The average credit score in each state varies. The state with the highest average credit score is Minnesota. Mississippi is the one with the lowest. It is also related to how much credit an individual can get. A score of 670 - 739 is considered satisfactory. Millennials have the lowest credit scores.
Minnesota has the highest credit score
Minnesota is home to the nation's highest average credit score. It beats the national average 34 points. Minnesota's high credit scores are due to a healthy economy, relatively low unemployment rates, stable housing prices, conservative debt management, and a stable environment. Minnesota residents can expect to see an increase in credit scores in the coming year. Many credit card companies will be willing to offer lower interest rates for residents with solid credit ratings.
The average credit score can vary greatly from one state to another. Minnesota has the highest average, and Mississippi has the lowest. 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 do not represent the true financial health and well-being of an individual consumer.
Mississippi has the lowest average credit score
The average credit score in America was 710 according to Experian 2020 Consumer Credit Reviews. Scores were high in many states. Minnesota was the top state with a credit score 739 for the ninth consecutive year. Mississippi has the lowest credit score, with 675. The average score is up eight points from last year but the state remains in the "fair" category.
In 2010, the average credit score in the U.S. was 703; in 2020, it will be 711. Consumers aged 60 and older in Mississippi had the lowest average credit scores. Average credit scores for people in their twenties were 662.
Millennials have the lowest credit score
The largest generation in the United States is the millennial generation. However, many of these millennials 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 struggling from the Great Recession. Their student loans are adding to their stress. Many of these young people will not be able credit to meet their financial goals.
Experian recently released figures about the credit habits of millennials in each state. The data revealed that millennials had lower credit scores than older Americans, and that the high-scoring states had more older Americans. The good news is that the data for millennials is not all negative. Experian's study shows that millennials have seen their credit scores increase by 3% over 2015, according to Experian. However, millennials credit scores have been higher than the national average in certain states. 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. Wisconsin, Washington and Oregon were the top five states for improving credit scores over the 5-year period.