The answer to what a 19 year old’s credit score should be is complicated, as it depends on a variety of factors including the age of the person’s credit history, their financial habits and the type of credit used.
Generally speaking, 19 year olds should have a credit score between 550 and 680, which falls within the fair range. The higher your score is within this range, the better. Your credit score reflects your trustworthiness as a borrower and is based on five components: payment history, credit utilization, credit age, credit mix, and recent credit activity.
Payment history is typically the most important factor of your credit score and constitutes 35% of your score. This is why it is important to pay your bills on time each month and to avoid accruing any late payments or debts.
Additionally, credit utilization (the amount of credit you use vs. the amount available to you) makes up 30% of your credit score. Keeping your total credit usage below 30% will demonstrate your financial responsibility and help you maintain a higher credit score.
Other contributors to your credit score are credit age, credit mix, and recent credit activity. Credit age (15% of your score) is based on the length of time you have had a credit account, so the longer established your history is the better.
Credit mix (10% of your score) is a measure of the types of credit accounts you have, such as credit cards, student loans, auto loans, etc. Finally, recent credit activity or “inquiries” (10%) is based on how many times you’ve applied for credit in the last year.
Increasing your credit score takes time and careful financial decisions. 19 year olds may not have as established of a credit score as other age groups, but with responsible financial habits can eventually build up their credit score over time.
What’s a normal credit score for a 19 year old?
It is difficult to give a definitive answer to the question of what constitutes a “normal” credit score for a 19 year old, as credit scores often depend on the individual’s credit history and other factors.
Generally, credit scores range from 300 to 850, with higher numbers being better. The average credit score for someone 19 is around 650-700, although this can vary depending on the individual’s credit profile.
A 19 year old with limited or no credit history may have a credit score in the 500-600 range, while those with a longer credit history and/or consistent responsible use of credit may have credit scores in the 700-800 range.
Regardless of the exact credit score, it is important for a 19 year old to begin building and maintaining good credit now. This can be done by paying bills on time, managing credit lines responsibly and keeping new credit inquiries to a minimum.
