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Credit Scores by State: Minnesota Is Highest, Mississippi Lowest

Credit Scores by State: Minnesota Is Highest, Mississippi Lowest
(Andrey Popov/Dreamstime)

Tuesday, 17 October 2017 03:30 PM

A new study by Lend EDU ranks the states by their average credit scores using information from Experian for its findings.

The national average credit score was 682, and 29 states had averages higher than the overall average, the study found. Minnesota had the highest average credit score of all 50 states plus the District of Columbia. The lowest was Mississippi with 648.

Vantage Scores were used for the rankings. Scores of 700 and above are considered good, and below 650 is considered a poor score, according to Experian.

North Dakota, Vermont, New Hampshire, and South Dakota rounded out the top five states' average credit scores, while the bottom five were Louisiana, Georgia, Nevada, and Alabama. Florida was closer to the bottom of the rankings at No. 37 on the list of states, and New York was closer to the middle at No. 19. 

Credit scores take into account whether scoreholders paid bills late or not at all, as well as how much credit they have access to and how much of it they are using. Checking one’s credit or allowing a lender to check it may in some cases lower it slightly but does not have much of an impact on the overall score, Experian reported.

Credit scores are used to determine whether people can qualify for some types of loans and borrowing, like mortgages, car loans, credit cards and personal loans. The interest rate paid on a loan can also be impacted by someone’s credit score.

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A new study by Lend EDU ranks the states by their average credit scores using information from Experian for its findings.
credit, scores, state, highest, lowest
249
2017-30-17
Tuesday, 17 October 2017 03:30 PM
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