Credit Scores: Where Does Your City Rank?
Do you know your credit score? It’s vital to so many people for so many things. And now some new statistics indicate that where you live might have a lot to do with how you rate.
For millions of Americans, a credit score is key to getting the things they want… a new car, a new home, even every day items they pay for with a credit card. Now your credit score can also help you keep up with the Jones’.
Credit giant Experian published a list of the average credit scores for consumers in American cities at LiveCreditSmart.com. Experian’s Maxine Sweet says, “A credit score is a reflection of the risk in your credit report. So if you get your score you’ll better understand how lenders view your risk.”
The top cities are in the Midwest… led by Minneapolis with a score of 787. The worst scores are in Texas, Louisiana and Mississippi with scores in the high 600’s and low 700’s. Tulsa came in at 733.
The report was done using the VantageScore method, which isn’t as well known or used as much as the FICO method. FICO’s credit score range is between 300 and 850, and Vantagescore’s customers are rated on a scale of 501 to 990.
No one can get a big head with these scores. VantageScore assigns a letter grade to its scoring system. Anything between 700 and 800 is a “C”. As Experian’s director of public education Rod Griffin puts it, “You’re passing, but you’re not on the honor roll or the dean’s list.”
No matter which method is used, the goal is to always bring your score higher. The best way to do that is:
- Lower your outstanding balances.
- Clear up errors on your credit record.
- Pay your bills on time.
Click here to see Experian’s “State of Credit” map.