{"id":1474,"date":"2021-07-26T16:43:30","date_gmt":"2021-07-26T20:43:30","guid":{"rendered":"https:\/\/www.skypointfcu.com\/wph\/workarea\/?p=1474"},"modified":"2022-06-15T11:30:30","modified_gmt":"2022-06-15T15:30:30","slug":"credit-scores-are-rising-is-yours-too","status":"publish","type":"post","link":"https:\/\/www.skypointfcu.com\/wph\/workarea\/blog\/credit-scores-are-rising-is-yours-too\/","title":{"rendered":"Credit Scores Are Rising \u2014 Is Yours, Too?"},"content":{"rendered":"\n<p>Credit scores are creeping upward for most Americans, according to the latest \u201cState of Credit\u201d report from credit bureau Experian.<\/p>\n\n\n\n<p>The average U.S. credit score hit 680 in 2018, up from 675 the year before, the report found. That\u2019s the biggest one-year jump since 2008, but not quite back to the 685 average that year as the Great Recession deepened.<\/p>\n\n\n\n<p>The&nbsp;<a href=\"https:\/\/www.experian.com\/blogs\/insights\/2019\/05\/state-of-credit-2018\/\">report<\/a>&nbsp;released&nbsp;Monday looked at a statistically relevant sampling of Experian\u2019s consumer credit database, checking data from the second quarters of 2008, 2017 and 2018. It used the VantageScore credit scoring model, which\u2014 like its competitor FICO \u2014 ranges from 300 to 850. Consumers\u2019 scores determine whether they can&nbsp;qualify for&nbsp;credit cards and loans, and how much interest they\u2019ll pay if they do.<\/p>\n\n\n\n<p>The 2018 data showed:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The highest credit scores again belonged to the oldest consumers (those 72 years old and up), who clocked in with an average of 732.<\/li><li>The lowest scores were seen&nbsp;for those 18-21 years old, whose scores averaged 639. Americans ages 22 to 35&nbsp;had an average score of 644.<\/li><li>People in the 36- to 50-year-old group averaged 662, and people ages 51 to 71&nbsp;had an average of&nbsp;706.<\/li><\/ul>\n\n\n\n<p>Rod Griffin, director of consumer education and awareness at Experian, said he was heartened to see that young adults\u2019&nbsp;averages are&nbsp;among the fastest-improving scores.<\/p>\n\n\n\n<p>Their historically lower scores \u201cnever concerned me that much because they didn\u2019t have a lot of experience with credit,\u201d Griffin said. Now, he said, their scores are improving, and the improvement is accelerating. \u201c[They] have reached a point in life where they\u2019re using credit more as a financial tool, and doing so effectively.\u201d<\/p>\n\n\n\n<p><strong>A key factor in scoring shows no progress<\/strong><\/p>\n\n\n\n<p>Griffin said many people overlook a big factor in their credit score: credit utilization, or the portion of a credit card limit that\u2019s in use.<\/p>\n\n\n\n<p>Experts advise using no more than 30% of the credit limit on any card, and lower is better. The best scores go to people who use less than 10% of their limits.<\/p>\n\n\n\n<p>Experian found the average consumer was using about 30% of available credit in 2018, unchanged from 2017. Credit utilization dropped with age, the report found, with the oldest group of consumers using only 15% of their available credit, while the youngest averaged 37%.<\/p>\n\n\n\n<p>Fortunately, as soon as a lower credit card balance is reported to the credit bureaus, scores can rebound. Ways to&nbsp;<a href=\"https:\/\/www.nerdwallet.com\/blog\/finance\/credit-utilization-improving-winning\/?utm_campaign=ct_prod&amp;utm_source=syndication&amp;utm_medium=wire&amp;utm_term=jsaenzmcefcu-org&amp;utm_content=644369\">keep utilization low<\/a>&nbsp;include setting account balance alerts, spreading spending across cards and making more than one payment in a billing cycle.<\/p>\n\n\n\n<p><strong>What to do about&nbsp;your own score<\/strong><\/p>\n\n\n\n<p>While average scores are moving up, a 680 score is unlikely to get you the very best rates and terms on credit cards and loans. If you\u2019re looking to&nbsp;<a href=\"https:\/\/www.nerdwallet.com\/blog\/finance\/how-to-build-credit\/?utm_campaign=ct_prod&amp;utm_source=syndication&amp;utm_medium=wire&amp;utm_term=jsaenzmcefcu-org&amp;utm_content=644369\">build credit<\/a>, first figure out where you stand. Don\u2019t worry,&nbsp;<a href=\"https:\/\/www.nerdwallet.com\/blog\/finance\/does-checking-credit-hurt-credit-score\/?utm_campaign=ct_prod&amp;utm_source=syndication&amp;utm_medium=wire&amp;utm_term=jsaenzmcefcu-org&amp;utm_content=644369\">checking your own credit<\/a>&nbsp;doesn\u2019t hurt your score.<\/p>\n\n\n\n<p>Then, practice good credit hygiene:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Pay every bill on time. Your payment history is the largest factor in your credit score.<\/li><li>Use no more than 30% of the credit limit on any card.<\/li><li>Keep credit cards open unless you have a compelling reason (like high fees or poor customer service) to close them. You want to&nbsp;build up a long history&nbsp;showing responsible credit use. Use each card&nbsp;at least occasionally so the issuer doesn\u2019t close it for inactivity.<\/li><li>Apply for credit sparingly. A good rule of thumb is to try to leave 6 months between applications.<\/li><li>Monitor your credit. You\u2019re entitled to a free look at your credit reports from each of the three credit bureaus every 12 months. Your credit scores are built using the data in your credit reports, so check to be sure the information there is correct.<\/li><\/ul>\n\n\n\n<p>You can also monitor your score for free via many personal finance websites. Practicing good credit habits over time can help you&nbsp;build a good or even excellent credit score.<\/p>\n\n\n\n<p><strong>More From NerdWallet<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.nerdwallet.com\/blog\/finance\/tricks-shop-less\/?utm_campaign=ct_prod&amp;utm_source=syndication&amp;utm_medium=wire&amp;utm_term=jsaenzmcefcu-org&amp;utm_content=644369\">These 3 Tricks Can Help You Shop Less<\/a><\/li><li><a href=\"https:\/\/www.nerdwallet.com\/blog\/finance\/congrats-on-your-new-home-now-how-do-you-afford-to-furnish-it\/?utm_campaign=ct_prod&amp;utm_source=syndication&amp;utm_medium=wire&amp;utm_term=jsaenzmcefcu-org&amp;utm_content=644369\">You Got the House! Now, How Do You Afford to Furnish It?<\/a><\/li><li><a href=\"https:\/\/www.nerdwallet.com\/blog\/finance\/neighborly-can-save-money\/?utm_campaign=ct_prod&amp;utm_source=syndication&amp;utm_medium=wire&amp;utm_term=jsaenzmcefcu-org&amp;utm_content=644369\">How Being Neighborly Can Save You Money<\/a><\/li><\/ul>\n\n\n\n<p>Bev O\u2019Shea is a writer at NerdWallet. Email: boshea@nerdwallet.com. Twitter: @BeverlyOShea.<\/p>\n\n\n\n<p>The article Credit Scores Are Rising \u2014 Is Yours, Too? originally appeared on NerdWallet.<\/p>\n","protected":false},"excerpt":{"rendered":"Credit scores are creeping upward for most Americans, according to the latest \u201cState of Credit\u201d report from credit bureau Experian. The average U.S. credit score hit 680 in 2018, up from 675 the year before, the report found. That\u2019s the biggest one-year jump since 2008, but not quite back to the 685 average that year [&hellip;]","protected":false},"author":5,"featured_media":2790,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"no","_lmt_disable":"","attr_excerpt":["The average U.S. credit score hit 680 in 2018, up from 675 the year before, the report found. That\u2019s the biggest one-year jump since 2008, but not quite back to the 685 average that year as the Great Recession deepened."],"footnotes":""},"categories":[6],"tags":[17,27,35,29],"class_list":["post-1474","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-quick-tips","tag-auto","tag-credit-cards","tag-digital-banking","tag-personal"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Credit Scores Are Rising \u2014 Is Yours, Too? - SkyPoint Federal Credit Union<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Credit Scores Are Rising \u2014 Is Yours, Too? - SkyPoint Federal Credit Union\" \/>\n<meta property=\"og:description\" content=\"Credit scores are creeping upward for most Americans, according to the latest \u201cState of Credit\u201d report from credit bureau Experian. 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