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.
The 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 increased by 3 percentage points, from 651 Q2 2013 to 680 Q2 2019. The millennials credit scores are still significantly lower than those of other generations. For instance, 625 was the average score for people born during the Great Depression, while 709 was the average score for people born in 1970s.
Like many other things in life your credit score is affected based on your debt levels. For millennials, student loans, credit card debt, as well as mortgages are their largest sources of debt. Paying down your debt can help you improve your score. However, recent missed payments can have a greater impact on your score than those that were made ten years ago.
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 of 789 is the highest, while the average credit score for the Midwest is 74 more than it is in the South. The credit-score average is influenced by local factors. 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. The Midwest still holds the gold standard for creditworthiness, despite the difference in the average credit-score.
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 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 in all U.S. states and territories, Guam and Virgin Islands.
Northeast has the highest credit score
The Northeast has the highest credit score. The average score is calculated using several factors, including your credit mix, credit utilization, and credit history. States in the Northeast also have higher median family incomes, which may contribute to their higher credit scores. The South has some the lowest credit scores.
Two of the most prestigious neighborhoods in Northeast are situated near Central Park. 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. 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
If you're looking for the best credit cards, you'll want to make sure that your credit score meets the minimum requirements. Chase takes into account other factors when approving your application. While most credit card companies require that you have a minimum credit score to be approved, Chase does not. 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 make more than that, you are considered to be above average for most states.
You need to know that 670 is the minimum credit score required for approval for Southwest credit cards. This may seem high for many applicants but it's not impossible. As long as your credit score is not too low, you should be able 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.