We all want to be in that sweet spot of 700 when it comes to our credit score. But how can you make sure you’re doing everything right?
The average FICO credit score has hit a new milestone — an average of 700 — as the result of falling unemployment and continued economic growth. This is the highest average score since FICO began tracking United States credit scores 12 years ago.
Where does your credit score rank?
A credit score of 700 is considered “good” but is only a few points away from an “excellent” rating. The credit scale usually ranges from a low of 300 (very poor) to a high of 850 (excellent) depending on how you handle your finances.
300-579: Very Poor
580-669: Fair
670-739: Good
740-799: Very Good
800-850: Excellent
Source: Experian
To make sure your credit is up to snuff, the first thing you need to do is find out what your credit score is if you don’t already know. You should first check with your credit card company or loan provider because some provide their customers with credit scores on a monthly basis. If not, several credit score report services, such as Credit Karma or Discover, will provide your score free of charge.
Next, you need to figure out why your credit score may be falling short and where you need to show improvement. Several things are taken into account when it comes to devising your credit score. (Note that there are three national credit bureaus in the United States — Equifax, Experian, and TransUnion — and each calculates credit scores slightly differently.)
Once you achieve a credit score of 700 or higher, you’ll be eligible for perks that you didn’t qualify for previously, such as credit cards with 0% introductory financing, low-rate auto loans, and credit cards from airlines, hotels, or your favorites store.
The good news is that average credit score ratings are still on the rise as the health of the economy steadily improves.
Just pay attention to your finances, make your payments on time and always keep in mind that having a good credit score can save you hundreds, or even thousands, of dollars each year.
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