Minneapolis Tops Experian’s Best Credit Score List

Minneapolis residents have the best credit scores in the U.S. as Midwestern cities take the top four spots in the ranking.

Minneapolis residents have the best credit scores in the nation, according to the “State of Credit” report which was released Wednesday by Experian-a global credit information company.

Minneapolis has an average score of 787, beating out all the other U.S. cities. Madison, Wisconsin came in right behind Minneapolis with a score of 785, followed by Cedar Rapids, Iowa (781), and Green Bay, Wisconsin (780).

According to the report, Minneapolis consumers-on average-have 2.06 open cards and debt of $25,055.

The cities with the five lowest credit scores were all in southern states-Harlingen, Texas, ranked last with a score of 684, followed by Jackson, Mississippi (698), Corpus Christi, Texas (700), Shreveport, Louisiana (701), and El Paso, Texas (706).

The “State of Credit” report was based on VantageScore, a nationally recognized score that was developed jointly by Experian and other national credit reporting companies, Trans Union and Equifax.

VantageScore ratings can range from 501 to 990 with a higher credit score indicating lower credit risk.

VantageScore is a competitor of Minneapolis-based FICO, formerly known as Fair Isaac Corporation, which has a trademarked credit-scoring system with a range of 300 to 850.

-Melissa Loth