Older Americans Had a 40-Point Drop in Their Credit Score in the 10 Years Since the Great Recession

An Experian study found some Americans' credit scores have not recovered since the Great Recession 10 years ago, with older consumers experiencing the sharpest drops from 2008 to 2018, reports MarketWatch . The average credit scores of Americans 72 and older fell 40 points from 772 to 732, the largest decline for any age group. The second-largest decrease was seen in 51- to 71-year-olds, whose scores slipped 17 points from 723 to 706. According to the AARP Public Policy Institute's Lori Trawinski, seniors have seen "sharp increases in the amount of debt of all types," with living costs overtaking retirees' fixed income as one reason why their credit scores have not risen. Complications adding to their dilemma include a spouse who dies, leaving the survivor the same housing costs with less income. Unexpected job loss before a planned retirement and/or a sudden, major illness are additional disruptors. Longer life expectancy also concerns Trawinski, who notes seniors with few savings may be too frail to work. Kelley Motley, senior director of analytics at Experian, further observes that older Americans carried higher amounts of revolving debt on credit and retail cards and use fewer cards. As a result, they are drawing on those same lines of credit more often.