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.
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:
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.
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.
The Balance: https://www.thebalance.com/how-to-get-credit-for-the-first-time-960092
*ANNUAL PERCENTAGE YIELD (APY): All APYs are accurate as of .
APYs are subject to change at any time without notice. Offers apply to personal accounts only. Fees may reduce earnings. For Money Market and High Yield Savings Accounts, the rate may change after the account is opened. For CDs, a minimum of $2,000 is required to open a CD and must be deposited in a single transaction. A penalty may be imposed for early withdrawals. After maturity, if you choose to roll over your CD, you will earn the base rate of interest in effect at that time. The APY shown for CDs and IRA CDs is for a 60-month CD with a balance of at least $25,000. Click here for all CD rates and terms offered.