Credit Scores by Generation: How Age Influences Your FICO Score

Creditworthiness generally improves with age, and average credit scores tend to reflect this trend. According to Experian, Gen Z has an average score of 680, while the Silent Generation averages 760, with other generations falling in between these ranges. The data also show that credit scores are rising across all generations over time, indicating an improvement in financial habits and stronger credit management overall.

Generation-Wise Credit Score Trends

The average credit score for all Americans was 715 in 2023, an improvement of one point from 2022.

The range in credit scores from Generation Z to the Silent Generation is wide. Based on the commonly used FICO 8 score, the credit reporting agency Experian calculates that Gen Z consumers, those aged 18 to 26 as of Experian's data from 2023, had an average score of 680 in the third quarter of 2023, while the average among the oldest generation (the Silent Generation), aged 78 and older, was a full 80 points higher, at 760. That makes them the only group whose average falls in the very good credit score range.

Millennials, aged 27 through 42, are not scoring far above Generation Z, with a 690 average. From there, it's a 19-point bump to the average of 709 for Generation X, those aged 43 to 58, and then an even bigger jump to the 745 average for baby boomers, those ages 59 to 77. Note that the ages are as of 2023 from when the data was sourced.

Age is not an explicit factor in calculating credit scores. However, older consumers have had opportunities to build up their credit history and establish a positive repayment track record for longer than younger ones have.

Understanding the Components of Credit Score Calculation

The first thing to understand about credit scores is that more than one scoring model exists. However, the most commonly used credit score, across the majority of lenders and tracked by all three of the credit reporting agencies, is the FICO 8 score.

FICO 8 scores can range from 300 to 850, and take into account the following five weighted factors:

1. Payment history. This is the single most impactful factor in your score, weighted at 35%. It measures how often you have made payments late or on time.
2. Credit utilization. Also heavily weighted, at 30% of your score, credit utilization refers to how much of your available credit you are using at a particular time. In other words, how much debt do you have relative to your available credit lines? Lower utilization rates are better for your score.
3. Length of credit history. At 15%, the weighting of this factor is notably smaller. But a credit history that stretches back a few decades, rather than just a few years, will improve your score. This is part of the reason older consumers tend to have higher credit scores.
4. New credit inquiries. How many times you've applied for new credit in the past two years can put a dent in your score if it's a high number. At 10% of your total score, this can have an impact, but it is far less important than the factors above.
5. Credit mix. Similarly, showing you've been able to manage a mix of different credit types (e.g., credit cards versus installment loans like a mortgage or auto loan) counts for 10% of your score.
   

The Bottom Line

Younger generations like Gen Z have lower average scores, while older generations tend to have higher credit scores, reflecting greater credit experience. For readers looking to improve their credit, focusing on timely payments, reducing debt, and monitoring credit reports can help strengthen their scores over time.