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Though the old saying goes, "youth is wasted on the young," there are some real financial perks to being in your 70s, including signs of financial fitness that can leverage your money situation. According to Experian, older Americans are more likely to have higher FICO scores; the credit bureau's research shows that more than 50% of people with scores of 800 are age 60 or older.
Even if they don't quite make it into the coveted 800 club, people aged 70 and above still tend to have credit scores around 747. That's nothing to sneeze at, especially considering that the national average FICO score has recently hovered between 713 and 716.
What's this generation's secret? And more importantly, at least if your credit score doesn't compare, is it something you can replicate?
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Credit scores reward time, not just behavior
It's tempting to assume that older Americans' higher credit scores stem entirely from financial discipline. However, the truth is more complex. Older Americans benefit from the way credit scores are designed. Simply put, time is on their side.
FICO scores don't just measure how you use credit; they also assess how long you've been using it. Length of credit history accounts for about 15% of your score, giving it real weight. There are other factors that give older Americans a credit advantage as well.
"Older Americans have something young borrowers can't get with just time: on-time payment history, aged credit accounts and limits, and well-established credit," said John Donikian, vice president of Best Interest Financial. "Credit history makes up 15% of the FICO score, while payment history makes up 35% and amounts owed make up 30%."
Even if younger borrowers are making smart decisions, they simply haven't had enough time to build the track record that leads to a high score.
Why credit scores tend to plateau later in life
If you use credit thoughtfully, your score likely rises steadily throughout adulthood.
But once you reach about 30 to 35 years of credit history, there's only so much that time alone does. By your mid-70s, other life changes also play a role in scores leveling out.
"Someone retires, travels less, spends less, and a credit card they've had for 20 years sits unused. After a year or two with no activity, the company closes it for being inactive," said Ralph Estep Jr., LPA, founder of Saggio Management Group. "When that happens, the credit limit from that card is no longer counted, so the balance on their other cards, which hasn't changed, now makes up a bigger portion of a smaller total limit."
At this stage of life, credit goals tend to shift away from growth and toward preservation.
How your score compares
You might be wondering how your own score stacks up against your parents' or grandparents'. To gain proper context, it helps to understand where you fall within the standard FICO ranges:
- 300–579: Poor
- 580–669: Fair
- 670–739: Good
- 740–799: Very good
- 800 and above: Exceptional
With their scores generally around 747 or higher, many Americans in their 70s fall into the "very good" category. That range typically unlocks competitive rates on loans and credit cards.
If your score still sits in the "good" range, or below, you may simply be earlier in the process of building credit history. Working with a trusted financial advisor helps you map out a path toward improvement. With steady habits, time is on your side, as well.
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Strong scores are not immune to change
Despite decades of positive credit history, people in their 70s shouldn't go on autopilot with their credit scores. Experts caution that closing cards or scaling back credit use after milestones like paying off a mortgage or auto loan may put scores at risk.
"They might even close credit cards with a long open credit history and a high credit limit and don't realize some of the cards they closed a few years back start falling off their report," said Jeanne Kelly, founder of The Kelly Group Coaching. "They'll say, 'I haven't changed anything, but my score keeps dropping!' If they never saved old credit reports, they might forget about those accounts and not realize that could be the reason."
Sometimes, a retiree who changes bank accounts or credit cards forgets to update automatic payments, which leads to a missed bill. Even one late payment has the potential to cause a noticeable dip.
Older Americans whose kindness is as strong as their credit score should also think carefully before cosigning a loan for an adult child or grandchild. Their credit takes a hit if that borrower misses a payment.
How to protect your credit score in retirement
Simple, consistent habits go a long way toward maintaining a strong credit score in your 70s. Keeping at least one credit card active is one of the easier strategies.
"Every month, they should put a small expense, like a streaming subscription, on a no-annual-fee card, set the card to autopay, and review the statement," Donikian said. "To avoid losing a card, they should use it from time to time and check for fraud and unexpected charges."
It's also important to keep credit utilization low, ideally under 30% of available credit. Retirees should avoid closing their oldest accounts if possible, since they help anchor credit history.
Finally, retirees should make their credit report part of their reading routine, even if it's not as enjoyable as their book club pick. Regular reviews help spot errors or issues before they affect their score.
Bottom line
For many Americans, age brings more than wisdom and the pleasures of retirement: It can also contribute to a very good credit score. The golden years often come with the golden advantages of a longer on-time payment history, as well as a general track record of using credit wisely.
Still, older Americans have their own credit woes to watch out for, such as overall inactivity or an accidentally missed payment that will drop their credit scores.
But if you're jealous of your parents' or grandparents' high credit score, don't be discouraged. Building strong credit takes patience; it might mean getting some of the best credit cards with 0% intro APR and slowly using and paying them off without overspending. In general, steady habits pay off over time.
FAQs
How does the average credit score by age help you understand where you stand?
A raw credit score means little on its own since a 680 might be excellent for a 25 year old but below par for someone in their 50s. Comparing your score to others in your age group gives you a more realistic benchmark than the national average alone, since scores naturally climb over time as people build longer credit histories. If you're behind your age group's average, it often points to something fixable, like high credit utilization or a thin credit file, rather than a permanent ceiling.
Does closing a credit card hurt your credit score?
It can, but usually not for the reason people expect. Closing a card does not immediately shorten your credit history, since closed accounts in good standing typically stay on your report for up to 10 years. The bigger risk is losing that card's credit limit, which can raise your overall credit utilization and lower your score.
Can becoming an authorized user help a family member build credit?
Yes, if the card issuer reports authorized user activity to the credit bureaus. Adding a spouse, child, or grandchild as an authorized user on a well managed account can help them build credit history faster, since the account's age and payment record can show up on their credit report too.
More from FinanceBuzz:
- Retire like the rich: 14 ways you could build wealth in your 50s.
- Find out if you could pay less for car insurance in just a few clicks.
- Make these 7 savvy moves when you have $1,000 in the bank.
- 14 moves seniors could benefit from but often forget about.
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