Minnesota residents have the highest average credit score—here's how other states compare (2024)

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Minnesota residents have the highest average credit score—here's how other states compare? ›

However, Minnesota residents, on average, tend to have the highest ones. The average credit score in the midwestern state is 726 as of the first quarter of 2023, according to WalletHub's November report. That's the highest score out of all 50 states and Washington, D.C.

Average credit scores by state in 2021

Minnesota had the highest credit score in the country as of 2021, the latest state data available from Experian, with an average score of 742. Minnesota is the only state in the country with an average credit score above 740.

Here are the top 10 states with the highest credit scores in 2020: Minnesota: 739. Wisconsin: 732. South Dakota: 731.

Household debt in Minnesota is consistently above the national average. As of 2019, Minnesota ranked 14th in average total household debt at $55,380 per household. Minnesota's debt-to-income ratio is also around the middle of the pack at 1.41.

In most cases, the highest credit score possible is 850. You can achieve the highest credit score by taking a variety of important steps, but, for many people, it's a difficult task considering the range of factors that dictate the highest credit score possible.

A study by CardRates.com asked 3,000 people in Minnesota to estimate their credit scores, with the average coming to 681. The current state average score sits at 724. This ranks Minnesota as the No. 2 state in the country where people underestimated their scores the most, with North Dakota claiming the No.

What state has the lowest credit score? It indicates an expandable section or menu, or sometimes previous / next navigation options. Mississippi had the lowest average FICO credit score of all states in 2024, at 680 is 35 points below the national average. Mississippi also had the lowest average VantageScore at 668.

State Averages

The rest of the top 10 states with the highest average credit score are: Vermont (736), Wisconsin (735), New Hampshire (734), Washington (734), North Dakota (733), South Dakota (733), Massachusetts (732), Nebraska (731), and Oregon (731).

Subprime (credit scores of 580-619) Near-prime (credit scores of 620-659) Prime (credit scores of 660-719) Super-prime (credit scores of 720 or above)

In the fiscal year of 2022, Minnesota's state debt stood at about 17.75 billion U.S. dollars. Comparatively, the state's debt was approximately 5.6 billion U.S. dollars in 2000.

What state is deepest in debt? ›

The ten states with the most debt in the US are California, New York, Texas, Illinois, Florida, Pennsylvania, Massachusetts, Ohio, New Jersey, and Washington. California ranks first for states with the most debt, with a debt of $520 billion, followed by New York in second place with $368 billion.

In Minnesota, the total debt balance per capita in the fourth quarter was $62,680, up from $62,240 at the same time in 2022, the Fed data shows. Though that number has risen steadily in Minnesota since 2014, the data shows student loan and credit card balances declined between the fourth quarters of 2019 and 2020.

It's exceedingly rare for anyone to have a credit score over 900, as most credit scoring models have a maximum limit of 850, and even achieving that score is uncommon.

Although a lot of people might like the idea of a perfect credit score, they'd likely have a hard time actually achieving it. In the U.S., only about 1.7 percent of the scorable population had a perfect 850 FICO credit score in April 2023, according to FICO data.

Alaska is fourth on this list; this is due to Alaska having the highest average credit card debt in America ($7,338). In America, the total credit card debt is over $1 trillion.

Highlights: While older models of credit scores used to go as high as 900, you can no longer achieve a 900 credit score. The highest score you can receive today is 850. Anything above 800 is considered an excellent credit score.

In the U.S., only about 1.7 percent of the scorable population had a perfect 850 FICO credit score in April 2023, according to FICO data. This suggests that for most people, a perfect score is simply too hard to reach — but it also suggests that it's not really necessary, either.