26th

February, 2013

How Credit Worthy Is Your State?

This post contains references to products from one or more of our advertisers. We may receive compensation when you click on product links. For more information, please see our Advertiser Disclosure

Ever wonder if your state has good or bad credit? That’s what this article is all about. We all know that the economy fluctuates throughout the country, as does the standard of living and general frame of mind. All of that factors into a state’s average credit score, which is a slight indication of said state’s financial stability.

Experian offers a dedicated website, National Score Index, which provides a summary of geographic credit information based on debt levels (debt to income), credit usage (number of accounts), minimum monthly payments (amount due each month), open credit card accounts (active versus closed), late payments (history of payment timeliness), and number of credit inquiries (applications for credit). All of these variables factor into a “score index” that is similar in rating to that of a consumer credit score.

Let’s take a look at some of the score trends from 2012 so you can assess your state’s credit worthiness. Keep in mind that the national average in the U.S. for the year was 750, on a scale from 501 to 990. Also note that Experian provides scores for major cities in each state, not the states themselves. All the numbers below are the average scores from the major cities in each state and help paint a picture of how the states have shifted economically.

Top 5 Credit Score States

  1. South Dakota – 784
  2. Minnesota – 782
  3. Idaho – 777
  4. North Dakota – 776
  5. Iowa, Maine, Vermont – 772

Bottom 5 Credit Score States

  1. Mississippi – 708
  2. Georgia – 716
  3. Texas – 718
  4. Louisiana – 720
  5. Nevada – 730

According to the Experian Score Index, New England is the region of the country with the highest rating of credit worthiness. The West South Central area of the United States has the lowest rating of credit worthiness. This indicates that the Northeastern states have a better financial structure than the states of the Midwest, but that may not be true in all circumstances.

State Average Vantage Scores

Here is a list of Experian scores by state. Note that some states did not provide enough data to qualify for the study.

  • Alabama – 732
  • Arizona – 744
  • Arkansas – 732
  • California – 748
  • Colorado – 762
  • Connecticut – 771
  • Florida – 737
  • Georgia – 716
  • Hawaii – 771
  • Idaho – 777
  • Illinois – 760
  • Indiana – 750
  • Iowa – 772
  • Kansas – 756
  • Kentucky – 738
  • Louisiana – 720
  • Maine – 772
  • Maryland – 756
  • Massachusetts – 770
  • Michigan – 749
  • Minnesota – 782
  • Mississippi – 708
  • Missouri – 754
  • Nevada – 730
  • New Mexico – 729
  • New York – 762
  • North Carolina – 742
  • North Dakota – 776
  • Ohio – 755
  • Oklahoma – 732
  • Oregon – 766
  • Pennsylvania – 765
  • Rhode Island – 762
  • South Carolina – 725
  • South Dakota – 784
  • Tennessee – 733
  • Texas – 718
  • Utah – 761
  • Vermont – 772
  • Virginia – 748
  • Washington – 765

Remember, this average includes everybody, from the person who just payed off all their debts to your neighbor who hasn’t paid a bill in over a year. How are your spending habits contributing to your state’s credit score?

There is nothing we value more than the opinions of our customers. We encourage open discussions among all users and hope we can all share advice. Please keep our site clean and safe by following our posting guidelines and please, don’t disclose personal information like your credit card numbers or account information.

These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

comments powered by Disqus

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>