Experian conducted its eighth annual “State of Credit Report,” which shows that the average credit scores have increased almost to the level of pre-recession numbers. The study also ranked the cities with the highest and lowest credit score averages and sets forth various generational insights.
This past year, the study showed that origination volumes increased and that consumer confidence is up 25 percent year-over-year, an increase of more than 16 percent over 2007 levels. The national credit score average also increased two points to 675, which is just four points less than the average a decade ago.
Below are more results from Experian’s study on credit in 2017:
Credit Snapshot of the Nation
|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|
As part of this annual study, Experian also ranked U.S. cities by credit score.
Top 10 highest average credit scores by city
|2017 highest rankings||City||State||2017 average VantageScore|
Bottom 10 lowest average credit scores by city
|2017 lowest rankings||City||State||2017 average VantageScore|
Each city manages credit differently, and the same is true for different generations.
An infographic containing additional data on the generational differences is available on the Experian website and below:
For more information on Experian’s eighth annual “State of Credit” Report, visit: https://www.experian.com/blogs/ask-experian/state-of-credit/