When it comes to credit, Americans are scoring well.

For the first time, the average national credit score has reached 704, according to FICO, developer of one of the most commonly used scores by lenders. FICO scores range from 300 to 850.

Your credit score plays a big role in daily life. It can determine the interest rate a consumer is going to pay for credit cards, car loans, and mortgages — or whether they will get a loan at all.

Average credit scores most recently bottomed at 686 during the housing crisis about a decade ago, when there was a sharp increase in foreclosures. They have since steadily ticked higher, according to Ethan Dornhelm, vice president for scores and analytics at FICO. Now scores are at an all-time high.

A score of 704 is considered "solidly good," Dornhelm said. "Consumers will be qualifying for most credit that they are hoping to get." A good score generally is above 700, and those over 760 are considered excellent.

On the other hand, credit card balances and delinquencies are steadily creeping up, as well. "As we've gotten further from the Great Recession, lenders are increasingly competing for new card volume, and part of that is loosening their underwriting criteria in order to be more competitive," Dornhelm said.

Read more in CNBC.