The average credit score for Millennials is 680. The lowest credit score is found in the Midwest, while the highest is found in the Northeast. This article will examine the differences in the average credit score across the United States. This will help to determine if you should move to one or more of these areas.
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 have increased by 3 percent from 651 to 680 between Q2 2013 and Q2 2019. However, their credit scores are still lower than the other generations. For example, the average score of people born during the Great Depression was 625, while the average score of people born in the 1970s was 709.
As with many things in life, your credit score is affected by your debt level. For millennials, student loans, credit card debt, as well as mortgages are their largest sources of debt. You can improve your credit score by paying down your debt. 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 average credit score
The Midwest has an average credit score of 98.7, while the South is at 89.6. Equifax credit-reporting agency has conducted a study to support this conclusion. The median credit score of 789 is the highest, while the average credit score for the Midwest is 74 more than it is in the South. Local factors influence the average credit-score. Red states tend to have lower credit-score averages, while the blue states tends to have higher averages. North Dakota has the lowest credit score while Nevada has Nevada's 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 calculated based on several factors, including how many credit cards you have, how long you've had credit accounts, and whether you've experienced any negative financial events. The average credit score is 698 in the United States. This can vary from one state to the next. Credit score averages were calculated using the VantageScore3.0 credit score model. These averages are available in all U.S. states and territories, Guam and Virgin Islands.
Northeast has the highest credit score
The Northeast has an average credit score of 63. Your credit mix, credit utilization and credit history are all factors that go into calculating your average score. The Northeast states also have higher median families incomes which could contribute to higher credit scores. The South has some of the lowest credit scores in the country.
Two well-known neighborhoods can be found in Northeast, right next to Central Park. These neighborhoods have an average score of 746. This is 33 points more than the average score for the entire state, which is 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, south of 34th Street, is where the majority of high-credit neighborhoods are found.
Southwest has the lowest average credit score
If you're looking for the best credit cards, you'll want to make sure that your credit score meets the minimum requirements. Chase considers many factors in determining approval. Although most credit card companies require you to have a minimum credit rating in order for them to approve your application, Chase doesn't. A higher income can improve your chances of approval and grant you a greater credit limit. However, keep in mind that the median household income in the United States is $61,937. If you earn more, you are considered above average in most states.
You need to know that 670 is the minimum credit score required for approval for Southwest credit cards. Although this might seem low for some applicants, it is not impossible. If you don't have many credit cards, you should still be eligible to apply. If you do not have enough credit, your application might be rejected.