What Is My Average Credit Score – 8 Tips For Negotiating Cost With
Average Credit Score at Every Age
▽MY FINANCIAL TOOLS▽
➤ SoFi Complete Money Management
1) 💸 SoFi Money FREE $25 – https://magnified.reviews/SoFi
SoFi Credit Card – https://magnified.reviews/SoFiCreditCard
SoFi Invest – https://magnified.reviews/SoFiInvest
SoFi Student Loan – https://magnified.reviews/SoFiStudentLoans
➤ POINT Cash Back DEBIT CARD
2)💳 POINT – Get $100 for FREE when you make your first purchase!
SIGN UP HERE: https://magnified.reviews/POINT
USE CODE ‘MAGNIFIED MONEY’
➤ Wealthfront Automated Investing
4) 📊 Get Your First $5,000 of Investments Managed for FREE
➤ Yotta Savings
5) 💵 Yotta – Use code MAGNIFIED to Get 100 FREE Tickets
6) 📈 Robinhood – Investing App – Earn 1 Free Stock when you open an account.
According to Experian data, the average credit score for individuals in their 20s is in the mid to high six hundreds, by your 40s its approaching 700 and by the age that most people were higher around 60, it should be in the mid 700s according to these averages. So make of that what you want and obviously compare your own credit score and age to those averages but I know there’s one thing that I took away from this chart and that is these numbers…suck.
If you fall under the first category the solution is really simple in my opinion, go get the discover it credit card which is completely free, use it for your regular everyday purchases just like you would with your debit card, and then set up autopay just in case but make sure that you are manually going in and paying off that card before your statement arrives every single month. And as long as you can do that for several months your credit score will likely be 700 plus in no time. This is exactly what I did when I turned 18 and without any other lines of credit meaning no student loans no car loans, and not even a lease or rental agreement to my name, I got the discovery credit card I probably only put 50 bucks on it each month and after seven months of paying off that card on time every time my credit score was well over 700.
Now the second category is where things get a little bit more tricky because you likely already have lines of credit but perhaps you haven’t been using them properly and therefore you have a damaged or bad credit score. First of all, I want you to know that you’re not alone, this sort of thing is very common and there are absolutely paths out of this that don’t come anywhere close to filing for bankruptcy or anything like that. I wanna make it clear that none of this is financial advice but if I were in a situation where I head bad or damaged credit, the first thing I would do is write down all of the lines of credit that I currently have including any debt that may be on those lines of credit. Once you accurately understand the lines of credit that you currently have it may then be easier to identify which ones are causing the most harm to your credit score.
And lastly, if you’re in perhaps the largest category of individuals who have a good credit score or maybe 700 or more but you’re looking to continue improving that score then again the first thing I would do is make sure you have an accurate understanding of all of the lines of credit that you currently have. Then from there assuming there aren’t any outliers in your situation like an inaccurate mark on your reports or a missed payment or something, the only told that you really have to continue increasing your credit score is to continue making those on-time payments for your existing lines of credits and perhaps getting a new line of credit if you need it.
0:00-Average Credit Score by Age
1:40-THIS Statistic is SCARY!
4:02-The Solution for ZERO Credit
4:51-The Solution for BAD Credit
7:12-The Solution for GOOD Credit
8:48-My FINAL Thoughts
Music from Storyblocks Audio and YouTube Audio Library
I am not a Certified Financial Planner®. The topics presented in this video are for entertainment purposes only. You, and you alone, are responsible for the financial decisions that you make.