But that ain’t all. Experian’s annual State of Credit report reveals that Minneapolis posted the highest average credit score for 2017 at 709. Minnesota must be doing something right.
Besides the miracle finish, two other Minnesota cities top the list right behind Minneapolis: Rochester and Mankato (where?). Both cities had with an average credit score of 708.
It looks like things are looking up for Minnesota in 2018 when it comes to credit. Overall, the Experian report shows that the national average credit score rose from 673 to 675. The new score puts it only four points short of the pre-Recession average of 679.
Experian’s report also revealed that consumer confidence is trending higher than in 2007; up 16% compared to the same time in 2007. Consumer confidence is also up 25 percent year over year. All good news for the economy and lending.
According to Michele Ranieri, Experian’s VP of Analytics:
“The economy is expected to expand at a healthy pace this year supported by access to affordable consumer credit and we believe that credit will continue to rebound. All of the factors point toward a good year for credit in 2018.”
Some interesting credit facts by generation:
- Gen Z (born 1996+) Build credit differently with fewer credit cards but more student debt
- Millennials (1977 – 1995) Scores up 4 points; decreased overall debt but increased mortgage debt (maybe their time to jump into home ownership)
- Gen X (1965 – 1976) Average score 658, with score improving. Highest mortgage debt and instances of late payments
- Baby Boomers (1946 – 1964) Carry high mortgage debt with the lowest instance of late payments
- The Silent Generation (< 1945) Best score at 729 with the lowest debt and best on-time payments.
It’s interesting how things and views toward credit use, change over time. The challenge for all generations is to obtain the credit needed while maintaining the credit scores required to qualify. In the end, like the Vikings, sometimes you may need a little luck.
Hopefully, 2018 will be a good year for credit as predicted by Experian. As for those Minnesota Vikings, I think their luck may have run out. They play my Eagles on Sunday and their credit scores won’t help.
Editor’s Note: Mike and the editor both were born and raised in the Philadelphia metropolitan area. Fly, Eagles, Fly!