The Oldest Americans Have the Highest Credit Scores
NEW YORK (MainStreet) — A new infographic from Experian shows that the “Greatest Generation” lives up to its name in terms of credit scores.
The credit bureau analyzed data from its user base and found that collectively those 66 years or older have the best credit reports, netting a VantageScore of 829. Comparatively, baby boomers (those ages 47 to 65) averaged a 782, Generation X (those ages 30 to 46) averaged a 718 and Generation Y (those ages 19 to 29), whose members are just starting to build credit, averaged a 672.
Nationwide, the average debt in the U.S. is $78,030 and the average VantageScore is 751, which is pretty subpar, considering VantageScore operates on a scale of 500 to 990.
The results of Experian’s analysis aren’t entirely surprisingly, given that age does tangentially affect your credit score. (As MainStreet has previously reported, older borrowers usually net more points since their credit histories tend to be longer, thanks to the passage of time.)
However, it is interesting – and perhaps a bit worrisome – that the gap in debts owed by baby boomers, who are at or rapidly nearing retirement age, and Generation Y (who are not) is not all that wide. Those ages 47 to 65 owe, on average, $101,951 in borrowed funds while those ages 30 to 46 owe around $111,121.
Scores aside, there was one thing all four generations had in common. For each, including the youthful Generation Y, the largest source of debt was a first mortgage.
—Jeanine Skowronski is staff reporter for MainStreet. You can reach her by email at Skowronski.jeanine@thestreet.com, or follow her on Twitter at @JeanineSko.
