The average credit score has dropped for the first time in a decade — how does yours stack up?

The average credit score has fallen for the first time since 2013, according to FICO, the data analytics firm whose credit scoring models are used in 90% of lending decisions.

In October 2023, the most recent period for which data is available, the average FICO score was 717. That's a one-point decline from April of that year when it reached a record high of 718.

Introduced in 1989, FICO scores range from 300 to 850. Despite the downtick, a 717 is still considered a  "good" credit score (670 to 739). 

High interest rates and "persistent inflation" were cited as factors contributing to more missed payments and increased debt levels. On-time payments represent 35% of an individual's overall FICO score calculation and, as of October 2023, a little more than 18% of Americans were at least 30 days behind on one or more credit cards — a 4% increase from April 2023. Credit card debt hit $1.13 trillion in the fourth quarter of 2023, according to the Federal Reserve Bank of New York, an increase of $50 billion from the previous quarter. 

A strong job market, slowing inflation and the removal of medical debt from information sent to the three main credit-reporting bureaus helped scores from sliding further, FICO said.

If your FICO score is less than average, there are still credit cards you can get approved for. One of the easiest cards to get is the Discover it® Secured Credit Card, which doesn't have any credit score requirements and, unlike most secured cards, earns rewards. Cardholders automatically earn 2% cash back at gas stations and restaurants, up to $1,000 each quarter, and 1% cash back unlimited on all other purchases. As a welcome bonus, Discover will match all the cash you've earned after the first 12 months.

After seven months from account opening, Discover will automatically review your account to see if you can transition to an unsecured line of credit and return your $200 security deposit.

If you want to avoid a deposit, the Capital One QuicksilverOne Cash Rewards Credit Card (see rates and fees) is an unsecured card available to those with fair credit.

It has a modest $39 annual fee, but cardholders get a competitive 1.5% cash back on all purchases, with no limit on the amount of cash back you can earn (see rates and fees). It also lets you monitor your TransUnion and Experian credit reports through CreditWise®.

FICO breaks its credit scores into five brackets:

• Poor: 300 to 579
• Fair: 580 to 669
• Good: 670 to 739
• Very good: 740 to 799
• Excellent: 800 to 850

There are plenty of advantages to having a score that is good or better, like getting a lower mortgage rate or a credit card with competitive rewards. If you want to improve your score, there are a few easy ways to do it.

Your payment history is the largest factor in your FICO score, so paying bills on time and in full is the best way to prime your score. You can also ask your credit card company to increase your credit limit, which will lower your credit utilization ratio (but only if you leave the extra available credit untouched).

Experian Boost™ is a free service that links on-time utility, phone and subscription payments to your Experian credit report. Members also get free credit monitoring and a free copy of their FICO Score.

According to the company, users whose FICO scores improve see an average increase of 13 points.

Credit reports sometimes include errors that can erroneously lower your score. Experian IdentityWork℠ Premium reviews data from all three credit bureaus and informs users about score changes, new inquiries and accounts, changes to personal information and suspicious activity. It also provides regular updates on your basic FICO score.

While the average FICO Score in the U.S. has dropped one point to 717, that's still considered a good credit score that can access the best interest rates and credit cards with competitive rewards. If your score is less than average, there are several ways you can improve it.

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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*Results may vary. Some may not see improved scores or approval odds. Not all lenders use Experian credit files, and not all lenders use scores impacted by Experian Boost.

For rates and fees of the Discover it® Secured Credit Card, click here.