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Which State Has the Highest Average Credit Score?

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In a new analysis of credits score averages per state, based on TransUnion data, WalletHub found which state outshined the rest for the highest average credit score and which states fell behind in 2020.

WalletHub found Minnesota leads the nation with an average credit score of 720. This is a handsome distance from TransUnion’s national credit score average of 680 and was the closest among the states to the 750 level that is considered to be the beginning of the excellent credit score range.

The Minnesota average outpaced the 709 average credit score shared by Hawaii, Washington and North Dakota. South Dakota and Oregon followed with a 707 average credit score, with Montana just behind at 706. Massachusetts was the highest-ranking East Coast state on the WalletHub list with an average credit score of 705.

At the other end of the spectrum, Mississippi had the lowest national credit score average at 657. Southern states were among those with the lowest scores: Alabama (662), Louisiana (664), Texas (669) and Georgia (670).

“This year, the COVID-19 pandemic has wreaked havoc on people’s finances, leading many people to need to take out loans or fall behind on their payments,” said Adam McCann, a financial writer with WalletHub. “While the government has taken some steps to protect people’s credit scores, such as offering forbearance on federally- or GSE-backed mortgages, not everyone can take advantage of relief.”

The WalletHub study mostly mirrors a study released last week by Experian, which also placed Minnesota as the state with the highest credit score average (720) and Mississippi as the state with the lowest (658). The Experian study put the national credit score average at 688, up six points from one year earlier.

Also from last week, Fair Isaac Corp. reported the average FICO score hit 711, an all-time high and a five-point year-over-year rise.

About Author: Phil Hall

Phil Hall is a former United Nations-based reporter for Fairchild Broadcast News, the author of nine books, the host of the award-winning SoundCloud podcast "The Online Movie Show," co-host of the award-winning WAPJ-FM talk show "Nutmeg Chatter" and a writer with credits in The New York Times, New York Daily News, Hartford Courant, Wired, The Hill's Congress Blog and Profit Confidential. His real estate finance writing has been published in the ABA Banking Journal, Secondary Marketing Executive, Servicing Management, MortgageOrb, Progress in Lending, National Mortgage Professional, Mortgage Professional America, Canadian Mortgage Professional, Mortgage Professional News, Mortgage Broker News and HousingWire.
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