Does your state have the highest or lowest credit scores? This new study can tell you
In a press release to the Deseret News, WalletHub analysts reported that their data showed that 31 out of the 50 states had good credit with an average credit score above 700
Utah found itself with an average credit score of 711, landing itself in 18th place out of all the 50 states for states with the highest credit scores, according to a recent WalletHub study.
In a press release to the Deseret News, WalletHub analysts reported that their data showed that 31 out of the 50 states had good credit with an average credit score above 700.
Where exactly do all the states land on this list? Keep reading this article to see if your state has a high or low credit score average.
Which states have the highest credit scores?
- Minnesota (725.3)
- New Hampshire (721.6)
- Vermont (720.7)
- Massachusetts (717.8)
- Wisconsin (717.5)
- North Dakota (717.4)
- Washington (717.3)
- South Dakota (716.9)
- Hawaii (715.4)
- Montana (715.3)
Which states have the lowest credit scores?
- Mississippi (672.0)
- Louisiana (675.9)
- Alabama (679.6)
- Texas (679.8)
- Oklahoma (681.5)
- Arkansas (681.6)
- Georgia (681.8)
- Nevada (686.2)
- South Carolina (687.1)
- Kentucky (687.2)
What is the credit score trend in 2023?
WalletHub analyst, Cassandra Happe said in an email to the Deseret News regarding the study’s findings, “It is encouraging to see these positive credit scores, despite the challenges that many consumers are facing with the current economy and inflation. These high scores are a sign that even though many Americans are struggling with financial obstacles, they are still prioritizing their debs.”
CNBC News reported that despite the rise in debt within the U.S., credit scores have been hitting “an all-time high.”
Some factors that can play a part on your credit score is your age, the economy in the place that you live, the job market and other aspects of life, according to USA Today.
“It’s not very surprising that Minnesotans have the highest average credit score at 725, considering the state’s stable economy, good job market, and relatively low household debt,” Happe further elaborated. “New Hampshire came in a close second with an average credit score of 722, while Vermont had the third-highest average score at 721.”