The average credit score for each state is different. The highest score is found in Minnesota and the lowest in Mississippi. A person's income bracket is closely tied to the amount of credit they are able to get. A score of 670 - 739 is considered satisfactory. The lowest credit scores are among millennials.
Highest average credit score is in Minnesota
Minnesota is home to the nation's highest average credit score. It beats the national average 34 points. Minnesota's strong credit score is due to the state's healthy economy and relatively low unemployment. It also has stable housing prices and conservative debt control. Residents in Minnesota can expect to see their credit score rise in the next year or two, as many credit card companies are willing to extend lower interest rates to residents who have solid credit scores.
There are many states with different credit scores. Minnesota has a high average credit score and Mississippi has a low average credit score. Experian is a credit reporting agency that calculates credit scores. It uses information like how much money you have borrowed and the number of accounts you own as well as your repayment history. Credit scores are not a reflection of the financial health of individuals.
Mississippi has the lowest credit score
According to Experian 2020 Consumer credit Review, the average credit score for the United States was 710. The scores were record-high in most states, and Minnesota topped the list for the ninth consecutive year with a credit score of 739. Mississippi residents have 675 credit scores, which is the lowest of any state. Though the average score has gone up eight points since last year, the state is still in the "fair" category.
The average credit score in the United States was 703 in 2010. It will rise to 711 in 2020. Mississippi's average credit score was the lowest for those 60+. The average credit score for those in their twenties was 662.
The lowest average credit score among millennials is -
Although millennials make up the largest generation, many struggle to build credit. The average millennial FICO score was 698 in Minnesota, three points lower than the national average of 701. This generation is still feeling the effects of the Great Recession. They are struggling to pay off student loans. Without credit, many of these millennials will struggle to achieve the financial milestones they have set for themselves.
Experian recently released data about the credit habits of millennials within each state. The data showed that millennials had the lowest credit scores and the highest scoring states were those with a large number of older Americans. However, the data for the Millennials is not all bad. Experian research shows that millennials credit scores have increased by 3.3% since 2015. Despite this overall trend, the millennials' credit scores in some states have outperformed the national average. For instance, Michigan millennials saw a significant increase of 3.4%-22 points, which was one of only seven states to see a three-digit percentage increase. The top five states to improve their credit scores over the five-year period were Wisconsin, Washington, and Oregon.