Consumer credit scores held steady in September for the third consecutive month, averaging 701, according to VantageScore.
Credit scores are used by lenders to assess both a borrower's ability to repay and what interest rate they will charge.Sign up for NBC LA newsletters. "The consumer is not maxed out; they're actually reducing their overall credit and managing credit pretty well," VantageScore CEO Silvio Tavares told CNBC in a recent exclusive interview."The reality is the consumer is actually quite healthy."benchmark, the average VantageScore credit score held steady in September for the third consecutive month at 701, up four points from the same month last year.— to come up with credit scores.
"Typically consumers that have a VantageScore of 660 or above are eligible for the best rates," Tavares said."So that's really the sweet spot. "That's where you want to get to, and that makes you eligible for the best interest rates in a rising interest rate environment," he added.Join me for the free"CNBC Your Money" virtual event on Thursday, Nov. 9 at 12noon ET to find out more ways to maximize your finances. You can register