The average credit score for Millennials is 680. The Midwest has a low credit score and the Northeast has 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.
Average credit score for Millennials is 680
Although millennials have a lower credit score than the rest of their generation, they have made significant progress over the past five years. Their scores have increased by 3 percent from 651 to 680 between Q2 2013 and Q2 2019. 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 so many things in life credit scores are affected by the amount of debt you have. 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. But keep in mind that recent missed payments will affect your score more than delinquencies that occurred a decade ago.
Midwest has the lowest average credit score
The Midwest has higher average credit scores than the South, with the South having the lowest. Equifax, a credit-reporting agency, conducted the study. The median credit score is 789. In the Midwest, the average credit score scores 74 points higher than in South. Local factors have an impact on the credit-score average. The average credit score of the blue states is higher than that of the red states. North Dakota has the lowest credit score, while Nevada has the highest. Despite this discrepancy in the average credit score, the Midwest continues to be the gold standard in credit-worthiness.
Credit scores are calculated using a variety of factors including the number of credit cards you have, the length of your credit history, and any financial hardships. The average credit score for the United States is 698. However, it varies greatly from one state or another. The VantageScore 3.0 credit scoring model is used to calculate credit scores. These averages are available across all U.S. territory, as well as Guam and Virgin Islands.
Northeast has a high 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. The Northeast states also have higher median families incomes which could contribute to higher credit scores. The South has some among the lowest credit scores in America.
Two renowned Northeast neighborhoods are located near Central Park. The average score in these communities is 746. That's 33 points higher than the 712 average for the state. Six of the top ten New York City neighborhoods have the highest credit scores. Queens, Brooklyn and Staten Island are among the top ten. The east side of Manhattan has the most credit-worthy neighborhoods. It is south of 34th Street.
Southwest has the lowest average credit score
The minimum credit score required to get the best credit card is important if you want to find the best. Many of the credit card companies require a minimum credit score in order to approve your application, but Chase also considers other factors in determining approval. A higher income may increase your chances for approval and provide you with a higher credit limit. Keep in mind, however, that the US median household income is $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. It may seem difficult for some applicants to get approved, but it's possible. As long you don't apply for too many credit cards, it should not be difficult to get approved. Your application could be rejected if your score is low.