A recent study revealed which US states have the highest rates credit scores.
Fortunately, Pennsylvania ranks among them.
WalletHub compared the average credit scores of residents of each of the 50 states from October 2022 data collected from TransUnion as the basis for this study. The researchers then ranked each state to determine which had the highest and lowest credit scores.
The top five states in ascending order were South Dakota with an average credit score of 715; Massachusetts with an average of 716; Vermont with 718; New Hampshire with 719; and Minnesota with 724.
Pennsylvania managed to stay afloat in the top 25 at 21st in the world with an average credit score of 704.
“A person’s credit score is one of the biggest factors that determines the course of their financial life, whether it’s getting credit cards, qualifying for home loans, or even renting. apartments,” the study reads. “The average credit score in the United States is 695 using the VantageScore model.
“This puts the average American just below the bottom of the good credit range (700). The score to ultimately reach is at least 750, which marks the beginning of the excellent credit range.
If you’re looking to leverage your own credit score, Philip Gibson, Ph.D., CFP and associate professor of finance at Winthrop University, recommends this age-old strategy: patience.
“For example, if you are unable to make a payment on time, contact the lender and ask for an extension. If you are going to the doctor’s office, be sure to open all mail from that office. Monitor your credit report to make sure everything is correct.
The state with the worst credit score was Mississippi with an average of 662.