The average credit score of a Millennial in the United States is 680. The Midwest has the lowest credit score, while the Northeast has the highest. In this article we will discuss the differences in average credit scores across different regions. This will help you decide if one of these areas is right for you.
Millennials have an average credit score of 680
Millennials have a lower overall credit score than other generations. However, they have made some strides in the past five years. Their scores increased 3 percentage points between 651 and 680 in Q2 2013, and 651 in Q2 2013. Comparatively to previous generations, millennials have lower credit scores than other age groups. For example, the average score in people born during Great Depression 625, while it was 709 for people born in the 1970s.
Like many other things in life your credit score is affected based on your debt levels. Student loans, credit card debt, mortgages and credit cards are the main sources of student debt for millennials. Paying down your debt can help you improve your score. Keep in mind, however, that your score will be affected more by recent missed payments than delinquencies from a decade ago.
Midwest has the lowest credit score
The Midwest has the highest credit score, while the South has one of the lowest. This is based on a study from the credit-reporting agency Equifax. The median credit score in the Midwest is 789 and the average credit score in the South is 74 points lower. Local factors affect the average credit score. The average credit score of the blue states is higher than that of the red states. North Dakota is home to the lowest credit score and Nevada is home to the highest. However, even with the disparity in the credit-score average, the Midwest remains the gold standard when it comes to credit-worthiness.
Credit scores are determined by a variety factors such as the number of credit accounts you have, your credit history and whether you've ever experienced financial problems. It is 698 on the average in the United States, but it can vary widely from one state to another. Credit score averages are calculated using the VantageScore credit score model. These averages are available for all states and the U.S. territories including Guam and the Virgin Islands.
Northeast has the highest credit score
The Northeast has an average credit score of 63. The average score takes into account your credit mix and credit utilization. Credit history is also a factor. The Northeast states also have higher median families incomes which could contribute to higher credit scores. The South has some the lowest credit scores.
Two well-known neighborhoods can be found in Northeast, right next to Central Park. These two neighborhoods have an average score 746 which is 33 more than the 712 state average. In fact, six of the top ten neighborhoods in New York City have the highest average credit score. In addition to Manhattan, Queens, Brooklyn, and Staten Island all rank among the top ten in the city. The east side of Manhattan has the most credit-worthy neighborhoods. It is south of 34th Street.
Southwest has one of the lowest credit scores
To get the best credit cards, make sure your credit score meets minimum requirements. Chase, however, considers other factors when determining approval. Credit card companies often require that applicants have a minimum credit level to be approved. A higher income may increase your chances for approval and provide you with a higher credit limit. Keep in mind however that the median income of a household in the United States in 2016 was $61,937. If your income is higher than that, you will be considered to be more average for most states.
It is important to understand that you must have 670 credit scores in order to be approved for a Southwest card. While this may seem like a low score for many applicants it's still possible. If you don't have many credit cards, you should still be eligible to apply. You may lose your application and have to wait for your score to increase.