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This Was the Average Consumer Credit Score in 2023. How Does Yours Compare?

A man sitting on his couch in front of a laptop while holding his phone and a credit card.

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Your credit score is a number you may not think about until it’s time to apply for a loan or credit card. But the higher that number is, the easier it becomes to borrow — and the more affordable your loan options are apt to be.

The average consumer credit score rose in 2023 compared to 2022. And if you’re curious to know how your score compares to the average, we’ve got you covered.

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The average consumer has good credit — but not great credit

Experian reports that the average consumer credit score was 715 in 2023. That’s a one-point increase from 2022.

It’s actually encouraging to see that credit scores rose between 2022 and 2023 given that living and borrowing costs also increased. But it’s also worth noting that according to Experian, a credit score of 715 is considered “good.” By comparison, it takes a score of 781 to 850 to be considered “excellent.”

Why should you care? Well, if your credit score is currently close to the average consumer’s but you’re able to raise it to a 795, you might save serious money on the next loan you sign. A lender may be willing to offer you a lower interest rate because it feels you’re not such a risky borrower. So it could pay off to bring your credit score up.

How to boost your credit score effectively

If you already have a credit score in the “excellent” range, you may want to focus on maintaining it more so than raising it. Chances are, once your score reaches the high 700s, it won’t matter so much if it climbs a bit higher. With a 790, for example, you’re very likely to get approved the next time you ask to borrow money, and you’re also likely to snag a favorable interest rate on whatever type of loan you sign.

But if your credit score is only in “good” territory, or, worse yet, if it’s not even considered “good” (which Experian says is the case if your score is a 660 or below), then it definitely pays to try to bring it up. And you can do that by:

  • Paying all bills on time. If necessary, set calendar reminders so you don’t pay late due to forgetfulness.
  • Keeping your credit utilization low. Ideally, aim to keep your credit card balance to 30% of your total spending limit or less. You can do this by paying more than your card’s minimum monthly payments when your bills arrive.
  • Checking your credit report for errors. You’re entitled to a free copy every week, though checking every few months is perfectly reasonable. Go to annualcreditreport.com to access your credit report from Experian or one of the other two credit bureaus — Equifax and TransUnion.
  • Getting added as an authorized user on an established credit card account. If you’re fairly young and don’t have much of a credit history, this could help your score even if you don’t actually use the card in question.

There’s absolutely nothing wrong with a credit score of 715. But it could benefit you to aim higher.

Remember, though, that boosting a credit score can take time. Don’t get discouraged if you don’t see that number climb quickly. Just keep making the moves above, and in time, you may end up very happy with the level your credit score reaches.

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The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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