Despite the often oppressive cost of California living, the state’s residents surprisingly carry solid credit scores.
My trusty spreadsheet looked at stats from Fair Issac, the creator of the “FICO” credit score, to judge California’s bill-paying habits on a national level. Bankers use these credit grades to estimate their chances of being repaid by borrowers.
The stats show the average Californian has a credit score of 723 – just above the 50-state median of 722 and the 21st-highest among states.
If you didn’t know, credit scores range from a high of 850 to a low of 300, with California’s score falling within the “good” range.
Top scores were found in Minnesota at 742, Vermont at 740, Wisconsin at 739, New Hampshire at 738 and Washington state at 736.
The lowest scores were in Mississippi at 676, Louisiana at 686, Alabama at 691, Georgia at 692 and Oklahoma at 695.
As for California’s economic rivals, the typical Texan’s score was 695, ranking No. 45. A Floridian? 705, ranking No. 38.
The bill-paying abilities of Californians have also been improving at an above-average pace. Look at the recent scores compared with 2020.
California’s average rose by 7 points, tying with six states for the ninth-biggest improvement, including Texas. Florida was up 4, the No. 35 gain. The median state move was a five-point improvement.
Biggest improvements? Maine, up 12, Idaho, up 11, and New Mexico and South Carolina, up 10.
Smallest improvements? Mississippi, up 1, and Nebraska, Pennsylvania and Louisiana, up 2.
Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at jlansner@scng.com
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