Typically, at 20 years old you are still at the beginning of your credit journey so the expected score would be somewhere in the fair to good credit score range. Your first credit card or even an auto loan might be attainable. This is a time in your life when you will make financial choices aimed at building credit. Length of credit history makes up 10% of your FICO score so the older you get, the more your score is likely to rise.
According to Experian® data, the average American credit score for the age group 18-24 was 679 as of September 2022. This falls in the good FICO® credit score range (670-739). But there is no ideal or exact credit score you must have as soon as you turn 20 since everyone’s financial journey is different.
Some people get an early start on their credit journey by becoming authorized users on their parents’ card(s) or getting secured credit cards and credit builder loans. Other ways to ensure your scores don’t drop are by making on-time payments every time, keeping your credit utilization low, and applying for different types of credit accounts (like auto loans or other installment loans) to improve your credit mix.
FAQs
At 20 years old, you will likely have a lower score due to the shorter length of credit history and income. The average FICO credit score for this age range is around 679, which is considered "good" or "very good" but is relatively lower than someone older with more credit history.
What is the average credit score for 20 year olds? ›
Consider yourself in “good” shape if your credit score is above the average for people in your age group. Given that the average credit score for people aged 18 to 25 is 679, a score between 679 and 687 (the average for people aged 26 to 41) could be considered “good”.
Can a 20 year old have a 700 credit score? ›
So, given the fact that the average credit score for people in their 20s is 630 and a “good” credit score is typically around 700, it's safe to say a good credit score in your 20s is in the high 600s or low 700s.
Is a 720 credit score good for a 20 year old? ›
Your score falls within the range of scores, from 670 to 739, which are considered Good.
Is 705 a good credit score for a 20 year old? ›
With a 705 score, you're solidly in the good range and will likely qualify for a wide variety of credit cards, loans and other financial products but might not get the best interest rates, which are often reserved for people with excellent credit (720-850).
How rare is an 800 credit score? ›
According to a report by FICO, only 23% of the scorable population has a credit score of 800 or above.
Is a 600 credit score good for a 20 year old? ›
Anywhere between 670 to 739 is considered good. A credit score between 740 to 799 is considered very good. Credit scores 800 and up are considered excellent. Someone with a VantageScore that's 600 or less is considered to have poor or very poor credit.
Is a 900 credit score possible? ›
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.
Can I buy a house with a 710 credit score? ›
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.
Can I buy a car with a 710 credit score? ›
The short answer is 3% to 6% for new cars. The “prime range” runs from 661 through 780. If your credit score is anywhere between 700 to 709, you are in the middle of this segment, and you can get competitive rates to finance your vehicle. However, these depend on your shopping habits, income, and debt-to-income ratio.
Who Has a 720 Credit Score?
| Credit Score | Tier | Percentage of Americans |
|---|
| 720 – 850 | Excellent | 38.12% |
| 660 – 719 | Good | 17.33% |
| 620 – 659 | Fair/Limited | 13.47% |
| 300 – 619 | Bad | 31.08% |
You can borrow $50,000 - $100,000+ with a 720 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.
Can you buy a house with a 720 credit score? ›
Home loans
Assuming you have enough income, a 720 credit score is likely high enough to help you get a government-backed mortgage such as an FHA for VA loan. However, it's probably not high enough to get the lowest interest rates available.
How rare is 825 credit score? ›
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.
What credit score do most 21 year olds have? ›
Average Credit Score for Ages 18-25 (Generation Z)
The average FICO® credit score for those aged between 18-25 is 679.
What is the average US 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.
Is a 750 credit score good at 20? ›
A 750 credit score is considered excellent on commonly used FICO and VantageScore scales, which range from 300 to 850. The exception is if you are new to credit because a high score isn't always enough. The length of your credit history and how much debt you carry relative to your income also matter.
Is a 650 credit score good at 20? ›
A FICO® Score of 650 places you within a population of consumers whose credit may be seen as Fair. Your 650 FICO® Score is lower than the average U.S. credit score. Statistically speaking, 28% of consumers with credit scores in the Fair range are likely to become seriously delinquent in the future.
Is a 702 credit score good for a 20 year old? ›
Your score falls within the range of scores, from 670 to 739, which are considered Good.
Is a 750 credit score good for a 19 year old? ›
Your FICO® Score falls within a range, from 740 to 799, that may be considered Very Good. A 750 FICO® Score is above the average credit score.
