680 is the average credit score among Millennials. The Midwest has the lowest credit score while the Northeast has it 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.
Average credit score for Millennials is 680
While millennials have a lower average credit score than other generations, they have made some progress in the last five years. Their scores rose by 3 percentage points from 651 in Q2 2013 to 680 in Q2 2019. Their credit scores are still much lower than that of previous generations. 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. For millennials, their biggest sources of debt are student loans, credit card debt, and mortgages. Your score can be improved by paying off your debt. Keep in mind, however, that your score will be affected more by recent missed payments than delinquencies from a decade ago.
Midwest has lowest credit scores
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 of 789 is the highest, while the average credit score for the Midwest is 74 more than it is in the South. Local factors have an impact on the credit-score average. The credit-score averages of blue states are higher than those of red. North Dakota has the lowest average credit score, and Nevada has the highest. The Midwest still holds the gold standard for creditworthiness, despite the difference in the average credit-score.
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. It is 698 on the average in the United States, but it can vary widely from one state to another. Credit score averages were calculated using the VantageScore3.0 credit score model. These averages apply to all U.S. States and U.S. Territories, Guam, and Virgin Islands.
Northeast has a high average credit score
The Northeast has the highest average credit score in the country. The average score is calculated based on several factors such as credit mix, credit utilization, credit history, and credit history. Higher median family incomes in the Northeast may also contribute to 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. In addition to Manhattan, Queens, Brooklyn, and Staten Island all rank among the top ten in the city. The east side of Manhattan is home to most of the wealthy neighborhoods, located south of 34th Street.
Southwest has one of the lowest credit scores
If you're looking for the best credit cards, you'll want to make sure that your credit score meets the 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 high income will increase your chances of approval and allow you to borrow more. But, it is important to remember that the median household income for the United States of $61,937. If you earn more than that, your earnings are considered to be higher than the average for most other states.
The minimum credit score to be approved for a Southwest creditcard is 670. While this may seem like a low score for many applicants it's still possible. As long as your credit score is not too low, you should be able get approved. You may lose your application and have to wait for your score to increase.