The average credit score just hit an all-time high — here's how to make the most of yours

According to a report released by FICO on October 30, the company that calculates the three-digit credit rating, the average credit score for the US has just reached an all-time-high of 718. It may surprise you to learn that the U.S. has a credit card debt of $1 trillion, despite high prices and rising interest rates. FICO stated in its report that the strong job market and slowing inflation, as well as the removal of medical bills from credit reports, have all contributed to the increase.

How to get your FICO score and make the most out of it.

Check your FICO score for free

Online resources such as Experian__LINK__ can be used to check your credit score. This service links your bank account and tracks timely payments of recurring charges, like rent, phone bills and streaming subscriptions.

Credit Scores: How to maximize your score

Credit is a valuable asset. It makes borrowing money easier and cheaper. Your credit score will determine whether you qualify for a lower rate of interest and fees when applying for a new credit line, be it a business or personal loan, a car loan or a mortgage.

Personal Loans: Top Rated

LightStream offers flexible loan terms and low-interest rates for those with good credit. It is known for offering loans in almost every category, except small businesses and higher education. According to the website of the company, you can get a LightStream Personal Loan to pay for medical expenses, to consolidate debt, or to purchase a vehicle.

Top Auto Loan

PenFed offers financing for the purchase of new and used cars. Credit unions offer flexible loan terms and amounts, as well as affordable rates. They also don't charge prepayment penalties. PenFed is available to everyone. To keep your membership active, you only need to maintain a balance of $5 and open a PenFed share/savings account.

You can refinance your existing debt if you have good credit, particularly if you've improved your score since you opened the account. CNBC Select has selected the best refinancing lenders to help you with student or mortgage loans.

When you apply for a credit card, having a high FICO score increases your chances of getting approved. You may be eligible for a welcome bonus or a 0% intro APR period.

Capital One Venture Rewards offers its new cardholders a generous welcome bonus of 75,000 miles when they spend $4,000 in the first three months after account opening. This offer can be worth up to $750 or more in travel rewards if you transfer your miles to Capital One's partners.

Wells Fargo Reflect (r) Card offers zero-interest on purchases and balance transfers within 21 months of account opening. It is always best to pay off your credit card in full every month. However, if you must carry a balance for any reason, you can feel reassured knowing that you have almost two years to pay it off before interest begins to accrue.

Even the cost of your insurance can be affected by your credit score. The credit-based insurance score is different than the traditional FICO Score, but it still looks at your record in order to determine who to approve and how much to charge for auto and homeowners insurance. Nationwide, for instance, considers an applicant's driving history, age, and payment history (including delinquencies and late payments). They also look at the types of credit, length of history, and credit type.

On its website, the company says.

Bottom Line

The average FICO score in the U.S. is 718. Now is the time to find out where you are and see if your score can help you improve your financial future.

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