Do Millennials Have the Worst Credit Scores and the Most Debt?

Devin Williams
Feb 1, 2018 · 4 min read
plastic monies :P

In Experian’s State of Credit address we found out the truth. With the unemployment rate at 4.1 percent recovery for many American could be on the horizon. But first we must solve our awful debt problem.

The groups identified in the report are Generation Z (Age 18–20), Millennials (Age 21–34), Generation X (Age 35–49), Baby Boomers (50–70), and the Silent Generation (Age 70-plus).

The average credit score is rising from 673 to 675 in the past 12 months. This has been the highest since 679 in 2007. More Americans have super-high credit scores than very low credit scores. For the most part the report says the average Americans credit is improving. But did Millennials have the worst credit score and the most debt? Lets see.

Generation Z

(Age 18–20)

Average Credit score: 634

Average Credit Card debt: $2,047

This generation is just getting their feet wet. They haven’t built that much credit history. Most of this generation is still in grade school. For the ones that actually have credit, they have only had it for 2 years.

On average they have just 1.4 creidt cards per person. They have the lowest amount of non mortgage debt at $6,963. That is fantastic, hopefully they can keep it to a minimum.

And those Gen Z’ers walking around with only 40 percent of a credit card cut in half, can’t be the sharpest knifes in the drawer… haha!

Their average credit card balance is $2,047 which is way less than the national average. This generation is facing the biggest increase in college tuition we have ever seen. Mountains of student loan debt is on the horizon.


(Age 21–34)

Average Credit score: 638

Average Credit Card debt: $4,315

Congratulations Millennials you only slightly did better than your younger brother or sister the Gen Z’ers .

The average credit score went up by 4 points and that was more than any other group. Millennials have not had it so easy. Americans owe over $1.48 trillion in student loan debt. A good chunk of that debt is from Millennials. And finding a job after the 2008 recession was not that easy.

Their overall debt is $222,000 with an average mortgage debt of $198,303. The Millennials approach to life has been different than previous generations. This generation is cautious to create debt as their parents did in the decades before. Perhaps Americans are starting to learn from their mistakes.

Millenials had an average credit card debt of $4,317 and an average of 2.5 credit cards.

Generation X

(Age 35–49)

Average Credit Score: 658

Average Credit Card debt: $7,750

Unfortunately Gen X’ers purchased houses during the mortgage bubble of over inflated real estate prices. They have the highest average mortgage debt at $231,774. Home values dropped and this generation lost tens of thousands of dollars.

The drop in home values allowed some Millennials to seize the opportunity and buy a house. Millennials such as myself. Suck it Gen X. (only a little bias)

This generation had an average credit card debt of $7,750. They have on average 3.2 credit cards and that is 0.7 more credit cards than the Millennials. They love their half size credit cards, fits better in their pockets…still not funny huh…

Baby Boomers

(Age 50–70)

Average Credit Score: 703

Average Credit Card debt: $7550

This group still has not paid off their mortgage debt. They have an average of $188,828 in mortgage debt. If they can hold off from tapping into their home equity they will continue to do well.

Their non-mortgage debt totals $27,513 which is less than Generation X at $30,334. The average number of credit cards for a Baby Boomer is 3.5.

Not that bad.

The Silent Generation

(Age 70-plus)

Average Credit Score: 729

Average Credit Card debt: $4613

This group had the best credit score. It is surprising that at this age someone could still have a sizable mortgage. The average mortgage debt was $188,828.

But they do have the lowest credit card balance of the last two generations. The average credit card balance of the Silent Generation is $4,613. And they have on average 3 credit cards. Way to go Maw-maw and Pop-pop for not blowing your money on vintage cars.

Final Words

Millennials are actually not doing too bad. they are not the best and not the worst.

Our Gen X and Baby Boomer parents don’t have too much confidence in Millennials but it’s our world now and we will fix all the things you did to wreck it. Even with a 638 credit score.

Wait…is that good enough to buy a 2019 Mustang?


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Devin Williams

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Creator of and My Content is about Anger, Disappointment, and Resentment.

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