Average Credit Scores Remain at Record Highs — How To Take Advantage in Inflated Economy

Young african american woman holding credit card and using tablet at home. Online shopping, e-commerce, internet banking stock photo
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One’s credit score can make or break them, and it seems that consumers have been paying extra attention to this fact of late. The national average credit score is at an all-time high of 716, according to a new report from FICO. This is the same as where it was in 2021.

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According to the report, nearly half of Americans have a credit score of 750 or higher, which is good news for them. With a higher credit score, Americans can do a number of things with more ease than those with lower scores — especially in an inflated economy, such as the following:

Get Approved For A Mortgage Loan

A great credit score is a tremendous asset when buying a home, as you can lock in better rates with it. But one needn’t go that far just yet. Having very good or excellent credit is a great time for simply getting pre-approved for a mortgage loan.

Get Better Rates On Car Insurance

High credit scores appeal to lenders, and that includes lenders of car insurance, which have the right to check one’s credit once they’re a customer.

Check Your Credit Today

Get Approved For Higher Credit Card Limits

Lenders want to see evidence that consumers have a strong history paying off their debts. A very good or excellent credit score provides that evidence. In turn, that enhances one’s odds of being approved for higher spending limits by credit card providers.

See: 10 Things You Should Never Buy With a Credit Card
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Oddly enough, this news about average credit scores remaining at record highs isn’t necessarily good news from a big picture perspective, because the scores didn’t improve. In fact, this year marks the first since the Great Recession that the nation didn’t see a year over year improvement.

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About the Author

Nicole Spector is a writer, editor, and author based in Los Angeles by way of Brooklyn. Her work has appeared in Vogue, the Atlantic, Vice, and The New Yorker. She's a frequent contributor to NBC News and Publishers Weekly. Her 2013 debut novel, "Fifty Shades of Dorian Gray" received laudatory blurbs from the likes of Fred Armisen and Ken Kalfus, and was published in the US, UK, France, and Russia — though nobody knows whatever happened with the Russian edition! She has an affinity for Twitter.
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