10 Cities With the Highest Credit Scores
The average credit score, one of the best measures of financial responsibility, is finally The average credit score, one of the best measures of financial responsibility, is finally starting to stabilize, after a steady slide from 2006 to 2009, suggesting consumer belt tightening is starting to work.
The national average was 747.10 at the end of 2010, according to Experian, one of the three big credit-reporting agencies. That’s on a scale of 501 to 990.
Experian, along with the other major credit-reporting agencies, Equifax and TransUnion, use a system called VantageScore to determine a person’s credit score. It takes into consideration your payment history, how much you use your credit cards, if you carry a balance, how long you’ve been using credit cards and how much credit is still available to you.
VantageScore 2.0, which launched at the beginning of 2011, blends data from two different timeframes – 2006 to 2008 and 2007 to 2009 – in order to distinguish those people who may have been fiscally responsible before the recession but fell on hard times in the past few years. (more…)
