Wisconsin has some of highest credit scores in the U.S., a new report has found
Wisconsin consumers have some of the highest credit scores compared to other states across the nation, according to a new report from Marketwatch Guides.
The report looked at average state credit scores from Experian for all 50 states and the District of Columbia. Here's a breakdown of which states have the highest credit score averages and where Wisconsin landed on the list.
Wisconsin has one of the highest credit scores averages in the U.S.
States with the top three credit scores include Minnesota, Vermont and Wisconsin, according to a report from Market Watch.
According to the report, states with the highest credit scores are primarily in the northern parts of the country. Minnesota is the only state with a credit rating categorized as "very good."
"Higher credit scores often translate to lower interest rates for loans, as they indicate a lower risk for lenders," the report said.
States with the highest credit score:
Minnesota: 742 average credit score
Vermont: 737 average credit score
Wisconsin: 737 average credit score
New Hampshire: 736 average credit score
Washington: 735 average credit score
States with lowest credit score:
Mississippi: 680 average credit score
Louisiana: 690 average credit score
Alabama: 692 average credit score
Georgia: 695 average credit score
Texas: 695 average credit score
What is a good credit score?
A good credit score is within the range of 670 or higher, according to the credit scoring company FICO. The national average credit score is 715, which is slightly up from 714 in 2022, according to Market Watch.
<580: Poor
580-669: Fair
670-739: Good
740-799: Very Good
800+: Exceptional
Where can I find my credit score?
You can request a free copy of your credit report each year from the major consumer reporting companies Equifax, Experian and TransUnion by visiting AnnualCreditReport.com. You can also view free reports more frequently online. You can find a list of consumer reporting companies here.
How can I improve my credit score?
According to the Consumer Financial Protection Bureau, here's how to improve your credit score:
Pay your loans on time: You can set up automatic payments, or set electronic reminders to pay bills on time.
Don't get close to your credit limit: Credit scoring models analyze how much of your credit limit you're using, so try to keep you balances low compared to the total credit limit.
Long credit histories will improve score: Credit scores are also based on experience over time.
Only apply for credit you need: If you apply for lots of credit over a short period of time, it may appear as if your economic circumstances have changed negatively.
Fact-check credit reports: If you see errors, dispute them.
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This article originally appeared on Milwaukee Journal Sentinel: Wisconsin has some of the highest credit scores in U.S., report says
