WalletHub Study Ranks Minnesota as Best Average Credit Score in U.S. – ABC 6 News

(ABC 6 News) – A WalletHub study has ranked Minnesota as the state with the best average credit score in the United States, according to a press release Thursday.

To determine the states with the highest and lowest credit scores, the personal finance company compared the average credit scores of residents in each state as of October 2024.

According to the study, WalletHub based this on TransUnion data.

The study reportedly found that Minnesota residents have the highest average credit score, at 726. This is generally considered “good” for credit. WalletHub said it is just 24 points away from being in the “excellent” category.

So, what does this have to do with the study? Minnesota has the eighth-highest median income in the country, according to WalletHub. WalletHub financial commentator Adam McCann noted that this helps residents maintain financial stability.

Additionally, Minnesota residents are increasing their credit card debt at a slower rate than residents of several other states, according to WalletHub. Lower rates of delinquency and financial distress can also play a role in their credit score.

To view additional key findings from the study, click Here.