Minnesota and credit scores

 I just had to share some good news about living in Minnesota and credit scores. Wallet hub did a report on information they gleaned from TransUnion. They found that with Minnesota’s low poverty rate and high employment, its residents have a credit score of 724, on average. And that’s the highest average credit score of any state nationwide, followed by New Hampshire, Vermont and Massachusetts. Meanwhile, I think we all have learned that the higher your credit score, the better off you are when it comes to getting a loan. You’re more likely to be approved, and if you’re approved you can qualify for a lower interest rate. A good score generally is above 670, a very good score is over 740 and anything above 800 is considered exceptional. It’s great to read that Minnesotans average the highest credit score, because being able to pay less for a mortgage, insurance like home and auto, get utility services more easily, get a cell phone without having to prepay or have a security deposit. I mean the bottom line: a higher credit score saves you money. Check out our website yoursafemoneyshow.com.