Study Finds Best and Worst Credit Cities for 2019

Home » Money Management » Personal Finance » Study Finds Best and Worst Credit Cities for 2019

Study Finds Best and Worst Credit Cities for 2019

If you’ve been paying attention, you may have heard that the average credit score in America is on the rise. In fact, according to the Fair Isaacs Corporation — much more commonly known as FICO — the average now sits north of 700 points. However the personal finance site WalletHub recently sought to find which cities in the country had the best (and worst) credit scores, uncovering one stand-out where the median actually topped 800 points.

For the 2019 edition of their annual report, WalletHub looked at the median credit scores in 2,572 cities in the United States. Moreover the site looked strictly at city limits and did not include surrounding areas or metropolises. While they did compile each of these cities into a master list, they also divided cities in to size groups based on population, with cities of less than 100,000 people being classified as “small,” those with 300,000 or more being label as “large,” and those in between being described as “midsize.”

As for the overall high credit winner, that honor went The Villages, Florida where the median credit score is an impressive 806. That retirement community was followed by two others: Sun City Center, Florida and Sun City West, Arizona. Those two were found to have median scores of 791 and 789 respectively. Joining them in the top 10 (and all ranking in the 99th percentile) were Green Valley, Arizona; Los Altos, California; Estero, Florida; Lexington, Massachusetts; Needham, Massachusetts; and Laguna Woods, California.

With the main list dominated by small cities, it’s actually the large cities list that proves more interesting. Among cities with more than 300,000 people, San Francisco’s median credit score of 745 was found to be the highest. That said its overall rank was 301. Also performing well among large cities were Seattle, Washington (741 median score); San Jose, California (730); Boston, Massachusetts (723); and Portland, Oregon (722). Funny enough, the next two on the list were actually the Twin Cities, Minneapolis and St. Paul, Minnesota. Finally, among midsize cities, Highlands Ranch, Colorado was the highest ranked with a median score of 761.

Looking to the bottom of the list, the 2,572nd ranked city was Camden, New Jersey where the median credit score was 543. A four-way tie of cities with a 552 median followed, including East Saint Louis, Illinois; Chester, Pennsylvania; Harvey, Illinois; and Detroit, Michigan. Detroit also ranked the lowest of all large cities, joined by Memphis, Tennessee; Cleveland, Ohio; Milwaukee, Wisconsin; and Baltimore, Maryland.

At the end of the day, as interesting as this latest WalletHub study is, it doesn’t exactly tell us a whole lot we didn’t already know. For example, even if the names of the top ranking cities didn’t give away that they were retirement towns, you might have assumed as much since older adults tend to have higher credit. Similarly Detroit and other large cities on the bottom of the list have been through some trying times that have taken a toll on their residents’ finances. With all that said, all we can hope is that scores will continue to increase across the board.

Comments

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Author

Jonathan Dyer

I'm a small town guy living in Los Angeles looking to make solid financial decisions. I write for a number of finance websites, including HuffingtonPost and Business2Community. I founded DyerNews.com in 2015 to focus on personal finance and the emerging FinTech markets.

Other Articles by Jonathan Dyer

Small Business Commercial Insurance Satisfaction Reaches New High

Anyone who's ever owned a small business can tell you about the importance of having insurance. At the same time purchasing policies and dealing with insurance companies has never traditionally been any entrepreneurs favorite pastime. Despite that a new study by J.D. Power finds that more business owners are satisfied...

IRS Reportedly Cracking Down on Unreported Crypto Income

Following the big Bitcoin boom of 2017, April 2018 saw several reminders that cryptocurrency gains needed to be reported on tax filings. Of course by that time the price of Bitcoin was about half of what it was just a few months before. Nevertheless it seems that the IRS is...

Q2 2019 Sets Record for $100 Million+ FinTech Fundings

Over the past few months, it seems as though several FinTechs have managed to close impressive funding rounds. From FinFit's $7 million Series B last month to Affirm's whopping $300 million Series F back in April, observers could probably guess that's it's been a fairly good month for these startups....