MIAMI, FL.-With interest rates historically high and personal debt on the rise, the finance website WalletHub released its report on the states with the highest and lowest credit scores in 2023.
WalletHub’s study found that 31 states had credit scores above 700, which is considered “good,” and included tips on improving personal credit.
To determine the states with the highest and lowest credit scores WalletHub compared the average credit scores of residents in all 50 states based on data from TransUnion.
According to WalletHub’s report the average credit score in Washington is 717, which ranks the 7th highest in the nation. The full report on the states with the highest and lowest credit scores is available through WalletHub.
Top five states with the highest credit scores:
Minnesota: 725New Hampshire: 721Vermont: 720Massachusetts: 717.8Wisconsin: 717.5
WalletHub tips for improving credit:
Check your credit report: Every year you are entitled to a free credit report from each credit bureau you are affiliated with.Carefully apply for more credit: Applying for credit cards or loans repeatedly or in a short amount of time can cause a your credit score to dip.Get a “secured” credit card: Secured cards are easier to get than regular credit cards and can help you build credit. They do require a refundable security deposit.Keep account balances low: Credit utilization impacts your credit score. WalletHub recommends maintaining a credit use ratio below 30% on each of your cards.
