The Average Credit Score in Your 40s and 50s—How Do You Stack Up?

Curious how your credit score compares to others your age? One way to find out is by reviewing national averages published by the major credit bureaus.

According to Experian, the average FICO score for Americans in their 40s and 50s is in the low 700s. That’s not far off the national average of 715.

Complicating matters is the fact that Experian breaks its data down by generation. Generation X covers the bulk of Americans in their 40s and 50s, although the youngest members of this age group fall into the millennial category. The averages for those generations are 709 and 691, respectively.

Experian’s data shows that credit scores rise with age. That suggests Americans in their early 40s may have scores closer to 700, while those approaching 60 could sit slightly above the national average.

These figures fall within the “good” FICO score range, indicating that this segment of the population, which typically are in their peak earning years but also carry significant financial responsibilities, should have little difficulty obtaining credit but may not qualify for the most favorable borrowing rates.

Why Credit Scores Tend to Rise With Age

Age itself does not directly affect credit scores, but the financial behaviors that often come with getting older tend to align with what scoring systems reward. Here are the main reasons why scores tend to rise with age:

• Stronger payment history: A history of paying back debt is the biggest determinant of credit scores, and older borrowers have had more opportunities to demonstrate this and recover from past mistakes.
• Lower credit utilization: The percentage of available credit you use also has a big bearing on FICO scores. The rule is not to use more than 30%, which generally becomes easier to abide by over time, as a consistent track record of paying down debt is often rewarded with higher credit limits.
• Longer credit history: The amount of time you’ve been borrowing determines about 15% of your FICO Score. Lenders look more favorably on people with longer track records.
• Broader credit mix: As people age, they often borrow money in different ways, accumulating credit cards, auto loans, mortgages, and perhaps even personal or business loans. Credit scoring models reward evidence of managing diverse forms of debt responsibly.
• Greater financial stability: By the time people reach their 40s and 50s, they are often more financially stable. While stability itself is not a direct factor in credit scoring, a good job and larger savings cushions can indirectly contribute by enabling consistent, on-time payments and lower credit utilization.

What Can Move Your Score Higher in Your 40s and 50s

The average middle-aged American shouldn’t have any trouble borrowing. However, they could save money by improving their score further.

Moving from the low 700s into the mid- to high-700s can translate into paying less interest on loans, better refinancing offers, and stronger credit card rewards options. Given how expensive this period of life can be, that could make a huge difference.

Practical steps that can help improve a credit score include:

• Pay every bill on time: Payment history carries the most weight, so avoiding late payments is critical. Setting up automatic payments or calendar reminders can help ensure consistency.
• Lower credit utilization: Aim to keep your credit card balances below 30% of your total available limit, and ideally under 10%.
• Keep older accounts open: Closing a long-standing credit card can shorten your average account age and reduce your total available credit. If there’s no annual fee, consider keeping it open.
• Check your credit reports: Reviewing reports from the three major credit bureaus can help you spot and dispute inaccuracies that may unfairly be dragging your score down.
• Don’t aggressively apply for new credit: Applying for multiple loans or credit cards in a short period can temporarily lower your score.