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State of Credit

Experian's State of Credit reportCredit scores are up, bankcard lending is on the rise, the average number of bankcards per person is up, retail card lending also is on the upswing, and average debt is up.

The findings come from Experian’s Fifth Annual State of Credit study.

The seven key findings include

The national VantageScore credit score is up by two points, from 664 to 666

2. Bankcard lending is on the rise, with new bankcards up 21.1 percent, with one in 17 consumers opening at least one bankcard (compared with one in 21 consumers in 2013)

3. The average number of bankcards per person is up 4.2 percent to 2.18 cards

4. Retail card lending also is on the upswing with a 3.5 percent increase

5. The average number of retail cards is up 6.7 percent to 1.54 cards per consumer

6. Average debt is up 2.3 percent to $28,496 per person

7. Mortgage originations are down by 39 percent, with one in 79 households securing a new mortgage (compared with one in 48 in 2013). Projections show originations increasing 6.8 percent from Q2 to Q3 in 2014.

In regard to credit scores Experian found:

Forty percent of the top 10 cities with the highest credit scores are in Minnesota.

Mankato, with its credit score of 706, is the highest in the country and is 40 points higher than the U.S. average of 666. Mankato residents increased their score by 3 points compared with 2013.

Sioux Falls went down one point, which makes it the only city in the top 10 to decrease its score from last year.

Of the bottom 10 cities, Albany had the largest score increase over the last year. Its residents increased their score by five points, from 616 to the current 621.

Visit Experian’s help site for answers to common questions, advice and education about consumer credit.

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