The average VantageScore 4.0 credit score remained at 702 but inched closer to its first decline in over a year, according to the August 2024 CreditGauge, a monthly analysis highlighting the overall health of U.S. consumer credit, released last week. The lowest VantageScore 4.0 credit score is 300, while the highest score is 850. Borrowers leaned more heavily on their credit as loan balances hit their highest level in more than four years.

"Last week's rate cut came just in time for many borrowers who may have seen their personal finances weaken over the last two years," said Susan Fahy, Executive Vice President and Chief Digital Officer at VantageScore. "Unfortunately, many of these same borrowers now face the end of the student loan 'on-ramp,' adding additional expenses to juggle and prioritize. These coinciding September events will impact millions of Americans' credit scores – either positively or negatively – in the months ahead."