The average credit score of a Millennial in the United States is 680. The lowest credit score is found in the Midwest, while the highest is found in the Northeast. We'll be looking at the differences in credit scores between different regions within the United States. This will assist you in deciding whether or not to move to one of these regions.
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 rose by 3 percentage points from 651 in Q2 2013 to 680 in Q2 2019. However, their credit scores are still lower than the 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 credit score will be affected by how much debt you have. For millennials, their biggest sources of debt are student loans, credit card debt, and mortgages. 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 the highest credit score, while the South has one of the lowest. Equifax conducted a credit-reporting study that revealed this. The median credit score, 789, is found in the Midwest. This is 74 percentage points higher than the South's average credit score. Local factors affect 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 average credit score, and Nevada has the highest. Despite the differences in credit-score averages, the Midwest is still the gold standard for credit-worthiness.
Credit scores can be calculated by several factors. These include how many credit cards and how long you have had them, as well as whether you've had any financial challenges. The average credit score in America is 698. It varies from state to state. Credit score averages are calculated using the VantageScore credit score model. These averages are available for all states and the U.S. territories including Guam and the Virgin Islands.
Northeast has the highest average credit score
The Northeast has the highest average credit score in the country. The average score is calculated by a combination of credit mix, credit utilization, history and credit. States in the Northeast also have higher median family incomes, which may contribute to their higher credit scores. The South has the lowest credit scores.
The Northeast is home to two renowned neighborhoods flanking Central Park. These neighborhoods' average score is 746. This is 33 percentage points higher than New York's 712. Six of the top ten New York City communities have the highest average credit score. Queens, Brooklyn and Staten Island are among the top ten. Most of the high-credit neighborhoods are on the east side of Manhattan, south of 34th Street.
Southwest has a low average credit score
Your credit score must meet the minimum requirements to qualify for the best credit cards. 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. For example, a high income can boost your approval odds and give you a higher credit limit. Keep in mind however that the median income of a household in the United States in 2016 was $61,937. You are considered above the average in most states if you earn more than this.
To be eligible for a Southwest Credit Card, your minimum credit score must be 670. It may seem difficult for some applicants to get approved, but it's possible. You should be approved as long as you don’t have any new credit cards. Otherwise, your application may be rejected and you'll need to wait until your score increases.