Saving money is a common New Year's resolution, and an easy way to ensure that happens could simply be to increase your credit score.
When you have a good score, which is a reflection of your credit report, banks and lenders are more inclined to trust you. That means you may have access to better credit cards and loan rates, as well as lower security deposits and insurance rates.
Commonly used FICO scores range from around 300 to 850. If you have a score of 700 or above, you're at least in the "good" range, meaning you're considered prime and will typically qualify for a loan.
An excellent score of around 750 or above will get you the best rates, while anything below around 650 is considered problematic. When it comes to paying off your mortgage, NerdWallet found that an excellent score will save you more than $10,000 in interest over 30 years, compared to a score of 680.
The average score hit 704 this year, an all-time high, but if your score has room to improve, industry experts have some tips on how you can increase it in the new year.
"The most important things are to pay your bills on time — every time! — and keep your debts low," CreditCards.com analyst Ted Rossman tells CNBC Make It.