The average 40-something has a 676 credit score—what this expert says they're doing right and wrong

New Experian data finds consumers between the ages of 39 to 53 (aka Generation X) have a considerable gap in their credit scores when compared to older generations.

The credit bureau's 2020 State of Credit report shows that Gen Xers, with an average credit score of 676, are closer to the scores of Gen Y/millennials (658) and Gen Z (654) than they are to Boomers (716) and the Silent Generation (729).

"Credit scores tend to improve as people age," says Rod Griffin, senior director of public education and advocacy for Experian. But in order for Gen X consumers to reach the higher credit scores we see in older generations, they need to start focusing on two factors: lowering their credit utilization rate and paying their bills on time.

To get a better idea of how the average Gen X consumer manages their credit, below is a snapshot of Experian's most recent data highlighting this generation.

CNBC Select spoke with Griffin about his two big takeaways when you look at Gen X's borrowing behaviors.

According to Experian's analysis, the average Gen Xer has a revolving utilization rate of 32%.

"Gen X has reduced their credit utilization rate year over year, which is a good thing," Griffin tells CNBC Select. "However, at 32%, this is still the highest utilization rate of any generation and it contributes to the gap we have seen between Gen X's average scores and their older peers."

From youngest to oldest consumers, Gen Z and Gen Y/millennials both have a 30% CUR, Boomers a 24% CUR and the Silent Generation a 13% CUR.

Your credit utilization rate, or balance-to-limit ratio, shows how much of your available credit you use. If you use too much, lenders worry you may be relying too much on credit without being able to pay it off. This may very well be the case with Gen Xers. As Griffin points out, these consumers carry more nonmortgage, mortgage, credit card and retail card debt than any other generation.

When your credit card balance increases and goes unpaid, your CUR steadily rises as you come closer to reaching your overall credit limit. Experts generally recommend keeping your CUR below 30%, but a single-digit utilization rate (under 10%) is a better target if you really want a good credit score.

Having a low CUR will help increase your credit score, too. The amounts owed counts as 30% of your FICO Score calculation, so it's a huge factor. To decrease your utilization rate, start by reducing your credit card balances. Once you chip away at your credit card debt, you can then consider asking your card issuer for a higher credit limit to further help lower your utilization rate. (Just make sure a higher limit doesn't give you an excuse to run up more debt.)

While Gen X consumers have had fewer missed payments year over year, they still have a higher rate of missed payments than any other generation.

No matter your age, making your bill payments on time is key to maintaining good credit standing and an overall healthy financial future. In fact, payment history is the most important factor that determines your credit score. A solid score gives you access to the best credit cards and better loan terms when you want to take out a mortgage or a car loan.

To track how you are keeping up with your debt payments, Griffin encourages you to check your credit score and pull your credit report at AnnualCreditReport.com to see where you stand. Your credit report will list the payment history on your current and historical credit accounts from the past seven to 10 years, including revolving (credit cards) and installment accounts (mortgages and loans).

Consider signing up for a credit monitoring service that can help you keep an eye on your credit and alert you in real time of any updates or changes. CNBC Select reviewed and rated the best credit monitoring services, and if you don't want to pay for a service, consider one of the free ones that made the list: CreditWise® from Capital One and Experian free credit monitoring.