Average credit utilization increased to 28% in 2022 from 26% in 2021. Inflation and higher interest rates are two factors that continue to drive up credit utilization rates, which has the potential to put downward pressure on FICO® Scores.
— EXPERIAN
FACT:
GOOD CREDIT SCORE:
A credit score between 670 and 739
is generally considered “good” by FICO.
– FORBES
TIP:
Can be helpful before applying for a new line of credit such as a credit card, mortgage or personal loan. A higher score can help you secure better terms and lower interest rates available.
– EXPERIAN
IMPROVING YOUR FICO® SCORE
When it is closed, an account that was in good standing with a history of on-time payments will stay on a credit report for up to 10 years.
— TransUnion
