A credit score of 740 or above is considered “very good”
Published: Sep. 18, 2023 at 1:44 PM CDT
(InvestigateTV) — FICO reports the average credit score in the U.S. is 716, which is considered a “good” score by most lenders.
A third of Americans have a “fair” or lower credit score, according to Experian. But there are ways to consumers can raise their scores.
LendingTree talked to users who raised their score by at least 100 points in the span of a year. Here’s what they found:
The users who raised their credit scores made all of their payments on time. This is the easiest and one of the most important steps.
Around 55% of the people who raised their credit rating cut their credit card debt in half in that year. On average, those people lowered their debt by nearly $9,000 dollars.
And finally, 25% opened personal loans to either pay down their cards sooner or to consolidate debt, taking advantage of balance transfers.
Experian has more tips on how to improve your credit score.
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