Survey Says Minnesota has the Best Credit Scores in the Country

(KNSI) — Personal finance website Wallethub says Minnesotans have the highest credit scores in the country.

With an average score of 724, we rank well above the national average score of 695 based on the average credit scores of residents in each of the 50 states as of October 2022, based on TransUnion data.

Statistics show that credit scores tend to improve as people age, but the younger set can build a good or excellent credit score. Anyone can do it, as long as they spend within their means, always pay their bills on time and don’t carry too much debt, says Bradley Allen Stevenson, Associate Professor, Bellarmine University. Stevenson adds, “For credit cards, pay them off every month and, even if you cannot pay them off every month, keep your balances low. Keep your other outstanding debt lower as well, and pay it off. More outstanding debt makes you look riskier to potential lenders. Also, for credit cards, especially for younger people, become an authorized user on someone else’s account like a parent (who has good credit practices).”

Other states rounding out the top five include New Hampshire, Vermont, Massachusetts and South Dakota. Southern states ranked the lowest but still in the prime credit score range, with Oklahoma, Arkansas, Alabama, Louisiana and Mississippi in the bottom five.

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