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What Is the Average Credit Score?

If you want to rent an apartment, buy a car or apply for a credit card, your credit score will be evaluated. The average credit score is 700, which is considered to be very good. However, that average can differ depending on your age.

Learn how your score compares to others and how to improve average credit.

Credit Score Basics

tools to increase your average credit scor

Most credit scoring models range from 300–800 with different lenders deciding what’s considered good or bad credit. The higher your credit score, the better—no matter which lender is evaluating your score.

Here’s a breakdown of good and bad credit:

With good credit, you have a better chance of obtaining low interest rates on credit cards, securing better car insurance rates and getting approved for various loans.

Having no credit is similar to having bad credit, and you will have difficulty securing loans with both, so make sure you’re learning how to obtain credit.

improve your credit score today

How Can I Increase My Average Credit Score?

If you have a bad or average credit score, there are ways to increase it, such as paying off debt and keeping credit card balances low.

Having multiple, overdue credit card balances can negatively affect your credit score. You can increase your average credit score by paying off your balance on time and keeping up with payments. 

Improve Your Credit Score with Synchrony Bank 

At Synchrony Bank, we offer a variety of savings products and online banking tools to help you save money. The best way to keep your credit score high is to ensure that you have money saved so you can pay off your bills, loans and credit cards on time.

Call 844-345-5789 or open an account today and learn more about our offerings.

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Sources:

CNBC: https://www.cnbc.com/2017/07/10/average-fico-score-hits-an-all-time-high.html

NerdWallet: https://www.nerdwallet.com/blog/finance/credit-score-ranges-and-how-to-improve/

NerdWallet: https://www.nerdwallet.com/blog/finance/no-credit-vs-bad-credit-difference/

The Balance: https://www.thebalance.com/how-to-get-credit-for-the-first-time-960092

Bankrate.com: http://www.bankrate.com/finance/debt/7-simple-ways-improve-credit-score-1.aspx


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