New Study Shows Montanans Have Great Credit Ratings
Love it or hate it, your credit score holds immense sway over your financial journey, impacting access to credit cards, home loans, and even rental approvals.
To me, a credit rating seems like an elusive little game that very few actually understand the rules too.
Sure, at face value, a credit rating seems simple; however, the factors at play don't make much sense, at lease in my mind.
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The typical credit score for Americans averages 696 according to the VantageScore model and 714 according to the FICO score model.
However, there's quite a spread between states with the best overall credit ratings and the lowest ratings.
Key Credit Statistics
- Average Credit Score (2022): 714 (FICO Score) & 696 (Vantage Score)
- Generation with the Highest Average Credit Score (Q2 2023): Silent Generation, aged 77 and above (761)
- State with the Highest Average Credit Score (Q1 2023): Minnesota (726)
- Region with the Highest Average Credit Score (Q1 2023): Northeast (714)
- City with the Highest Average Credit Score (Q1 2023): San Francisco (733)
Some states boast average scores approaching this coveted mark, while others have room for improvement.
WalletHub recently examined the credit landscape, analyzing average credit scores across all 50 states as of October 2023, using data from TransUnion.
The findings shed light on the highest and lowest credit-scoring states, offering insights from industry experts alongside a detailed methodology.
The evaluation ranked states based on average credit scores, with '1' indicating the highest credit score.
States with the Highest Average Credit Scores
- Minnesota (725)
- New Hampshire (722)
- Vermont (721)
- Massachusetts (718)
- Wisconsin (718)
States with the Lowest Average Credit Scores
- Minnesota (672)
- Louisiana (676)
- Alabama (680)
- Texas (680)
- Oklahoma. (681)
Montana Comes In At Number 10
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