Average credit score by age uk

Did you know that there is a big difference in average credit scores between different age groups in the United Kingdom? Younger people tend to have lower credit scores, while those over 60 have the best scores. This can be important information for anyone looking for car finance. If you are in your twenties or thirties, it is likely that you will need to find best car finance for bad credit. Luckily, there are plenty of options available!

What is a credit score and why is it important?

A credit score is a number used to measure the risk of a person or company in terms of how likely it is that they will be able to pay back their loans. It’s calculated by taking into account your financial history, such as payment history and outstanding debts.

Having a good credit score can help you access better deals on loans, mortgages, car finance and best car finance for bad credit. A low credit score could make it difficult to get approved for the best borrowing deals available. That’s why it’s important to actively manage your finances and have an understanding of what makes a good or bad credit rating.

How do you find out your credit score rating?

In the United Kingdom, your credit score rating is determined by a number of factors. These include your financial history, payment behaviour and any current debts. You can find out what your credit score rating is by accessing your credit report from one of the three major credit reference agencies in the UK: Equifax, Experian or Callcredit.

Once you know your score, it’s important to understand how it impacts you financially. Credit scores are used to assess an individual’s likelihood of repaying a loan on time and this affects their ability to access best car finance for bad credit as well as other types of loans. In order to get the best deal on a loan, it’s essential that you have good knowledge about where you stand.

The best way to do this is by understanding the average credit score in the UK by age. The following information provides an overview of the average credit scores at different ages, helping you to understand how your own rating compares.

Under 18 – According to Experian, individuals under 18 are not assigned a credit score as they have no financial history or payment behaviour.

18–24 – Statistics from Experian found that young adults aged 18-24 had an average credit score of 602. This was one of the lowest amongst all age groups, meaning it may be more difficult for them to access best car finance for bad credit and other types of loans.

25–34 – For those aged between 25 and 34, the average credit score was 645. This is higher than the previous age group, however still relatively low in comparison to those aged 35-44.

35–44 – Individuals aged between 35 and 44 had an average credit score of 672 according to Experian’s research. This puts them amongst the highest scoring age groups in the UK.

45–54 – The midlife age bracket (45-54) had an average credit score of 684 which was slightly lower than that of 35-44 year olds but still considered high in terms of overall scores.