Is a credit score of 512 very low for a 20 year old?
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Should it be higher?
Is a credit score of 512 very low for a 20 year old?A score of 512 is considered to be low as the national average is 690 t0 695. Since you are so young it is probably due to you not having enough credit or too much credit. It could be low because you have been late on some of the credit you do have. Payment history counts for about 30% of your total score, so make sure you pay timely on all your credit. It is hard to have a good score without three to five lines of credit, so if you have paid timely on what you have and have less than five accounts, open some more, but never use more than 50% of your credit line and under 33% is much better; as staying well below your credit line will raise your score faster, along with good and timely payments. You can get a couple of secured credit cards and maybe a car loan and this will add to your credit file. It takes time to build credit, but only a short amount of time to ruin it, so handle your credit the same as you would want to be paid back if you were owed the money istead of the department store or credit card company. If you modify your question and reask it by stating what credit you have now and how you have paid it, since having it, several of us could assist you better. But you need to work on it as your current score is considered to be very marginal.
Is a credit score of 512 very low for a 20 year old?512 is on the lower end of average. When trying to get a loan all they look at is the score, not how old you are. So, while it may be a decent score for a 20 year old it's not very good in the loaner's eye's. No matter your age.
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