When it comes to credit, Americans are scoring better than ever.
For the first time, the average national credit score has reached 706, according to FICO, the developer of one of the most commonly used scores by lenders.
That can make all the difference in the interest rate a consumer is going to pay for credit cards, car loans and mortgages — or whether they will get a loan at all. Average credit scores most recently bottomed at 686 during the housing crisis a decade ago, when there was a sharp increase in foreclosures. They have since steadily ticked higher, according to Dornhelm.
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