Generational Credit Score Averages Going UP!

credit scores up

Experian: Average FICO Score hit a record 710 last year

All generations have boosted their credit scores by one to 11 points from 2019 to 2020!

These increases in credit scores are a result of:

  • consumers paying their bills on-time
  • cutting back on spending amid an unpredictable economy.

Millennials led the pack with an 11-point increase. While millennials and Gen X saw double-digit increases in credit scores, and the Silent Generation continued to maintain the highest average credit score at 758.

The silent generation even outpaced the average credit score for the general population (710). This doesn’t come as a surprise since older generations historically have better credit scores, which can be attributed to having more time to build good and excellent credit.

Credit Score Averages by Generation

Generation Z (18-23)667674+7 points
Millennials (24-39)668679+11 points
Generation Z (45-55)688698+10 points
Baby Boomers (56-74)731736+5 points
Silent Generation (75+)757758+1 point

(Source: Experian)

Improvements in your credit score will help you get approved and pre-approved for a mortgage or refinancing!