WalletHub study ranks Minnesota as having the best average credit scores in the U.S.

(ABC 6 News) – A WalletHub study has ranked Minnesota as the state with the best average credit scores in the U.S., a press release said Thursday.

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

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

The study reportedly showed that Minnesotans have the highest average credit score, at 726. This is typically considered in the ‘good’ range for credit. WalletHub said it’s just 24 points from being in the ‘excellent’ category.

So, what did the study attribute this to? According to WalletHub, Minnesota has the eighth-highest average income in the country. WalletHub financial writer Adam McCann said that this helps residents maintain financial stability.

Additionally, Minnesotans are increasing their credit card debt on a slower pace than people in several other states, according to WalletHub. Lower rates of delinquency and financial distress may play a factor in their credit scores as well.

To see more key findings from the study, click here.