Millenials Credit Score Jumped More Than Any Other Generation in 2020
The average FICO score in the US hit a record of 710 in 2020, according to Experian’s 2020 Consumer Credit Review. These increases were largely attributed to consumers paying bills on time, having higher savings rates, and spending less as the pandemic forced stay-at-home mandates.
Here’s a breakdown of the average credit score by generation with the 2020 credit score increase in bold, according to Experian’s 2020 report.
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
Millennials and Gen X saw a double-digit increase in credit scores, but are still far behind older generations that have had credit for longer durations.