680 is the average credit score among Millennials. The Midwest has a low credit score and the Northeast has the highest. We'll be looking at the differences in credit scores between different regions within the United States. This will allow you to decide if you want to relocate to one these areas.
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 3 percentage points between 651 and 680 in Q2 2013, and 651 in Q2 2013. Their credit scores are still much lower than that of previous generations. For example, the average score of people born during the Great Depression was 625, while the average score of people born in the 1970s was 709.
Your credit score will be affected by how much debt you have. For millennials, student loans, credit card debt, as well as mortgages are their largest sources of debt. You can improve your credit score by paying down 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 higher average credit scores than the South, with the South having the lowest. Equifax, a credit-reporting agency, conducted the study. 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. The average credit score in America is 698. It varies from state to state. Credit score averages are based upon the VantageScore 3.0 model credit score model. These averages are available across all U.S. territory, as well as Guam and Virgin Islands.
Northeast has a high average credit score
The Northeast has the highest credit score. The average score takes into account your credit mix and credit utilization. Credit history is also a factor. 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. The average score in these communities is 746. That's 33 points higher than the 712 average for the state. Six of the top ten New York City communities have the highest average credit score. Queens, Brooklyn, Staten Island, and Brooklyn all rank amongst the top ten. The east side, south of 34th Street, is where the majority of high-credit neighborhoods are found.
Southwest has the lowest average credit score
Your credit score must meet the minimum requirements to qualify for the best credit cards. Chase is one of many credit card companies that requires a minimum credit score for approval. However, Chase takes other factors into consideration when approving an application. For example, a high income can boost your approval odds and give you a higher credit limit. But, it is important to remember that the median household income for the United States of $61,937. If your income is higher than that, you will be considered to be more average for most states.
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. As long you don't apply for too many credit cards, it should not be difficult to get approved. If you do not have enough credit, your application might be rejected.