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Experian Releases 8th Annual “State of Credit Report”

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 VantageScore                             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

 

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       
1 Minneapolis  Minn. 709
2 Rochester  Minn. 708
3 Mankato  Minn. 708
4 Wausau Wis. 706
5 Green Bay Wis. 705
6 Duluth Minn. 704
7 Sioux Falls S.D. 704
8 San Francisco Calif. 703
9 La Crosse Wis. 703
10 Madison Wis. 703


Bottom 10 lowest average credit scores by city

2017 lowest rankings City State      2017 average VantageScore      
1 Greenwood  Miss. 624
2 Albany Ga. 626
3 Harlingen Texas 631
4 Laredo Texas 635
5 Riverside Calif. 636
6 Corpus Christi Texas 638
7 Odessa Texas 640
8 Monroe La. 640
9 Montgomery Ala. 640
10 Shreveport La. 640

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:

Experian Generational Divide

For more information on Experian’s eighth annual “State of Credit” Report, visit: https://www.experian.com/blogs/ask-experian/state-of-credit/

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