Credit Score for 20 years old

[Anonymous]

Hey guys, I was wondering how my credit score should be. I’m 20 years old and my score is 700 exactly and I’m wondering if this is good or at least somewhat good for my age.

I have three credit cards:
The Best Buy VISA Platinum Credit Card with a 4000$ limit
An American Express Blue Cash Everyday Credit Card with a 500$ limit
And a Barclay’s Card with Apple rewards with a 1500$ limit.
I also have a car loan (it’s a lease) if that helps at all with my credit.

Thanks for all your help!

[JVille]

It’s fabulous HOWEVER have you pull a 3 Bureau report to check what you real Fico score is from each of the 3 Bureaus that Lenders use?
Congratulations!

[Anonymous]

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@Anonymous wrote:
Hey guys, I was wondering how my credit score should be. I’m 20 years old and my score is 700 exactly and I’m wondering if this is good or at least somewhat good for my age.

I have three credit cards:
The Best Buy VISA Platinum Credit Card with a 4000$ limit
An American Express Blue Cash Everyday Credit Card with a 500$ limit
And a Barclay’s Card with Apple rewards with a 1500$ limit.
I also have a car loan (it’s a lease) if that helps at all with my credit.

Thanks for all your help!

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congratulations, You have a good score, however, there is also great scope for being better with credit scoring always. Your total Credit limit is good for starters. Also, remember it is not a short race it is more like a marathon that will never end. So keep you Util low and see that you don't get any baddies. Doing just these you will be better than average any day. all the best

[HeavenOhio]

Welcome, @Anonymous.

Actually, it's your profile (history) that's good for a 20-year old. The score is pretty typical for someone with your profile.

I'm assuming that the 700 score you mention is the Experian FICO8 provided by AMEX. If so, that's a good score to monitor. Don't pay attention to the non-FICO scores (e.g. VantageScores) that many services provide. That doesn't mean that some of these services don't offer useful features; it's just that lenders rarely or never use those alternative scores.

[Anonymous]

As others have indicated, your score is decent given your age. In case this is not 100% clear, though, consumer age is not a factor that FICO considers in its score (though it is present on the report in the form of birth date) -- nor do lenders consider your age.  So while I understand why you are curious, evaluating your score in terms of people the same age has about the same bearing as wondering how your score is compared to other Christians, or white men, or farmers, or any other group you are part of.

Again, totally understand why you are curious. But a more useful question is whether there are some ways to make your score better than it is now, either via long term or short term strategies. I.e. comparing your current score with what you could make it. That way you are competing against yourself and not against your demographic group.

We can give you some suggestions along those lines if you want.  Best wishes....

[Subexistence]

Average score

• 18-29 years old: 652
• 30-39 years old: 671
• 40-49 years old: 685
• 50-59 years old: 709
• Age 60+: 743

According to http://time.com/money/5112478/average-credit-score-by-age/