you qualify for a specific loan type also depends on personal factors like your debt-to-income ratio (DTI), loan-to-value ratio (LTV) and income.
Around 33% of Americans have a bad FICO credit score (between 300-620). In 2021, the average credit score in the United States was 711, with around 16% of adults having a credit score lower than 579.
Owning more than two or three credit cards can become unmanageable for many people. However, your credit needs and financial situation are unique, so there's no hard and fast rule about how many credit cards are too many. The important thing is to make sure that you use your credit cards responsibly.
Even if your years of homeownership are done, a good credit score can also help you get into the apartment or senior living community of your choice. “Credit scores affect far more than just the ability to get a loan or a good interest rate on a loan,” Fox said. “They can affect the ability to rent an apartment.”
While older models of credit scores used to go as high as 900, you can no longer achieve a 900 credit score. The highest score you can receive today is 850. Anything above 800 is considered an excellent credit score.
How rare is a 800 credit score?
How rare is an 800 credit score? An 800 credit score is not as rare as most people think, considering that roughly 23% of adults have a credit score in the 800-850 range, according to data from FICO. A score in this range allows consumers to access the best credit card offers and loans with the most favorable terms.
- Deep subprime (credit scores below 580)
- Subprime (credit scores of 580-619)
- Near-prime (credit scores of 620-659)
- Prime (credit scores of 660-719)
- Super-prime (credit scores of 720 or above)
In the United States, 23% of consumers have a FICO® Score that is 800 or higher. Is a 900 credit score possible? Most credit scores that lenders use in the United States range from 300-850. Base FICO® Scores and most VantageScore credit scores follow this credit score range.
What Is a Bad Credit Score? On the FICO® Score☉ 8 scale of 300 to 850, one of the credit scores lenders most frequently use, a bad credit score is one below 670. More specifically, a score between 580 and 669 is considered fair, and one between 300 and 579 is poor.
| 800-850 | 20.7% | 79.3% |
| 750-799 | 19% | 60.3% |
| 700-749 | 17.1% | 43.2% |
| 650-699 | 13.2% | 30% |
| 600-649 | 10% | 20% |
