What should a 21 year old credit score be?

So, given the fact that the average credit score for people in their 20s is 630 and a “good” credit score is typically around 700, it’s safe to say a good credit score in your 20s is in the high 600s or low 700s.

Can you have an 800 credit score at 21?

Length of credit history, which takes into account how long your accounts have been open and how recently they’ve been used, accounts for 15 percent of your credit score under FICO’s traditional formula. Still, it is possible to establish excellent credit – a score of 800 or higher, for example – in your 20s.

What credit limit can I get with 700?

In the 700 club, your credit limit will likely be close to the average credit limit of $4,200, said Ted Rossman, senior industry analyst at Bankrate. That limit can vary based on income and other debt. With an average credit score, expect to pay around the average credit card interest rate of 16 percent, Rossman said.

Can I get a mortgage loan with a 704 credit score?

A score of 704 is considered good and, along with other favorable factors in your application, will help get you approved for a mortgage — although not necessarily at the lowest interest rate and fees available. A score of 750 will get you primo rates and terms, but a 450 will probably get your application tossed.

How many credit cards should a 22 year old have?

We recommend having at least two open credit card accounts. It’s best for your credit score to keep your oldest account open, and you should be able to get an upgrade for everyday spending after a bit of credit building. But there are lots of ways to get the job done.

What is good average age of credit?

seven years
You have to have seven years of credit history to have “good credit” at all. Because of the seven-year rule, you can have a spotless payment history, but still get turned down for certain credit cards if your history doesn’t go back at least seven years.

Can a 20 year old have an 800 credit score?

Still, it is possible to establish excellent credit — a score of 800 or higher, for example — in your 20s.

What is considered high credit limit?

A high credit limit is a limit of $5,000 or more. For high credit limits, you’ll need good-to-excellent credit, high income and little existing debt, if any. A high credit limit is good because using up most or all of your credit card’s limit is bad for your credit standing.

Is 704 a good FICO?

Your score falls within the range of scores, from 670 to 739, which are considered Good. The average U.S. FICO® Score, 704, falls within the Good range. 21\% of U.S. consumers’ FICO® Scores are in the Good range.

Is 701 a good credit score?

A 701 FICO® Score is Good, but by raising your score into the Very Good range, you could qualify for lower interest rates and better borrowing terms. A great way to get started is to get your free credit report from Experian and check your credit score to find out the specific factors that impact your score the most.

What does a 704 credit score mean?

A 704 credit score is a good credit score. The good-credit range includes scores of 700 to 749, while an excellent credit score is 750 to 850, and people with scores this high are in a good position to qualify for the best possible mortgages, auto loans and credit cards, among other things.

Is 700 a good credit score for a 20-year-old?

But if you’re in your 20s and just starting out, a score of 700 or higher may be tough as you’re just establishing your credit history. In fact, according to Credit Karma, the average credit score for 18-24 year-olds is 630 and the average credit score for 25-30 year-olds is 628.

What is the average credit score for a 24 year old?

In fact, according to Credit Karma, the average credit score for 18-24 year-olds is 630 and the average credit score for 25-30 year-olds is 628. FICO has different categorizations for credit scores and a 630 is deemed as “fair”.

What is the average credit age in your 20s?

In your 20s, your credit age is still very young. This means your average credit age could be just a year or two old. Every time you take on a new credit card or debt while in your 20s, it can make a significant impact on your credit’s average age. Also, in your 20s you’re still in the process of building a credit profile from scratch.