What is a good credit score by age?

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Your credit score in Canada tells a fascinating story as you get older. For ages 18-25, an average score is 692, but above 680 is ideal. Ages 26-35 see it rise to 697, with 680-700 being optimal. For 36-45, the average hits 710, over 700 is great for loans. At 46-55, it’s 718, with 720+ unlocking better deals. Ages 56-65 enjoy 737, and 65+ boast 750. Got questions? Reach out via phone, text, or live chat!

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Credit Score By Age Question

What is a good credit score by age? I’ve heard that credit expectations can vary by age. What would be seen as a good credit score for someone at my stage of life?

From: Anonymous Question
Location: Abbotsford, British Columbia (BC)
Category: credit rebuilding

Credit Score By Age Answer

If you’re navigating your financial journey in Canada, understanding how your credit score evolves with age can provide valuable insights. From the average score of 692 for those aged 18 to 25 to an impressive 750 for seniors, knowing these trends can help you make informed decisions about managing debt and pursuing credit options as you age. To ensure you maintain a healthy credit score, consider the strategies of debt management, credit rebuilding, or even exploring solutions like a consumer proposal or personal bankruptcy if needed.

From: Insider Adam

Office of the Superintendent of Bankruptcy (OSB) Answer

Generally, a good credit score in Canada is typically considered to be between 660 and 724 on a scale of 300 to 900. Expectations for credit scores may vary by age, with younger individuals often having a lower average score due to a shorter credit history. A score of 700 or above is typically seen as good for most age groups. However, it’s important to monitor individual credit reports and scores to understand your specific situation. For more personalized information, consider consulting with a financial expert or credit counselor.

From: OSB Helper

Related Questions to Good Credit Score By Age

Here are the top 5 most frequently asked questions related to “What is a good credit score by age?” in Canada, along with brief answers:

1. What is the average credit score by age?

• The average credit scores range from 692 for 18-25 years old to 750 for 65 and older[2][4][5].

2. How does age affect credit scores?

• Credit scores generally increase with age as individuals have more time to build credit history and pay down debt[2][4][5].

3. What is considered a good credit score for someone in their 20s?

• A good credit score for someone in their 20s is typically around 692, which is the average for the 18-25 age group[2][4][5].

4. How can younger adults improve their credit scores?

• Younger adults can improve their credit scores by obtaining their first credit card, paying it off timely, and developing healthy financial habits[5].

5. What is the impact of credit score on financial opportunities?

• A higher credit score provides better financial opportunities, including access to more loans, lower interest rates, and better credit terms[2][4][5].

If you have a question about debt see our debt questions or ask your own debt related question.

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