*Loan,banking and credit>>>credit score

Is a credit score of 512 very low for a 20 year old?

Should it be higher?

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.

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.
512 is very low for anyone.

At only 20 years old you have only been in the credit bureaus for 2-years.

Most people your age have scores at least 100-points higher.

You need to get copies of your credit reports and find out why your score is so low.

Credit scores are made up of the following;

1. Payment history 35%
2. Time in bureau 15%
3. Types of credit 10%
4. New credit 10%
5. Debt to credit ratio 30%
Finance Manager for over 7-years.
It's only low because your young..start working on your credit.
The average FICO is 725. That makes your score barely a D.

You improve your score by paying your bills on time. If you have credit cards, pay the balance in full every month. They will automatically increase your limits every year or so.

If you do carry balances on credit cards, make sure it's less than 30% of your available credit limit. Anything over 50% will trash your score.
Yes that is low, you can follow the steps I posted below to help bring your score up.

First, make sure all the information on your credit report is accurate.

Second, try to pay off all or any accounts that are currently in collections or make payment arrangements with the creditor to pay off the balance monthly.

Third, any credit card that is over 50% of the available credit line should be paid down to under half of your total credit line. Your credit score is lowered when your available balance is over 50% of your total credit line.

Finally, if you have bad or no credit and have no credit cards try to obtain two credit cards and make sure all of your monthly payments are made on time. This will help increase your credit score. If you cannot be approved for a unsecured credit card, obtain a secured credit card.