The average credit score of a Millennial is 680. The Midwest is home to the lowest credit score, while those in the Northeast have the highest. We'll be looking at the differences in credit scores between different regions within the United States. This will allow you to decide if you want to relocate to one these areas.
An average credit score of 680 for millennials is 680
While the average credit score of millennials is lower than that of other generations, they have made progress over the last five years. Their scores have increased by 3 percent from 651 to 680 between Q2 2013 and Q2 2019. Compared to the previous generations, millennials' credit scores are still considerably lower than other age groups'. For instance, 625 was the average score for people born during the Great Depression, while 709 was the average score for people born in 1970s.
As with many things in life, your credit score is affected by your debt level. 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. You should also remember that missed payments from the past 10 years will have a greater effect on your score than any delinquencies in the past.
Midwest has the lowest credit score
The Midwest has a high average credit score and the South has the lowest. Equifax conducted a credit-reporting study that revealed this. The median credit score is 789, and the average credit score is 74 points higher in the Midwest than in the South. Local factors can influence credit-score averages. Red states tend to have lower credit-score averages, while the blue states tends to have higher averages. For instance, the lowest credit score is in North Dakota, while the highest is in Nevada. Despite the differences in credit-score averages, the Midwest is still the gold standard for 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. The average credit score in the United States is 698, and it varies widely by state. Credit score averages are based upon the VantageScore 3.0 model credit score model. These averages apply to all U.S. States and U.S. Territories, Guam, and Virgin Islands.
Northeast has the highest average credit score
The Northeast has the highest credit score. Your credit mix, credit utilization and credit history are all factors that go into calculating your average score. States in the Northeast have higher median household incomes, which may explain their higher credit scores. The South has some of the lowest credit scores in the country.
Two famous neighborhoods border Central Park are found in the Northeast. The average score in these neighborhoods is 746, which is 33 points higher than the state's average of 712. In fact, six of the top ten neighborhoods in New York City have the highest average credit score. Queens, Brooklyn, Staten Island, and Brooklyn all rank amongst the top ten. The east side is where most high-credit areas are located, just south of 34th Street.
Southwest has the lowest average credit score
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. But, it is important to remember that the median household income for the United States of $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 be low for many applicants, it's far from impossible. If you don't have many credit cards, you should still be eligible to apply. Otherwise, your application may be rejected and you'll need to wait until your score increases.