FICO Scores Correlate with Age
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This graph comes from fico.com. It clearly shows that the worst scores are held disproportionately by people age 18 to 29, and that the best scores are held disproportionately by people over 60. The major reasons for good credit with age:
- Better payment history
- Less utilization of available borrowing power
- Longer credit history
- Older credit (few new accounts)
- Diverse mix of credit (mortgages, loans, credit cards)
