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 will examine the differences in the average credit score across 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 overall credit score than other generations. However, they have made some strides in 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 among people born during Great Depression was 625 while that of those born in the 1970s averaged 709.
Like many other things in life your credit score is affected based on your debt levels. Student loans, credit card debt, mortgages and credit cards are the main sources of student debt for millennials. Your score can be improved by paying off your debt. However, recent missed payments can have a greater impact on your score than those that were made ten years ago.
Midwest has the lowest credit score
The Midwest has the highest credit score, while the South has one of the lowest. Equifax, a credit-reporting agency, conducted the study. The median credit score is 789, and the average credit score is 74 points higher in the Midwest than in the South. Local factors affect the average credit score. The average credit score of the blue states is higher than that of the 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 based on a number of factors such as how many credit card accounts you have, how long they've been open, and whether or not you've ever had any financial difficulties. The average credit score for the United States is 698. However, it varies greatly from one state or another. 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 one of the highest average credit scores in the country. The average score is calculated by a combination of credit mix, credit utilization, history and credit. 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.
Two famous neighborhoods border Central Park are found in the Northeast. 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, Brooklyn, Staten Island, and Brooklyn all rank amongst 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
You'll need to ensure that your credit score is at least the minimum required for credit cards. Chase, however, considers other factors when determining approval. Credit card companies often require that applicants have a minimum credit level to be approved. A higher income can improve your chances of approval and grant you a greater credit limit. Keep in mind, however, that the US median household income is $61,937. If you earn more than that, your earnings are considered to be higher than the average for most other states.
You need to know that 670 is the minimum credit score required for approval for Southwest credit cards. While this may be low for many applicants, it's far from 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.