The average credit score for Millennials is 680. The Midwest has the lowest credit score while the Northeast has it the highest. We'll be looking at the differences in credit scores between different regions within the United States. This will help you decide whether to relocate to one of these areas.
Average credit score for Millennials is 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. The millennials credit scores are still significantly lower than those of other generations. For example, the average score in people born during Great Depression 625, while it was 709 for people born in the 1970s.
Your debt level can have a significant impact on your credit score, as it does with many things. Students loans, credit cards debt, and mortgages are the top three sources of debt for millennials. Paying down your debt can help you improve your score. Recent missed payments will impact your score more than previous delinquencies a decade back.
Midwest has the lowest credit score
The Midwest has a high average credit score and the South has the lowest. Equifax, a credit-reporting agency, conducted the study. The median credit score is 789, and the average credit score is 74 points higher in the Midwest than in the South. Local factors have an impact on the credit-score average. The blue states tend to have higher credit-score averages than red states. 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 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. Credit score averages are based upon the VantageScore 3.0 model credit score model. These averages are available for all states and the U.S. territories including Guam and the Virgin Islands.
Northeast has a high average credit score
The Northeast has the highest credit score. The average score is calculated based on several factors such as credit mix, credit utilization, credit history, and credit history. States in Northeast have higher median family incomes, which may be contributing to 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. 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 the lowest 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. High income can increase your chances of approval, and you may be granted a higher credit limit. Keep in mind, however, that the US median household income is $61,937. If you earn more, you are considered above average in 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. As long you don't apply for too many credit cards, it should not be difficult to get approved. Your application could be denied if you have too many credit cards. You will need to wait for your credit score to improve.