Average credit scores in the U.S. vary by age and scoring model. The average American across all ages has a fair or good credit score. Your score is likely to be low when you’re younger, because you haven’t built a credit history yet. It tends to go up as you age and build good credit through credit card use and borrowing.  Average FICO scores by age in 2020 according to Experian were: 18 to 23 years old: 674. 24 to 39 years old: 680. 40 to 55 years old: 699. 56 to 74 years old: 736. 75+ years old: 758. Creditors just want to see a good credit score, though. Unless you’re applying for credit or loans that cater to your age group and accommodate lower credit scores, you’ll need to have good credit to be approved, regardless of your age.

Borrowers with credit scores in the low-600s or in the 500s are often approved for auto loans, but you’ll face higher interest rates the lower your score. 

Because loan amounts and monthly payments are much higher compared with car loans, lenders may want to see a higher credit score for a mortgage than for a vehicle. The better your score, the lower interest rate you’ll likely receive, which could save you thousands of dollars over the long life of a mortgage. However, many public programs exist to support first-time home buyers, so you could be approved for a government-backed home loan with a score in the 500s.

A low or no credit score shouldn’t keep you from being approved as a renter.  Leasing companies often run a soft credit check, which means they see your credit history but the check doesn’t register on your credit report as a request for credit (like a hard credit check does). They aren’t generally concerned with your credit score. Instead, they’re looking at your payment history to make sure you can make rent payments on time.

Personal loan lenders often want to see a credit score of 720 or higher. That’s because personal loans, including refinancing loans, don’t come with collateral like a house or car. Translation: If you don’t pay your mortgage or auto loan, the bank gets your house or car. Personal loans don’t come with anything to reassure the bank, so you have to appear to be a stronger borrower.

Most credit card companies require very good credit to be approved for a credit card. If your score is above 700, you have a good chance of being approved for most cards designed for good credit. If it’s above 750, you’ll have your pick of cards and can take advantage of things like sign-up bonuses and travel rewards, likely with low interest rates.