What’s a Good Credit Score for Your Age?

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Over time, you should be improving your credit score. But what’s a good score for your age right now? Find out here. [[{“value”:”

Good credit scores open doors. If you have a good score, you can qualify for the best credit cards and loan rates. You’ll also benefit in other ways. Landlords will be more willing to rent to you. Plus, you may get to put down lower deposits when you sign up with utility companies since you present less of a credit risk.

It can take time to earn a good credit score, though. That’s why it’s important to compare your score not to the overall average among all Americans, but instead to people in your direct demographic group.

What’s a good credit score for your age? Here’s what you should know.

This is considered a good credit score based on your age

In general, a good credit score is in the range of 670 to 739, according to research by The Ascent. This is for your FICO® Score (FICO Is the most popular scoring model in the U.S.).

However, if you want the best terms when borrowing, you should aim higher. Let’s take a look at how typical borrowers in each generation stack up when it comes to their credit.

According to The Ascent’s research, these are the average credit scores for people in different age cohorts.

Silent generation: 760Baby boomers: 742Generation X: 706Millennials: 687Generation Z: 679

These average scores are great news since they suggest the average person within each demographic group is generally scoring pretty well with their credit history — and practicing responsible borrowing behavior.

If your score is equal to these averages, then you’re in decent shape — and if it’s above them, then your score will make you a more competitive candidate than your peers when shopping for a mortgage, car loan, or other credit-related events.

How can you improve your credit score?

If your credit score is below average for your peers, then you have some work to do to improve it. Fortunately, there are things you can do to boost your score and become a more attractive borrower. Here are a few tips:

Pay down debt: Your credit utilization ratio (credit used versus credit available) is the second most important factor in calculating your score, so repaying your debt can give your score a big bump. Ideally, this ratio should be as low as possible. At least keep it under 30%. For example, if you have $10,000 in total available credit, you shouldn’t use more than $3,000 of it at any given time.Pay your creditors on time: The most important factor in your scoring formula is your payment history. Always pay on time or before your due date, so you can increase your score.Deal with negative information: If you have a late payment or other negative information on your credit report, consider asking your creditors if there’s anything you can do to get it removed. Some lenders may be willing to work with you and take the negative data off your report if you’re usually a good customer.

Earning good credit is well worth it. If you’re lagging your peers, take these steps to boost your credit score and improve your financial health.

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