The average FICO Score for U.S. consumers hit a record 710 last year, and millennials led the pack with an 11-point increase, according to Experian's 2020 Consumer Credit Review.
Overall, all generations boosted their credit scores by one to 11 points from 2019 to 2020. These increases are a result of consumers paying their bills on-time and cutting back on spending amid an unpredictable economy.
Here's a breakdown of the average credit score by generation, according to Experian's 2020 report, plus tips on how to raise your credit score.
Average credit score by generation in 2020
| Generation | 2019 | 2020 | Change |
|---|---|---|---|
| Generation Z (18-23) | 667 | 674 | +7 |
| Millennials (24-39) | 668 | 679 | +11 |
| Generation X (40-55) | 688 | 698 | +10 |
| Baby boomers (56-74) | 731 | 736 | +5 |
| Silent generation (75+) | 757 | 758 | +1 |
While millennials and Gen X saw double digit increases in credit scores (11 and 10 points, respectively), the silent generation continued to have the highest average credit score at 758.
The silent generation even outpaced the average credit score for the general population (710). This doesn't come as a surprise since older generations historically have better credit scores, which can be attributed to having more time to build good and excellent credit.
How to raise your credit score
If you’re just beginning your credit journey or want to find new ways to boost your credit, consider these tips.
- Make on-time payments. Payment history is the most important factor of your credit score, so it’s key to always pay at least the minimum due on time. Autopay is a simple tool that ensures payments are made by the due date.
- Pay in full. While minimum payments help keep your account current, it’s better to pay in full to avoid interest charges and reduce your utilization rate (your total credit card balance divided by your total credit limit).
- Get credit for eligible monthly bills: *Experian Boost™ is a free service that lets you get credit for positive, on-time utility, telecom and streaming subscription payments. You simply connect your bills, then receive a new FICO® Score provided by Experian, which may reflect an increase. Learn more about how Experian Boost works.
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*Results may vary. Some may not see improved scores or approval odds. Not all lenders use Experian credit files, and not all lenders use scores impacted by Experian Boost.
