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19 Ways Boomers Can Build Their Credit

04/23/2015 09:31 am ET | Updated Apr 23, 2015
Alamy

For all the chatter about what millennials could learn from their baby boomer parents about money, many boomers are up the creek without a paddle when it comes to maintaining certain aspects of their own finances, like their credit scores. Indeed, boomers could learn a good lesson from their parents, members of what some historians call the “Greatest Generation.” This demographic boasts the highest average VantageScore (735), the lowest average debt ($23,245) and the lowest revolving utilization ratio (16 percent), according to 2013 data from Experian.

On the other hand, Experian data shows the baby boomer generation has the highest average credit card balance at $5,347 and the highest average number of credit cards (2.66). Also, this generation’s average credit score is 700 — not terrible, but not amazing, either.

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