Experian finds new year marks healthiest credit picture for U.S. consumers since 2007; National average credit score weighing in at 675 signaling a prosperous year
According to the latest
"The trend line that we are seeing is quite promising. With employment and consumer confidence on the rise, we've made great progress as a country since the recession," said
Credit Snapshot of the Nation |
|
Average VantageScore2 |
675 |
Average Number of Credit Cards |
3.1 |
Average Balance on Credit Cards |
|
Average Number of Retail Cards |
2.5 |
Average Balance on Retail Cards |
|
Average Mortgage Debt |
|
Average Non-Mortgage Debt |
|
"
Annual Rankings
As part of this annual study,
Top 10 highest average credit scores by city |
||||
2017 highest |
City |
State |
2017 average |
2016 average |
1 |
|
Minn. |
709 |
707 |
2 |
|
Minn. |
708 |
708 |
3 |
|
Minn. |
708 |
708 |
4 |
Wausau |
Wis. |
706 |
704 |
5 |
|
Wis. |
705 |
704 |
6 |
|
Minn. |
704 |
703 |
7 |
|
S.D. |
704 |
703 |
8 |
|
Calif. |
703 |
699 |
9 |
La Crosse |
Wis. |
703 |
703 |
10 |
Madison |
Wis. |
703 |
702 |
Bottom 10 lowest average credit scores by city |
||||
2017 lowest |
City |
State |
2017 average |
2016 average |
1 |
|
Miss. |
624 |
622 |
2 |
|
Ga. |
626 |
624 |
3 |
|
|
631 |
631 |
4 |
|
|
635 |
635 |
5 |
|
Calif. |
636 |
632 |
6 |
|
|
638 |
639 |
7 |
|
|
640 |
641 |
8 |
Monroe |
La. |
640 |
639 |
9 |
|
Ala. |
640 |
641 |
10 |
Shreveport |
La. |
640 |
640 |
Generational Divide
Each city manages credit differently, and the same is true for generations.
- While Generation Z is young and still establishing credit, Gen Z members are off to a strong start by keeping their number of credit cards and balances low. They are building their credit through different methods than the older generations before them with heavier student loan debts and fewer credit cards and department store cards, yet they seem to mirroring many of the Millennial credit behaviors, such as keeping their debt low and managing it well, and we expect that to continue.
- Generation Y/Millennials are doing well managing their credit and continue to see their scores climb—four points over the past year. They have also decreased their overall average debt by eight percent and have increased their mortgage debt by an additional six percent, which is a positive sign for this generation.
- Generation X has an average credit score of 658 along with the highest mortgage debt of all generations, as well as a high instance of late payments compared to the national average. Scores for Gen X members have improved over the last year, so it appears they are managing their debts better than they have in the past, but with the highest debts in all categories, this generation needs to proceed with some caution.
- Baby Boomers continue to carry quite a bit of debt, specifically mortgage debt. They have the lowest late payment instances of all the generations, and with many approaching retirement, they need to continue their positive credit behaviors to sail into their golden years.
- As the oldest generation, the Silent Generation still has a lot of mortgage debt, but members are keeping other debts low and making payments on time. They have the best credit score of all generations with a score of (729), as well as and the fewest late payments.
An infographic containing additional data on the generational differences is available here.
Additional data and educational resources
As the leading global information services company,
Experian is sponsoring a WiseBread chat onJanuary 18 , reviewing the findings from this study, in addition to discussing credit basics. Register at http://www.wisebread.com and follow #wbchat.- Join the #CreditChat,hosted by @Experian_US on Twitter and featuring financial experts and consumers every Wednesday at
3 p.m. Eastern time . A special #CreditChat on State of Credit will take place onJanuary 24 .
Analysis methodology
The consumer analysis is based on a statistically relevant sampling of
About
We have more than 16,000 people operating across 37 countries and every day we're investing in new technologies, talented people and innovation to help all our clients maximize every opportunity. We are listed on the
Learn more at www.experianplc.com or visit our global content hub at our global news blog for the latest news and insights from the Group.
1 Source:
2 VantageScore range is 300-850.
Contact:
Experian Public Relations
1 714 830 5192
[email protected]
View original content with multimedia:http://www.prnewswire.com/news-releases/experian-finds-new-year-marks-healthiest-credit-picture-for-us-consumers-since-2007-national-average-credit-score-weighing-in-at-675-signaling-a-prosperous-year-300581165.html
SOURCE
Cannabis Market to Grow as California’s Recreational Laws Take Effect
Selective Insurance Group, Inc. Schedules Earnings Release and Conference Call to Announce 4th Quarter 2017 Results
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News