How do I check my credit score myself?

Having a higher credit score provides many benefits. For one, a lower interest rate may be offered, and more generally, a borrower may be able to access a greater number of loans.

In the United States, around eighty-three percent of adults have at least one credit card, and the average credit score in the US is 716 as of April 2022. This was the highest score recorded in history and comes after pandemic relief helped many households pay down their debts, which could have contributed to a higher average.

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How do I find out my credit score?

Before providing information to a free credit checker online, or paying for a full credit report, check with your credit card servicer to see if they offer a free credit check. Limiting the number of financial entities with access to your Social Security Number and other sensitive financial data can help to protect you from fraud and identity theft.

If a free credit report is not included as a perk of holding an account, you may need to look to other companies like Credit Karma and Experian. There are other options, including Equifax, which suffered a major data breach in 2017 that affected more than 140 million people in the US.

How much credit card debt is held in the US?

After debt levels dropped in 2021, they are back on the rise.

A survey conducted by Inside 1031 found that since March 2020, when lockdowns led to a massive wave of layoffs, forty-five percent of Americans have seen their credit card debt increase. Additionally, those who carried a balance were found “2.2x more likely to report having more debt now than before the pandemic.”

The amount of debt held varies widely by age and income, but across the board, a staggering eighteen percent owe $20,000 or more. With the interest rates applied to credit card debt, many of these individuals believe it will take them years to pay off their debt, and some have even come to the conclusion that they may never get out from under their carried balance.