Home › Forums › Credit Reports & Scores › How long does it take to get a 700 credit score from zero?
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August 8, 2023 at 10:12 am #10815
Geoff Massanek
ModeratorAugust 11, 2023 at 6:31 pm #10958Team StellarFi
KeymasterFirst of all, your credit score can never be zero. The credit score range begins from 300, whether it is FICO® or VantageScore.® And if you are new to credit too, say, 18 years old when you become eligible to open your first credit card account, your score will likely be in the 400-500 range. When you begin your credit journey, you start with no credit history. Your credit report only begins once a credit history is established. You get your first FICO score six months after you open your first credit account. Timely payments and low credit utilization in those initial months can help build up your score well. Length of credit history and credit mix are factors that will take time to build, so you will have low credit scores as you begin which can increase with time and experience.
A 300 credit score may be the case for people with significant financial struggles. Otherwise, drops and increases should mostly keep you moving between fair and good credit.
Gen X (between ages 42-57) has scores in the 700 range. But, Gen Z’s (18-25) average score is not so bad either at 679. This is only a 20-point difference and potentially means the current generation is more well-versed in financial, or at least credit planning, compared to previous generations.
One factor that definitely affects credit scores negatively is age due to the length of credit history. The age of your oldest and newest credit accounts contributes as much as 15% to your credit score. So, it is not so much your age but that of your credit account which counts. Hence, younger people tend to have lower scores than older people.
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