The average credit score in the US just hit an all-time high of 718, according to an Oct. 30 report from FICO, the data analytics company that computes the three-digit rating. On the FICO scale, which ranges from 300 to 850, a score of 718 falls under the “good” credit category.

This news may come as a surprise, given high prices, rising interest rates and U.S. credit card debt topping $1 trillion in August. But FICO said in the report that a strong job market, slowing inflation and the removal of medical debt from credit reports have helped boost scores.

Here’s how to find out what your FICO Score is and how to make the most of it.

Many banks and credit card companies— including American Express®, Bank of America, Citibank and Discover — offer members free access to their FICO Scores.

You can also check your score using online resources like Experian Boost™, which links to your bank accounts and tracks on-time payments for recurring charges like phone bills, streaming subscriptions and rent.

There are plenty of advantages to having good credit. For one, it makes it easier and cheaper to borrow money. The better your credit score, the more likely it is you’ll qualify for lower interest rates and fees on a new line of credit, whether it’s a personal or business loan, car loan or mortgage.

Top personal loan

LightStream offers low-interest loans with flexible terms for people with good credit. It’s known for providing loans in nearly every category except higher education and small business. according to the company’s website, you can take out a LightStream personal loan to buy a car, remodel the bathroom, consolidate debt or cover medical expenses.

Top small business loan for multiple types

With Biz2Credit, you can take out a variety of small business loans, including SBA loans, business lines of credit, equipment financing, merchant cash advances, unsecured business loans and business acquisition loans.

Top auto loan

PenFed can help you finance the purchase of a new or used car. The credit union offers affordable rates and flexible loan amounts and term lengths, and it doesn’t charge a prepayment penalty. PenFed membership is open to anyone — and to keep it active you just need to open a PenFed savings/share account with a $5 deposit and maintain a $5 balance.

The Wells Fargo Reflect® Card charges zero interest on both purchases and qualifying balance transfers for 21 months from account opening (after, 18.24%, 24.74%, 29.99% variable APR). We always recommend paying off your credit card balance in full each month, but if you need to carry a balance, it can be reassuring to know you have nearly two years before interest starts accruing.

Your credit score can even affect how much you pay for insurance. Credit-based insurance scores are different from traditional FICO Scores, but they still look at your record to help auto and homeowners insurance providers determine whom to approve and what premiums to charge. In addition to driving history and age, for example, Nationwide looks at an applicant’s payment record (including any delinquencies or late payments), types of credit and length of credit history when determining premiums.

“Studies show that using this score helps us better predict insurance losses,” the company says on its website.

With the average FICO Score in the U.S. at a robust 718, now is a great time to see where you stand and discover if you can use your score to better your financial future.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every credit monitoring article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of credit scores and credit products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

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