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.
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.
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.
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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