Credit scores seem to be the magic 3-digit number that determines if you can get approved for a loan and how much that loan will cost. In large part, your credit scores can determine what you can (and cannot) buy and how much those things could cost you. The average credit scores can vary by geographic area, income, even by age. In a recent article by Alina Comoreanu published in WalletHub, the average FICO score across the United States is 699 and the average VantageScore ranges from 669 – 699.
Here are some of the highlights of the information:
- The average credit score in Illinois is 671
- The average credit score in Chicago is only 648
- By region, the Midwest has the highest average credit scores at 680
- The South has the lowest average credit scores at 657
For more information how to check your credit score CLICK HERE
Income has a large impact on average credit scores.
- Consumers with an Annual Income of $30,000 or less have an average credit score of 590
- Consumers with an Annual Income of $30,001-$49,999 have an average credit score of 643
- Consumers with an Annual Income of $50,000-$74,999 have an average credit score of 737
To read the complete article in WalletHub click here