Credit Scores Highest in Minneapolis and San Jose
Posted on October 19th, 2010
TransUnion, one of the three main credit bureaus, ranked metros throughout the country based on their credit scores, with Minneapolis, MN and San Jose, CA taking top honors.
Both metros received the largest percentage of “A’s,” which signify the greatest number of credit scores in the highest bracket of the VantageScore credit score range.
Meanwhile, the Memphis and Las Vegas metros fared worst, with the highest percentage of bad credit scores.
Consumer credit scores fall within a range of 501 to 990, with higher scores representing a lower likelihood of risk/default.
TransUnion credit scores are also accompanied by a letter grade:
901+ = A 900-801 = B 800-701 =C 700-601 = D 600-501 = F
“Because lenders have so many scoring models at their disposal, it’s rare when the credit score they receive for a consumer and the score the consumer obtains for himself actually match, and that causes a lot of confusion,” said Heather Battison, director of education for TransUnion consumer products, in a press release.
“That’s why the A-F, academic-style letter grade that comes with every VantageScore consumers obtain at TransUnion.com is so beneficial. If my grade is an ‘A’, I innately understand that means a lender is likely to view my creditworthiness in a very positive light; and that’s primarily what I want to know.”
Markets with the Greatest Percentages of ‘A’s:
Minneapolis-St. Paul-Bloomington, MN-WI 23.5% San Jose-Sunnyvale-Santa Clara, CA 23.5% San Francisco-Oakland-Fremont, CA 22.9% Washington-Arlington-Alexandria, DC-VA 22.4% Seattle-Tacoma-Bellevue, WA 21.6%
Markets with the Greatest Percentages of ‘F’s:
Memphis, TN-MS-AR 27.3% Las Vegas-Paradise, NV 26.2% Riverside-San Bernardino-Ontario, CA 25.2% Orlando-Kissimmee, FL 23.2% Miami-Fort Lauderdale-Pompano Beach, FL 22.8%
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Tags: Credit Scores, Jose, San Jose
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