This Is The Average Credit Score for Every Age

September 14, 2021

Like many Americans, I spent a lot less money than usual during lockdown last year. But then I more than made up for it with a kitchen renovation this summer. I put big expenses on my credit card, and I was surprised that it didn’t hurt my credit score. The bigger-than-average balances increased my credit utilization rate, a measure that the credit bureaus use to gauge your trustworthiness as a borrower (it refers to the percentage of available credit you’re using). While my generation has long had a reputation as slackers, that’s not what’s holding Gen X back now — we’re just in our prime spending years, and our average credit score is a not-so-stellar 685. In today’s edition, learn the average credit score and credit card balance of each generation. Responsibly managing your debt can raise your score and ultimately help you retire debt free.

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Retirement News From Around The Web

There’s No Magic Number for Self-Insuring Long-Term Care
Set up a dedicated bucket for estimated long-term care costs, an expert recommends. MORNINGSTAR

How You Can Roar Into the Second Half of Life
For starters, stop thinking in terms of “age-appropriate” and start thinking about “person appropriate.” NEXT AVENUE

The Basics of Bonds
Here’s what the average investor should know about this important asset class. CNBC SELECT

This Senior Living Business Model Doesn’t Involve Real Estate
Welcome to the brave new world of “virtual assisted living.” LINKEDIN

Elizabeth O'Brien is deputy editor at Money. She has covered retirement and health care for nearly a decade. A Brooklyn resident and mom of two boys, she navigates the alphabet soup of Medicare and the New York City subway system with equal ease. You can email her at elizabeth.obrien@money.com and follow her on Twitter at @elizobrien.

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