The US economy continued to soar under President Trump and the GOP-controlled Congress this summer, with new data showing the average American credit score hitting an all-time high.
According to CNBC, the average national credit score spiked to 704 according to FICO. The ratings range from 300 to 850.
“Average credit scores most recently bottomed at 686 during the housing crisis about a decade ago, when there was a sharp increase in foreclosures,” writes CNBC.
“As we’ve gotten further from the Great Recession, lenders are increasingly competing for new card volume, and part of that is loosening their underwriting criteria in order to be more competitive,” said one industry insider.
Read the full report here.