America is currently participating in what is tantamount to a nationwide credit repair, with the average credit score in the United States hitting 703 in 2019, according to Consumer Credit Review by Experian. This is up 2.03% from 2010 when the average credit score in the US was just 689.
You can see a line chart demonstrating the national average credit score over time here.
Image Credit: AndreyPopov / iStock.
Be vigilant of your credit
On the whole, the U.S. is doing well for itself when it comes to credit. The rising average over the last decade points to not just a growing economy, but a willingness to take on credit and use it responsibly. A majority of the US populace falls into the “Good” credit category, and with that comes access to a variety of credit card resources.
Maintaining good credit is the goal. A few simple things to keep in mind are to be aware and be proactive. Remember when you apply for a loan or credit card, it gets on your credit report as a hard inquiry and brings down your score. Prove that you are a responsible borrower and keep your credit accounts in good standing by being on time and being vigilant.
Image Credit: depositphotos.com.
Does higher education mean higher credit scores?
Education matters, at least in regard to your credit score. We found a moderately positive correlation between a state’s average credit score and percentage of the adult population in each state with a bachelor’s degree or higher. In short, the higher the proportion of a state’s population with a bachelor’s degree or higher, the higher the credit score.
A notable exception is Washington, D.C. While not a state, the nation’s capital is home to a far higher percentage of people with a bachelor’s degree when compared to the rest of the U.S., and yet its average credit score is 703 — in line with the nation’s average.
Image Credit: DepositPhotos.com.
How is America’s credit?
The average credit score of 66% of the American population actually falls within the “good” credit category, according to Experian.
The average credit score has risen steadily for the better part of a decade and, along with the growing number of Americans with good credit, the number of Americans with very poor credit is on the way down.
In 2010, roughly 1/5 (21%) of Americans had a credit score of 300 to 579, or very poor. As of 2019, that number had dropped to just 16%.
Image Credit: 2019 Consumer Credit Review by Experian .
Methodology
We sourced credit card averages from the 2019 Experian Consumer Credit Review published on January 13, 2020. We calculated educational attainment using the Census Bureau’s 2018 American Community Survey 5-Year Estimates.
We define college education as a bachelor’s degree or higher. Some college education without attaining an associate or bachelor’s degree is not included.
Credit score ranges are defined as:
- Very poor: 300–579
- Fair: 580–669
- Good: 670–739
- Very good: 740–799
- Exceptional: 800–850
Image Credit: depositphotos.com.
Which state has the highest average credit score?
We’ve made a countdown of the states with the lowest credit score to the highest credit score while listing what their credit scores were in 2018 and 2019.
Image Credit: ” bernardbodo”.
51. Mississippi
2018: 666
2019: 667
Image Credit: DepositPhotos.com.
50. Louisiana
2018: 675
2019: 677
Image Credit: DenisTangneyJr.
Tied 48. Texas
2018: 680
2019: 680
Image Credit: DenisTangneyJr.
Tied 48. Alabama
2018: 680
2019: 680
Image Credit: Sean Pavone.
47. South Carolina
2018: 680
2019: 681
Image Credit: SeanPavonePhoto.
Tied 45. Georgia
2018: 680
2019: 682
Image Credit: SeanPavonePhoto.
Tied 45. Oklahoma
2018: 682
2019: 682
Image Credit: DepositPhotos.com.
44. Arkansas
2018: 683
2019: 683
Image Credit: Tara Ballard.
Tied 42. Nevada
2018: 684
2019: 686
Image Credit: DepositPhotos.com.
Tied 42. New Mexico
2018: 685
2019: 686
Image Credit: Davel5957.
41. West Virginia
2018: 686
2019: 687
Image Credit: DepositPhotos.com.
40. Tennessee
2018: 689
2019: 690
Image Credit: Swarmcatcher.
39. Kentucky
2018: 691
2019: 692
Image Credit: DepositPhotos.com.
Tied 37. Florida
2018: 694
2019: 694
Image Credit: DepositPhotos.com.
Tied 37. North Carolina
2018: 693
2019: 694
Image Credit: DepositPhotos.com.
36. Arizona
2018: 694
2019: 696
Image Credit: reisegraf.
35. Indiana
2018: 698
2019: 699
Image Credit: f11photo.
Tied 33. Delaware
2018: 700
2019: 701
Image Credit: mdgmorris.
Tied 33. Missouri
2018: 700
2019: 701
Image Credit: DepositPhotos.com.
32. District of Columbia
2018: 700
2019: 703
Image Credit: dkfielding.
31. Maryland
2018: 701
2019: 704
Image Credit: DepositPhotos.com.
30. Ohio
2018: 704
2019: 705
Image Credit: dypics.
29. Michigan
2018: 705
2019: 706
Image Credit: haveseen.
28. Alaska
2018: 704
2019: 707
Image Credit: Chilkoot.
27. California
2018: 706
2019: 708
Image Credit: mlauffen.
Tied 25. Illinois
2018: 709
2019: 709
Image Credit: ibsky.
Tied 25. Virginia
2018: 708
2019: 709
Image Credit: tmersh.
Tied 23. Idaho
2018: 710
2019: 711
Image Credit: shanecotee.
Tied 23. Kansas
2018: 711
2019: 711
Image Credit: Getty.
Tied 21. New York
2018: 710
2019: 712
Image Credit: Eloi_Omella.
Tied 21. Wyoming
2018: 711
2019: 712
Image Credit: AnujSahaiPhotography.
Tied 19. Pennsylvania
2018: 711
2019: 713
Image Credit: weaver1234.
Tied 19. Rhode Island
2018: 710
2019: 713
Image Credit: DepositPhotos.com.
18. New Jersey
2018: 713
2019: 714
Image Credit: DepositPhotos.com.
17. Maine
2018: 712
2019: 715
Image Credit: DepositPhotos.com.
16. Utah
2018: 714
2019: 716
Image Credit: ” 4kodiak”.
15. Connecticut
2018: 716
2019: 717
Image Credit: traveler1116.
Tied 13. Colorado
2018: 716
2019: 718
Image Credit: DepositPhotos.com.
Tied 13. Oregon
2018: 716
2019: 718
Image Credit: DepositPhotos.com.
Tied 11. Iowa
2018: 720
2019: 720
Image Credit: JoeChristensen.
Tied 11. Montana
2018: 718
2019: 720
Image Credit: David Butler.
Tied 7. Hawaii
2018: 721
2019: 723
Image Credit: DepositPhotos.com.
Tied 7. Massachusetts
2018: 721
2019: 723
Image Credit: Rolf_52.
Tied 7. Nebraska
2018: 722
2019: 723
Image Credit: DepositPhotos.com.
Tied 7. Washington
2018: 721
2019: 723
Image Credit: 4nadia.
6. New Hampshire
2018: 722
2019: 724
Image Credit: DenisTangneyJr.
5. Wisconsin
2018: 718
2019: 725
Image Credit: FierceAbin.
4. Vermont
2018: 725
2019: 726
Image Credit: ” DonLand”.
Tied 2. North Dakota
2018: 726
2019: 727
Image Credit: DepositPhotos.com.
Tied 2. South Dakota
2018: 727
2019: 727
Image Credit: RiverNorthPhotography.
1. Minnsesota
2018: 732
2019: 733
This article originally appeared on Finder.com and was syndicated by MediaFeed.org.
Image Credit: Jacob Boomsma.
