News & Trending Money News

Here's the Average Credit Score of 60-Year-Old Americans (How Do You Compare?)

How do you compare to those around you?

By Michelle Smith

Edited by Calista Headrick

Updated Oct. 9, 2025

As you draw closer to retirement, it becomes more important than ever to stay on top of your financial health — which means looking at metrics like your credit score.

Depending on how you've dealt with credit throughout your working life, your credit score could run the range from poor to excellent. But unlike someone who just started working, if you're in your 60s, you're running low on time to get out of debt and boost your credit score.

Below, we explain what you should know about credit scores, including why they matter, what the average credit score is for 60-year-olds, and what you can do to improve your score before retiring.

Get instant access to hundreds of discounts

Over 50? Join AARP today— because if you’re not a member you could be missing out on huge perks like discounts on travel, dining, and even prescriptions.

Get 25% off membership — just $15 for your first year with auto-renewal — and a free gift if you join today.

Become an AARP member now

Why does your credit score matter?

A credit score is a number lenders use to decide who to offer loans to and at what rate. Typically, the higher the credit score, the better your odds of securing a loan with a reasonable interest rate and beneficial terms.

If you have a low credit score, lenders may see you as less likely to make loan payments on time. A low credit score can disqualify you from certain loans, reduce the amount of money a lender will offer you, and even prevent you from renting the apartment you want.

Who really has the cheapest auto insurance in your area? Check your zip code here.

How is your credit score determined?

The most commonly used credit score is a FICO score, which evaluates your credit based on five factors:

Your payment history, which includes whether you've consistently paid bills on time or defaulted on any loans.
The length of your credit history, which demonstrates your reliability over long periods of time.
The number of times you've applied for a new credit line.
The type of credit you have, such as a mix of mortgage loans and credit cards.
Your current level of debt, especially how the amount you owe compares to your total credit limit.

Other credit bureaus may consider different factors to calculate your credit score, or they might use the same factors but weigh them differently than FICO does. Still, the factors above are generally considered essential to a good credit score.

The average credit score for people in their 60s

According to data from Chase Bank, the average credit score for Americans in their 60s is 749. FICO considers this a "very good" credit score, a category second only to "excellent," which refers to credit scores of 800 and above. VantageScore, another common credit scoring service, considers 749 "good," while any score higher than 780 is considered "excellent."

Per Chase Bank's data, Americans' credit scores tend to improve as they age. Once you're in your 60s, you have a much longer credit history than someone fresh out of their teens, and you likely have many different types of credit. You've probably also dealt with larger loans, including mortgages, which work in your favor if you've made timely payments throughout the decades.

Resolve $10,000 or more of your debt

National Debt Relief could help you resolve your credit card debt with an affordable plan that works for you. Just tell them your situation, then find out your debt relief options.¹ <p>Clients who are able to stay with the program and get all their debt settled realize approximate savings of 45% before fees, or 20% including our fees, over 12 to 48 months. All claims are based on enrolled debts. Not all debts are eligible for enrollment. Not all clients complete our program for various reasons, including their ability to save sufficient funds. Estimates based on prior results, which will vary based on specific circumstances. We do not guarantee that your debts will be lowered by a specific amount or percentage or that you will be debt-free within a specific period of time. We do not assume consumer debt, make monthly payments to creditors or provide tax, bankruptcy, accounting or legal advice or credit repair services. Not available in all states. Please contact a tax professional to discuss tax consequences of settlement. Please consult with a bankruptcy attorney for more information on bankruptcy. Depending on your state, we may be available to recommend a local tax professional and/or bankruptcy attorney. Read and understand all program materials prior to enrollment, including potential adverse impact on credit rating.</p>

How do you compare?

If your credit score is at or above the average for your age bracket, you don't have much to worry about. Most lenders are thrilled to work with individuals who have "very good" or "excellent" credit scores.

If your score is below average, remember that you aren't alone: hundreds of thousands of Americans are in your same boat, and there's still time to improve your score.

How to improve your credit score

Having below-average credit in your 60s can feel particularly frightening, especially if you're only a year or two out from retirement. But it's never too late to get to work on your credit, starting with the steps below.

Commit to making your payments on time

If you tend to forget payments until their due date has passed, enroll in autopay to avoid late fees and dings to your credit score. If you have to miss a payment due to financial strain, do your best to get caught up as soon as possible so your debt doesn't spiral further.

Make Money: 8 things to do if you're barely scraping by financially

Don't apply for a new credit card unless you absolutely have to

Every time you apply for a credit card, your credit score takes a hit. And if you're approved for the card, you have another payment with high-interest debt to worry about.

Consider only applying for a new credit card if you're out of options, and never open a card to buy things you want but can't afford right now. The interest you accrue if you don't pay off the balance right away isn't worth it.

Carefully monitor your credit score

Understanding your credit score is a great way to catch any errors. For example, if someone steals your identity and opens multiple credit cards in your name, your credit score will suffer.

You can dispute fraudulent issues if they occur, but it's easier to use a free credit monitoring tool like Experian's, which sends you frequent credit score reports and notifies you of potential identity theft so you can act fast.

Decide on a strategy for lowering credit card debt

If you're paying off multiple high-interest debts, consider strategies like the snowball method, for example, which recommends paying off your smallest debts first (while still making payments on larger amounts). Once you've wrapped up the smaller debt, you can roll that payment into the next-largest payment to pay off debt faster.

Earn $200 cash rewards bonus with this incredible card

With the Wells Fargo Active Cash^® Card (Rates and fees) has no annual fee and you can earn $200 cash rewards bonus after spending $500 in purchases in the first 3 months.

Cardholders can also earn unlimited 2% cash rewards on purchases.

The best part? There's no annual fee.

Click here to apply now.

Focus on living within your means

Penny pinching isn't fun for anyone, but if it helps you avoid going into retirement with mounds of debt and a low credit score, it's worth it.

Even small steps like eating at home instead of dining out, wearing a sweater instead of turning up the heat, and opting for public transit can help you avoid more debt so you can start upping your credit score.

Bottom line

No matter what your credit score is, the fact that you're paying attention to it means you're on the right track to build wealth.

Maintaining these strategies into retirement can help you maximize your retirement savings and ensure you can still access credit if you need it, even without the stability of a full-time job to back you up.

More from FinanceBuzz: