A person’s credit score determines the course of their financial life. How does your score compare to people across the state?
If you are thinking of buying a house, a car, or getting a credit card, you must have a good credit rating. It is not easy to get credit, but it is very easy to get bad credit. This year in particular, personal credit has taken a hit due to the ongoing COVID-19 pandemic.
The pandemic has wreaked havoc on people’s finances this year, leading to more people needing loans to stay afloat before falling behind on payments. Having a low credit score will prevent these people from getting the funds they desperately need.
The average credit score in the United States is 680. If you are trying to gain credit, the score to aim for is 750, as this is where you get into the “excellent credit” range.
A recent study was conducted to determine the average credit score in each state in the country. Wallethub compared the average credit scores of residents in each state as of September 2020, using information from TransUnion.
According to this study, the average credit score in New York City was 691, which ranked it 21st in the country. So New York is roughly in the middle. New York was tied with Pennsylvania at 691, and New York was just ahead of Wisconsin which had an average score of 690.
Minnesota was ranked as having the highest average credit score with 720. Hawaii and Washington were ranked second and third with 709.