What is a good credit score for my age?
FICO credit scores, the industry standard for determining credit risk, range from 300 to 850 — with 670 to 739 considered a good score, 740 to 799 is very good and 800 to 850 is exceptional. A 700 score puts you in the middle of the good range but still slightly below the average credit score of 716.
| Age | Average FICO Score |
|---|---|
| 25-40 | 686 |
| 41-56 | 705 |
| 57-75 | 740 |
| 76+ | 760 |
| Average FICO® Score By Age Group In 2022 | |
|---|---|
| Generation Z (18 – 25) | 679 |
| Millennials (26 – 41) | 687 |
| Generation X (42 – 57) | 706 |
| Baby Boomers (58 – 76) | 742 |
FICO credit scores, the industry standard for determining credit risk, range from 300 to 850 — with 670 to 739 considered a good score, 740 to 799 is very good and 800 to 850 is exceptional. A 700 score puts you in the middle of the good range but still slightly below the average credit score of 716.
Here's the average credit score by generation as of the second quarter of 2023, according to Experian: Gen Z (18 to 26): 680. Millennials (27 to 42): 690. Gen X (43 to 58): 709.
Less than 21% of people have a credit score over 800. A credit score of 800+ is considered perfect credit, indicates that a borrower uses credit very responsibly, and qualifies the person for the best loan and credit card terms.
Average FICO® Score in the U.S. Climbs to 715
Despite the slight increase over the past 12 months, average FICO® Scores have meandered throughout 2023, with average scores increasing from 714 to 716 this past summer, before settling at 715 at the end of the Q3 2023.
So, given the fact that the average credit score for people in their 20s is 630 and a “good” credit score is typically around 700, it's safe to say a good credit score in your 20s is in the high 600s or low 700s.
According to a report by FICO, only 23% of the scorable population has a credit score of 800 or above.
To reach an 800 credit score, you'll want to demonstrate on-time bill payments, have a healthy mix of credit (meaning accounts other than just credit cards), use a small percentage of your available credit, and limit new credit inquiries.
Does anyone have a 900 credit score?
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.
Your score falls in the range of scores, from 800 to 850, that is considered Exceptional. Your FICO® Score and is well above the average credit score. Consumers with scores in this range may expect easy approvals when applying for new credit. 21% of all consumers have FICO® Scores in the Exceptional range.
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.
It's recommended you have a credit score of 620 or higher when you apply for a conventional loan. If your score is below 620, lenders either won't be able to approve your loan or may be required to offer you a higher interest rate, which can result in higher monthly mortgage payments.
Now in 2023, the U.S. average FICO® Score as of April stands at 718. This is two points higher than the average FICO Score a year ago, and reflects the first time the metric has increased in more than two years as shown in Figure 1.
Two factors that contribute to your credit score are the number and type of credit accounts. If your goal is to get or maintain a good credit score, two to three credit card accounts, in addition to other types of credit, are generally recommended.
An 800 credit score shows lenders you are an exceptional borrower. You may qualify for better mortgage and auto loan terms with a high credit score.
You can borrow over $100,000 with an 800 credit score if you get a mortgage or a home equity loan. Keep in mind, the exact amount of money you will get depends on other factors in addition to your credit score, such as your income, your employment status and even the lender.
670 to 739: Good
Lenders generally view those with credit scores of 670 and up as acceptable or lower-risk borrowers.
Can I buy a house with a 718 credit score?
However, with a 718 credit score, you should qualify for rates on-par with national averages. Also, even though your score qualifies you for a mortgage, it's important to know that the lower your score is, the stronger the rest of your qualifications are generally expected to be.
A poor credit score falls between 500 and 600, while a very poor score falls between 300 and 499. “In general, people with higher scores can get more credit at better rates,” VantageScore says. So you could have trouble getting approved for higher-limit, low-interest cards with a credit score of 600 or below.
Total credit card debt in the U.S.
On an individual level, Americans carried credit card balances averaging $7,932 as of the end of 2023, per New York Life's “Wealth Watch 2024” survey. That's up from an average balance of $6,321 during the same time period in 2022.
| State/ Territory | Average VantageScore Feb 2021 |
|---|---|
| Connecticut | 710 |
| District of Columbia | 699 |
| Delaware | 696 |
| Florida | 689 |
Technically, a 710 credit score is high enough to qualify for a home loan. In the tight real estate market, some lenders choose more restrictive qualifications to further reduce the risk that the loan won't be repaid.
