Credit Scores by GenerationsAgainst prediction because of the Covid-19 Pandemic, the annual average on FICO credit score increase one point, closing at 710. This corresponds to the good category, which starts at 661 and ends at 780.

But, how are things going for generations across America?

First, generations are categorized by age.

Generation Z: 18 – 23 years old
Millenial: 24-39
Generation X: 40-55
Baby Boomer: 56-74
Silent Generation: +75

Among them, Silent Generation led the scale with 758 according to Experian 2020 Consumer Credit Review. The rest of the scale shows that older generations have the following scores: Baby Boomers (731), Generation X (688), Millennials (668), Generation Z (674).

Older generations historically have better credit scores, which can be attributed to having more time to build good credit, making on-time payments, and the absence of loans because the property (car, mortgage, etc.) have been pay-in-full.

In general, every generation increased their annual average when comparing to 2019. The more significant leap came from Millennials; which went up 11 points, followed by Generation X (+10 points), Generation Z (+7), Baby Boomers (+5), and Silent Generation (+1).

Despite the good news, there is a disturbing reality. About 1 in 5 American adults either have no credit history or are unscorable. These individuals have difficulty obtaining new lines of credit, as we already inform about it in this past article.

These averages represent a tendency, but they are not an immovable reality for each individual. The more intelligent someone uses credit, the better their score will be, no matter their age.


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