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.
The 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 grew by 3 points, going from 651 in Q22013 to 680 at the end of Q2 2019. Compared to the previous generations, millennials' credit scores are still considerably lower than other age groups'. 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. Student loans, credit card debt, mortgages and credit cards are the main sources of student debt for millennials. By paying down your debt, you can improve your score. But keep in mind that recent missed payments will affect your score more than delinquencies that occurred a decade ago.
Midwest has the lowest average credit score
The Midwest has the highest credit score, while the South has one of the lowest. Equifax, the credit-reporting organization, has done a study on 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. The blue states tend to have higher credit-score averages than red states. North Dakota has the lowest average credit score, and Nevada has the highest. Despite this discrepancy in the average credit score, the Midwest continues to be the gold standard in credit-worthiness.
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 were calculated using the VantageScore3.0 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 credit score. Your credit mix, credit utilization and credit history are all factors that go into calculating your average score. Higher median family incomes in the Northeast may also contribute to higher credit scores. The South has some among the lowest credit scores in America.
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), Staten Island and Brooklyn also rank among the top 10 in New York City. The east side, south of 34th Street, is where the majority of high-credit neighborhoods are found.
Southwest has one of the lowest credit scores
The minimum credit score required to get the best credit card is important if you want to find the best. Chase, however, considers other factors when determining approval. Credit card companies often require that applicants have a minimum credit level to be approved. For example, a high income can boost your approval odds and give you 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.
It is important to understand that you must have 670 credit scores in order to be approved for a Southwest card. It may seem difficult for some applicants to get approved, but it's possible. As long as your credit score is not too low, you should be able get approved. If you do not have enough credit, your application might be rejected.