Debt Kit -- Settle unsecured debts for less thanhalf of amount owed Credit Kit -- Improve your credit rating and reduce monthly payments by $200+ |
Credit > Credit Scores and Age |
How Your Age Affects Your Credit Score Is it possible for a younger person to have a high credit score, say above 720? Yes, it is possible, but if you are under 29, chances are high that your credit score is around 635, which is the average credit score for those between the ages of 18 and 29. Even young people who pay their bills on time and don't accumulate too much debt tend to have lower credit scores because about 15% of one's credit score depends on the length of the credit history, meaning the time that one has been using credit. Therefore, older people who have a credit history of twenty or more years, get a boost in their credit scores simply because they're older. One of the three major credit reporting agencies released information in 2005 about the average credit score for various age groups. These figures are as follows: Age Group Credit Score 18 - 29 637 30 - 39 654 40 - 49 675 50 - 59 697 60 - 69 722 70 plus 747 Length of credit history is just one variable that influences credit scores. Paying your bills on time and not accumulating debt are much more important variables. To learn more about credit scores, click here. |
Credit > Credit Scores and Age |
Debt Kit -- Settle unsecured debts for less thanhalf of amount owed Credit Kit -- Improve your credit rating and reduce monthly payments by $200+ |
