Despite some 'deterioration' in how Americans are faring financially, credit scores remain at an all-time high.

Although consumers depend more on credit cards to get by, this hasn't had a significant impact on their financial situation, at least in terms of their credit rating.

According to a new report from FICO, the company that created one of the most commonly used credit scores by lenders.

The average credit score across the country is at an all-time high of 716, unchanged from a year ago. FICO scores range from 300 to 850.

The fact that scores did not rise year over year is a first since the Great Recession.

Scores are still high overall, but they also differ greatly by race and ethnicity.

The average credit card utilization increased from 29.6% in April 2021 to just over 31% in April 2022.

To reduce the impact that high balances can have, credit experts typically advise borrowers to keep revolving debt below 30% of their available credit.

There's no denying that Americans' debt levels have increased as prices have generally increased.

In general, the better off you are in the case of obtaining a loan, the higher your credit score rating.