COSTA MESA, Calif.,
Jan. 11, 2018 /PRNewswire/ -- We're embarking on another new year – a time of renewal and recommitment to goals, many of which are financial. To help consumers understand the impact that credit has on their lives, Experian is releasing its eighth annual State of Credit report which shows that consumer credit scores and signs of economic recovery are continuing an upward trend with credit scores coming exceptionally close to pre-recession numbers.
Credit Snapshot of the Nation |
|
Average VantageScore2 |
675 |
Average Number of Credit Cards |
3.1 |
Average Balance on Credit Cards |
$6,354 |
Average Number of Retail Cards |
2.5 |
Average Balance on Retail Cards |
$1,841 |
Average Mortgage Debt |
$201, 811 |
Average Non-Mortgage Debt |
$24,706 |
Top 10 highest average credit scores by city |
||||
2017 highest rankings |
City |
State |
2017 average VantageScore |
2016 average VantageScore |
1 |
Minneapolis |
Minn. |
709 |
707 |
2 |
Rochester |
Minn. |
708 |
708 |
3 |
Mankato |
Minn. |
708 |
708 |
4 |
Wausau |
Wis. |
706 |
704 |
5 |
Green Bay |
Wis. |
705 |
704 |
6 |
Duluth |
Minn. |
704 |
703 |
7 |
Sioux Falls |
S.D. |
704 |
703 |
8 |
San Francisco |
Calif. |
703 |
699 |
9 |
La Crosse |
Wis. |
703 |
703 |
10 |
Madison |
Wis. |
703 |
702 |
Bottom 10 lowest average credit scores by city |
||||
2017 lowest rankings |
City |
State |
2017 average VantageScore |
2016 average VantageScore |
1 |
Greenwood |
Miss. |
624 |
622 |
2 |
Albany |
Ga. |
626 |
624 |
3 |
Harlingen |
Texas |
631 |
631 |
4 |
Laredo |
Texas |
635 |
635 |
5 |
Riverside |
Calif. |
636 |
632 |
6 |
Corpus Christi |
Texas |
638 |
639 |
7 |
Odessa |
Texas |
640 |
641 |
8 |
Monroe |
La. |
640 |
639 |
9 |
Montgomery |
Ala. |
640 |
641 |
10 |
Shreveport |
La. |
640 |
640 |
- 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.
- Experian is sponsoring a WiseBread chat on January 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 on January 24.
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