419 people have ruined Houston Credit rating
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419 people have ruined Houston Credit rating
Best and worst cities for credit scores
Of 20 major metro areas surveyed, Minneapolis residents have the best record, with rich credit histories and few late payments. But Houston, you have a problem.
By Bankrate.com and MSN Money staff
You know your credit score, but did you ever wonder how your neighbors rate -- collectively, at least?
Experian, one of the three major credit reporting agencies, recently released a study ranking cities according to credit scores.
If you live in Minneapolis, you get a gold star. You and your neighbors have the highest average credit score of 707. Boston residents rank a close second, with an average credit score of 705.
"The average credit score for the U.S. is 678, so residents in the Minneapolis and Boston areas are doing a far better job of managing their credit compared to the rest of the nation," says Charles Chung, vice president of consulting and analytics for Experian.Check out your options.
Shop for rates
before you borrow.
"These residents typically have high credit debt, but use that credit wisely. They also have fewer late payments and don't max out their credit cards," says Chung.
Residents of the Lone Star State rated the lowest -- Houston residents have an average score of 655 and residents of neighboring Dallas scored slightly lower, with an average of 653.
How does your city rate? Here are the scores for 20 major U.S. metropolitan areas, according to the Experian study.
Big-city credit scores
Metro area Score Metro area Score
Minneapolis 707 Denver 675
Boston 705 Tampa 675
Washington, D.C. 693 Detroit 675
Seattle 691 Miami 672
Cleveland 690 Orlando 671
Philadelphia 688 Atlanta 670
New York 688 Los Angeles 667
San Francisco 686 Phoenix 660
Chicago 680 Houston 655
Sacramento 676 Dallas 653
For the uninitiated, credit scores are three-digit numbers increasingly used by lenders when evaluating your creditworthiness. Insurers, employers and landlords also use the scores in evaluating the applications they get. Scores range from 300 to 850. Only about 11% of the surveyed population ranks above 800; 29% ranks between 750 and 799. Those with scores below 620 or so are credit-challenged, typically paying much higher rates.
Checking out your own credit score
If you haven't checked your credit score, it's advisable to find out where you stand. Credit reports are compiled by for-profit companies known as credit bureaus. You can order your credit report for a small fee from each of the three major bureaus or use the Credit Reports feature on MSN Money to obtain a "3-in-1" report.
Typically, a credit report includes identifying information about you, such as your name, address, Social Security number and birth date. The report may also list any credit accounts or loans opened in your name, along with your payment history, account limits and any balances you owe.
If you’re young or newly arrived in the United States, you may not have a report or it may have little information. If you’ve had credit problems, your report will list them.
How to fix any errors or omissions
Some credit reports include errors -- accounts that don’t belong to you or that include out-of-date or misleading information. You should read through each of your three reports and note anything that’s incorrect.
Negative information, such as late payments, delinquencies, liens, and judgments against you, should be dropped after seven years. Bankruptcies can stay on your report for up to 10 years.
Once you have a list of problems, ask the bureaus to investigate errors listed on their reports. You can use the form that came with your report if you received it by mail, or use the Web link if you accessed your report on the Internet.
In general, the ways you improve your credit score are the same in any case: Correct errors. Pay your bills on time. Pay down your debt. And apply for credit sparingly.
For more on improving your credit score, read "4 steps to building great credit."
Of 20 major metro areas surveyed, Minneapolis residents have the best record, with rich credit histories and few late payments. But Houston, you have a problem.
By Bankrate.com and MSN Money staff
You know your credit score, but did you ever wonder how your neighbors rate -- collectively, at least?
Experian, one of the three major credit reporting agencies, recently released a study ranking cities according to credit scores.
If you live in Minneapolis, you get a gold star. You and your neighbors have the highest average credit score of 707. Boston residents rank a close second, with an average credit score of 705.
"The average credit score for the U.S. is 678, so residents in the Minneapolis and Boston areas are doing a far better job of managing their credit compared to the rest of the nation," says Charles Chung, vice president of consulting and analytics for Experian.Check out your options.
Shop for rates
before you borrow.
"These residents typically have high credit debt, but use that credit wisely. They also have fewer late payments and don't max out their credit cards," says Chung.
Residents of the Lone Star State rated the lowest -- Houston residents have an average score of 655 and residents of neighboring Dallas scored slightly lower, with an average of 653.
How does your city rate? Here are the scores for 20 major U.S. metropolitan areas, according to the Experian study.
Big-city credit scores
Metro area Score Metro area Score
Minneapolis 707 Denver 675
Boston 705 Tampa 675
Washington, D.C. 693 Detroit 675
Seattle 691 Miami 672
Cleveland 690 Orlando 671
Philadelphia 688 Atlanta 670
New York 688 Los Angeles 667
San Francisco 686 Phoenix 660
Chicago 680 Houston 655
Sacramento 676 Dallas 653
For the uninitiated, credit scores are three-digit numbers increasingly used by lenders when evaluating your creditworthiness. Insurers, employers and landlords also use the scores in evaluating the applications they get. Scores range from 300 to 850. Only about 11% of the surveyed population ranks above 800; 29% ranks between 750 and 799. Those with scores below 620 or so are credit-challenged, typically paying much higher rates.
Checking out your own credit score
If you haven't checked your credit score, it's advisable to find out where you stand. Credit reports are compiled by for-profit companies known as credit bureaus. You can order your credit report for a small fee from each of the three major bureaus or use the Credit Reports feature on MSN Money to obtain a "3-in-1" report.
Typically, a credit report includes identifying information about you, such as your name, address, Social Security number and birth date. The report may also list any credit accounts or loans opened in your name, along with your payment history, account limits and any balances you owe.
If you’re young or newly arrived in the United States, you may not have a report or it may have little information. If you’ve had credit problems, your report will list them.
How to fix any errors or omissions
Some credit reports include errors -- accounts that don’t belong to you or that include out-of-date or misleading information. You should read through each of your three reports and note anything that’s incorrect.
Negative information, such as late payments, delinquencies, liens, and judgments against you, should be dropped after seven years. Bankruptcies can stay on your report for up to 10 years.
Once you have a list of problems, ask the bureaus to investigate errors listed on their reports. You can use the form that came with your report if you received it by mail, or use the Web link if you accessed your report on the Internet.
In general, the ways you improve your credit score are the same in any case: Correct errors. Pay your bills on time. Pay down your debt. And apply for credit sparingly.
For more on improving your credit score, read "4 steps to building great credit."
Last edited by 1naija on Tue May 04, 2004 1:36 pm, edited 1 time in total.
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