Here are some tips for maximizing your credit score, which has recently reached a record high.

The US credit score has reached a new high of 718, according to a recent report from FICO. This falls under the "good" credit category on the FICO scale, which ranges from 300 to 850. Despite high prices, rising interest rates, and US credit card debt reaching $1 trillion in August, FICO attributes the increase in scores to a strong job market, slowing inflation, and the removal of medical debt from credit reports.

Discover your FICO Score and learn how to optimize it.

How to check your FICO Score for free

Several banks and credit card companies, including American Express, Bank of America, Citibank, and Discover, provide their members with free access to their FICO Scores. Additionally, you can check your score using online resources such as Experian Boost, which links to your bank accounts and tracks on-time payments for recurring charges like phone bills, streaming subscriptions, and rent.

How to make the most of your credit score

Having good credit offers numerous benefits, including the ability to borrow money more easily and at a lower cost. A higher credit score increases the chances of obtaining lower interest rates and fees on various types of loans, such as personal or business loans, car loans, or mortgages.

Top personal loan

LightStream offers low-interest loans with flexible terms for people with good credit. The company is 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

You can obtain various small business loans with Biz2Credit, such as SBA loans, business lines of credit, equipment financing, merchant cash advances, unsecured business loans, and business acquisition loans.

Top auto loan

PenFed offers affordable rates and flexible loan options for purchasing a new or used car, without charging a prepayment penalty. Membership is open to anyone, and to keep it active, you only need to open a PenFed savings/share account with a $5 deposit and maintain a $5 balance.

Refinancing existing debt can be easier with a good credit score, especially if your score has improved since you first opened the account. Check out CNBC Select's top picks for refinancing lenders for mortgages or student loans.

A good FICO Score increases your chances of getting a credit card with a welcome bonus, excellent rewards, or an intro 0% APR period.

Capital One's Venture Rewards Credit Card provides new members with a substantial welcome offer of 75,000 bonus miles when they spend $4,000 on purchases within three months of account opening (see rates and fees). This offer is worth at least $750 in travel rewards, and it may be worth even more if the cardholder transfers their miles to one of Capital One's travel partners.

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

Your credit score can influence your insurance premiums. While credit-based insurance scores differ from traditional FICO Scores, they still consider your credit history to determine approval and premiums for auto and homeowners insurance. Besides driving history and age, Nationwide evaluates an applicant's payment record, credit types, and credit length to determine premiums.

According to the company's website, research demonstrates that utilizing this score enhances our ability to forecast insurance losses.

Bottom line

Discovering your FICO Score, which is currently at an average of 718 in the U.S., can help you determine if you can improve your financial future.

Why trust CNBC Select?

Our mission at CNBC Select is to deliver top-notch service journalism and in-depth consumer advice to our readers, enabling them to make informed decisions with their money. Each credit monitoring article is the result of thorough reporting by our team of expert writers and editors, who possess 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 independently, without any input from our commercial team or external third parties. We uphold the highest journalistic standards and ethics.

Stay up to date with CNBC Select's in-depth coverage of credit cards, banking, and money by following us on TikTok, Facebook, Instagram, and Twitter.