Do you live in a city with the highest credit scores in America? And if you do, does it matter when you go to get a loan?
Experian, one of the three major credit reporting bureaus, released a new feature called LiveCreditSmart.com. (You can also get to it under the “Credit Education” button on the company’s main website.) The site lists the U.S. cities with the highest and lowest credit scores. The scores are based on the Vantage credit scoring model, which runs from about 500 to 990. Credit scores from 900 to 990 are top credit scores, or Grade A. Scores from 800 to 899 are Grade B. Credit scores from 700 to 799 are Grade C, and so on.
Not that many consumers are familiar with the Vantage credit scoring model. Most are more familiar with the credit score scale created by Fair Isaacs Corporation (called a FICO score), range from 300 to 850. According to Credit Karma, in August, 2010 the average American’s credit score was 667 on the FICO scale....
Cities With The Highest (Average) Credit Scores:
1.Minneapolis, MN – 787
2.Madison, WI – 785
3.Cedar Rapids, IA – 781
4.Green Bay, WI – 780
5.San Francisco, CA – 780
The cities listed in New York State (with average debt):
766 Rochester, $24,536
765 Albany, $23,945
762 New York City $24,478
757 Buffalo $23,331
755 Syracuse $23,217
I should note that the mapping associated with this product is TERRIBLE. While Albany is more or less correct, Syracuse shows up in the middle of the Adironacks, Rochester is up near where Watertown actually is located, and Oswego is much closer to where they placed Buffalo.