States Where Consumers Have the Best Credit Scores

Photo (cc) by me and the sysop

A majority of Americans — 55.6 percent — have subprime credit scores, according to the Corporation for Enterprise Development.

The nonprofit created the 2015 Assets & Opportunity Scorecard to help explain why so many Americans see little evidence of an economic recovery in their own lives. The report states:

Low-wage jobs have increased in all but two states, while 36 states plus Washington, D.C., saw decreases in average annual pay. Nationally, nearly 56 percent of consumers have subprime credit scores, meaning they cannot qualify for credit or financing at prime rates and are more likely to use costly alternative financial products… such as payday loans to meet their needs.

A combination of these and other factors have contributed to the nation’s growing wealth and income inequality.

On average, Americans don’t achieve a prime credit score until they’re in their 50s, according to a recent analysis by CBS News and Credit Karma.

A FICO credit score of 660 or lower is one of the criteria for being considered a subprime borrower, according to the Federal Deposit Insurance Corporation:

Subprime borrowers typically have weakened credit histories that include payment delinquencies, and possibly more severe problems such as charge-offs, judgments and bankruptcies. They may also display reduced repayment capacity as measured by credit scores, debt-to-income ratios or other criteria that may encompass borrowers with incomplete credit histories.

The states whose residents are least likely to have subprime credit scores are:

1. North Dakota

Consumers with near prime or better credit score: 57.2 percent

Average credit card debt per borrower: $6,005

2. Minnesota

Consumers with near prime or better credit: 57.1 percent

Average credit card debt: $9,277

3. South Dakota

Consumers with near prime or better credit: 55 percent

Average credit card debt: $6,630

4. Vermont

Consumers with near prime or better credit: 54.2 percent

Average credit card debt: $9,822

5. Iowa

Consumers with near prime or better credit: 53.9 percent

Average credit card debt: $5,887

6. Nebraska

Consumers with near prime or better credit: 53.7 percent

Average credit card debt: $6,424

7. Hawaii

Consumers with near prime or better credit: 53.6 percent

Average credit card debt: $12,673

8. Massachusetts

Consumers with near prime or better credit: 53.2 percent

Average credit card debt: $12,151

9. Montana

Consumers with near prime or better credit: 52.5 percent

Average credit card debt: $7,722

10. Wisconsin

Consumers with near prime or better credit: 51.6

Average credit card debt: $7,420

Mississippi has the largest portion of residents with subprime credit ratings — 69.2 percent — followed by Nevada, Georgia, Texas and Louisiana.

If you’re among the majority of Americans with subprime credit, be sure to check out this story on the fastest ways to raise your credit score.

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Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

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