680 is the average credit score among Millennials. The lowest credit score is found in the Midwest, while the highest is found in the Northeast. This article examines the differences between credit scores in different areas of the United States. This will help you decide if one of these areas is right for you.
Millennials have an average credit score of 680
Millennials have a lower average credit score that other generations but they have made some improvements in the last five year. Their scores increased by 3 percentage points, from 651 Q2 2013 to 680 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.
As with many things in life, your credit score is affected by your debt level. For millennials, their biggest sources of debt are student loans, credit card debt, and mortgages. By paying down your debt, you can improve your score. Recent missed payments will impact your score more than previous delinquencies a decade back.
Midwest has lowest credit scores
The Midwest has an average credit score of 98.7, while the South is at 89.6. This is based on a study from the credit-reporting agency Equifax. 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 blue states tend to have higher credit-score averages than red states. North Dakota has the lowest credit score, while Nevada has the highest. The Midwest still holds the gold standard for creditworthiness, despite the difference in the average credit-score.
Credit scores are determined by a variety factors such as the number of credit accounts you have, your credit history and whether you've ever experienced financial problems. It is 698 on the average in the United States, but it can vary widely from one state to another. Credit score averages are based on the VantageScore 3.0 credit score model. These averages are available across all U.S. territory, as well as Guam and Virgin Islands.
Northeast has the highest credit score
The Northeast has a high average credit score. The average score takes into account your credit mix and credit utilization. Credit history is also a factor. The Northeast states also have higher median families incomes which could contribute to higher credit scores. The South has one of the lowest credit scores.
Two renowned Northeast neighborhoods are located near Central Park. These two neighborhoods have an average score 746 which is 33 more than the 712 state average. Six out of the top 10 New York City neighborhoods have the highest average credit scores. Queens and Brooklyn are also among the top ten. Staten Island is the smallest. The east side, south of 34th Street, is where the majority of high-credit neighborhoods are found.
Southwest has a low average credit score
To get the best credit cards, make sure your credit score meets 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. But, it is important to remember that the median household income for the United States of $61,937. You are considered above the average in most states if you earn more than this.
If you're wondering whether you'll qualify for a Southwest credit card, you should know that the minimum credit score for approval is 670. This may seem high for many applicants but it's not impossible. As long you don't apply for too many credit cards, it should not be difficult to get approved. You may lose your application and have to wait for your score to increase.