Average Credit Score by Age (2024)

FAQs

Average Credit Score by Age? ›

In general, a credit score above 670 is considered "good," and anything below 580 is considered "poor." A credit score is calculated according to a variety of factors that show repayment behavior and credit history, including: Number of accounts you hold.

In general, a credit score above 670 is considered "good," and anything below 580 is considered "poor." A credit score is calculated according to a variety of factors that show repayment behavior and credit history, including: Number of accounts you hold.

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.

What is the average credit score? The average FICO credit score in the US is 717, according to the latest FICO data. The average VantageScore is 701 as of January 2024. Credit scores, which are like a grade for your borrowing history, fall in the range of 300 to 850.

Highlights: 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.

In fact, with an 800, you ought to qualify for some of the best interest rates and terms available. FHA loans: First-time homebuyers and those looking for a mortgage with a low down payment often look to a loan from the Federal Housing Administration.

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.

What is a good credit score to buy a car? ›

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.

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.

When averaging credit limit data across generations from Experian®, the average credit limit in America is $28,929.80. Your credit card limit depends on your credit score, age, income, and other factors. Credit card limits can range anywhere from $300 to more than $100,000.

A 750 credit score is Very Good, but it can be even better. If you can elevate your score into the Exceptional range (800-850), you could become eligible for the very best lending terms, including the lowest interest rates and fees, and the most enticing credit-card rewards programs.

You can borrow $50,000 - $100,000+ with a 750 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.

Most experts will tell you that anything above a 720 score will get you the best rate for an auto loan, but you'll likely need at least 760 for the best rates on a mortgage. The good news is that with a 740 credit score, most lenders see you as a low-risk borrower.

Membership in the 800+ credit score club is quite exclusive, with fewer than 1 in 6 people boasting a score that high, according to WalletHub data.

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.