Minnesota has the highest average credit score in the country, according to study

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Wallethub conducted a study assessing average credit scores by age, income, and region. Credit was assessed using the standard 300 - 850 credit range.

The average credit score for Americans was determined to be 695 based on the VantageScore model or 714 if you're using the FICO score model. So overall, the average American has a decent credit score.

Minnesota residents had an average credit score of 742, the highest of all states. Despite this, its largest city, Minneapolis, lagged behind somewhat with a score of 712, closer to the overall average.

No reasons were given why Minnesota may have ranked so highly in terms of average credit score, however, the Northern region swept the top rankings, with Vermont and Wisconsin putting in particularly good showings at 736 and 735 respectively.

By comparison, the Southern states bordering Mexico had the lowest possible showings, with Mississippi coming in last at 642.

Average credit scores by region are as follows:

• Northeast: 728
• Southeast: 702
• Southwest: 696
• Midwest: 725
• West: 725

Credit scores by age

As you might expect, age and income both play a role in the average credit score. Older people were more likely to have good credit. The average age of those with an excellent credit score was 56 while the average age of those with a bad credit score was 42.

Credit scores by income

While you don't need a lot of money to build a good credit score, it may make it a little easier. Those with a low income typically had a lower credit score than those with a higher income. The results were as follows:

• Low income: 658
• Moderate income: 692
• Middle income: 735
• High income: 774

So, while Minnesota may not have an ocean or a balmy winter like California or Florida, its residents may just have more financial options and lower interest rates than those living in the South.

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