Featured in...
Dashboard
Debt Info

Average Credit Score by Age UK

Scott Nelson Profile Picture Janine Marsh Profile Picture
By
Scott
Scott Nelson Profile Picture

Scott Nelson

Managing Director

MoneyNerd’s founder, Scott Nelson, has a decade of financial industry experience, including 6 years in FCA regulated loan and credit card companies. Troubled by a lack of conscience in the industry, he founded MoneyNerd to give genuine advice to those in debt and struggling financially.

Learn more about Scott
&
Janine
Janine Marsh Profile Picture

Janine Marsh

Financial Expert

Janine Marsh is an award-winning presenter and a valuable member of the MoneyNerd team. With a wealth of experience as a financial expert, she's been featured on BBC Radio 4, BBC Local Radio, and BBC Five Live, and is a regular on Co-op Radio.

Learn more about Janine
· Feb 6th, 2024
Could you legally write off some debt? Answer below to get started.

Total amount of debt?

For free & impartial money advice you can visit MoneyHelper. We work with The Debt Advice Service who provide information about your options. This isn’t a full fact-find, some debt solutions may not be suitable in all circumstances, ongoing fees might apply & your credit rating may be affected.

For free & impartial money advice you can visit MoneyHelper. We work with The Debt Advice Service who provide information about your options. This isn’t a full fact-find, some debt solutions may not be suitable in all circumstances, ongoing fees might apply & your credit rating may be affected.

Featured in...
average credit score by age uk

For free & impartial money advice you can visit MoneyHelper. We work with The Debt Advice Service who provide information about your options. This isn’t a full fact-find, some debt solutions may not be suitable in all circumstances, ongoing fees might apply & your credit rating may be affected.

Are you curious about average credit scores in the UK and how they change with age? You’ve come to the right place for answers. Our article is here to guide you through this topic with clear and simple facts. 

We understand that credit scores might seem tricky. Many people worry about their score and how it might change as they get older. But there’s no need to worry – we’re here to help.

Over 170,000 people use our website each month to get advice on money matters. We’ve got a lot of knowledge to share, and we’re pleased to say that we can help with any questions or worries you might have about credit scores.

In this easy-to-read article, we’ll be covering:

  • How the average credit score changes with age in the UK.
  • What a good credit score looks like.
  • The top reasons for bad credit.
  • How to make your credit score better.
  • Helpful answers to frequently asked questions.

Our team knows how confusing money matters can be. We’ve all had to learn about them too, so we promise to explain everything in a way that makes sense. Let’s get started and learn more about credit scores in the UK.

Could you legally write off some debt?

There are several debt solutions in the UK, choosing the right one for you could write off some of your unaffordable debt, but the wrong one may be expensive and drawn out.

Answer below to get started.

How much debt do you have?

This isn’t a full fact find. MoneyNerd doesn’t give advice. We work with The Debt Advice Service who provide information about your options.

Average Credit Score by Age in the UK

Your credit score will vary depending on which agency you’re checking it with. However, all of these agencies use very similar methods to calculate their figures. 

They will take into account factors such as:

  • Your credit utilisation
  • Length of credit history
  • Types of credit in use
  • If you pay your debt on time
  • And other factors

Three of the most popular credit agencies are Experian, Equifax and TransUnion. Experian has a score range of 0 to 999, Equifax’s is between 0 to 1000, and TransUnion’s ranges from 0 to 710. 

The figures below show the average credit score by age in the UK based on data from Experian.co.uk.

Age Group Average Score
18-20 823
21-25 792
26-30 776
31-35 770
36-40 779
41-45 792
46-50 804
51-55 819
55+ 863

People aged between 31 and 35 have the lowest average scores at 770

Key takeaways from this data are:

  • People aged 55 and over have the highest average credit score at 863.
  • People aged between 31 and 35 have the lowest average scores at 770. 

How a debt solution could help

Some debt solutions can:

  1. Stop nasty calls from creditors
  2. Freeze interest and charges
  3. Reduce your monthly payments

A few debt solutions can even result in writing off some of your debt.

Here’s an example:


Situation

Monthly income £2,504
Monthly expenses £2,345
Total debt £32,049

Monthly debt repayments

Before £587
After £158

£429 reduction in monthly payments

If you want to learn what debt solutions are available to you, click the button below to get started.

Get Started

Average UK credit score

Recent data shows that the average credit score (based on Experian’s rating system) improved across the UK up until 2021. 

  • In 2019, the average UK credit score was 776.
  • In 2020, the average UK credit score was 792.
  • In 2021, the average UK credit score was 797.
  • In 2022, the average UK credit score was 759.
  • London has the highest average score at 893.
  • Kingston-upon-Hull has the lowest average score at 702.
  • In 2022, 5,049,129 people in the UK (approximately 9% of the adult population) were virtually invisible to the financial system because there was insufficient information available to rate them.
  • 49% of UK adults have never accessed their own credit report. It’s wise to always check your credit file for any mistakes that could be giving you a poor score. If you see an error, have it corrected.

» TAKE ACTION NOW: Fill out the short debt form

What’s a good credit score?

Sticking with Experian, between 881 and 960 is considered a ‘good’ credit score. A rating of ‘excellent’ is given to anyone with 961 or above.

Those in the ‘good’ or ‘excellent’ brackets will have the easiest access to credit at the best interest rates, which can significantly improve or affect your credit score.

Average Credit Score by Age UK
Source: MSE Forum.

A rating of ‘fair’ is given to those with scores between 721 and 880. People in this range still shouldn’t have many issues obtaining credit. Whether you will be approved, however, depends on your personal circumstances and the lender’s criteria.

A score of 720 or below might pose problems for those seeking financing. 

In 2022, the average UK credit score was 759.

Thousands have already tackled their debt

Every day our partners, The Debt Advice Service, help people find out whether they can lower their repayments and finally tackle or write off some of their debt.

Natasha

I’d recommend this firm to anyone struggling with debt – my mind has been put to rest, all is getting sorted.

Get started

Reviews shown are for The Debt Advice Service.

Top reasons for bad credit

There are several reasons that your credit score might drop. Some of these are always within your control, whereas others can be hard to manage.

The top issues that can cause harm to your credit rating are:

  • Failing to stick to a credit agreement
  • Declaring bankruptcy
  • Selecting the wrong credit card
  • Having a County Court Judgement (CCJ)
  • Consistently making only minimum payments on money owed, including student debt.
  • Identity fraud
  • No credit history

Average Credit Score by Age FAQs

Does your credit score really matter?
Your credit score is one of the most reliable ways that a lender can assess your eligibility for credit. With a good rating, a lender will be able to see that you’re not a risk. This will help ensure you can access credit when you want or need it. It can also help you enjoy the best interest rates on credit, which can save you money in the long run.
How many people in the UK have bad credit?
39% of British adults have missed a debt repayment, which could lead to a decrease in their credit score. This number drops to 31% for those aged over 55.

Additionally, 24% of people in the UK have been refused credit due to a bad score and 12% have been put off applying for a mortgage for the same reason.
What credit score do I need to buy a house?
When it comes to getting a mortgage, the better your credit report the better. However, a bad score doesn’t necessarily mean your application will be rejected.

There are mortgage lenders who specialise in helping people with poor credit to get on the housing ladder. But, it’s still a good idea to try and build your rating before making an application. This will improve your chances and help you secure the best rates.
Could you legally write off some debt?

Answer below to get started.

How much debt do you have?

This isn’t a full fact find. MoneyNerd doesn’t give advice. We work with The Debt Advice Service who provide information about your options.

References

Pension Times

Experian

The authors
Scott Nelson Profile Picture
Author
MoneyNerd’s founder, Scott Nelson, has a decade of financial industry experience, including 6 years in FCA regulated loan and credit card companies. Troubled by a lack of conscience in the industry, he founded MoneyNerd to give genuine advice to those in debt and struggling financially.
Janine Marsh Profile Picture
Debt Expert
Janine Marsh is an award-winning presenter and a valuable member of the MoneyNerd team. With a wealth of experience as a financial expert, she's been featured on BBC Radio 4, BBC Local Radio, and BBC Five Live, and is a regular on Co-op Radio.
×
Are you struggling with debt?
Are you struggling with debt?
  • Affordable repayments
  • Reduce pressure from people you owe
  • Lower monthly repayments
Close