Improve Your Credit Score

Posted on September 19, 2008
Filed Under Free Financial Course |

(This is a continuation of the lesson: Improve Credit Score).

Now that you have a copy or your free credit report, you can assess where you are.  Your credit score can range anywhere from below 500 to above 800. Where are you in relation to the rest of the US?  The average credit score in the US is 675.  Lenders all have their own guidelines; however, most consider a score below 620 to be poor and a FICO score above 740 to be excellent.

State Average Consumer Credit Score Year 2004/2006
USA National Average YR2004 - 677 YR2006 - 675
South Dakota YR2004 - 710 YR2006 - 708
Minnesota YR2004 - 707 YR2006 - 706
North Dakota YR2004 - 706 YR2006 - 705
Vermont YR2004 - 706 YR2006 - 707
Massachusetts YR2004 - 703 YR2006 - 701
New Hampshire YR2004 - 703 YR2006 - 704
Montana YR2004 - 701 YR2006 - 703
Iowa YR2004 - 700 YR2006 - 697
Maine YR2004 - 699 YR2006 - 699
Wisconsin YR2004 - 699 YR2006 - 695
Pennsylvania YR2004 - 696 YR2006 - 692
Nebraska YR2004 - 695 YR2006 - 694
Connecticut YR2004 - 694 YR2006 - 695
New Jersey YR2004 - 693 YR2006 - 691
Rhode Island YR2004 - 692 YR2006 - 693
Washington YR2004 - 691 YR2006 - 685
Wyoming YR2004 - 690 YR2006 - 689
Virginia YR2004 - 689 YR2006 - 689
Hawaii YR2004 - 688 YR2006 - 690
Idaho YR2004 - 688 YR2006 - 684
Maryland YR2004 - 688 YR2006 - 684
New York YR2004 - 686 YR2006 - 685
Oregon YR2004 - 686 YR2006 - 686
Ohio YR2004 - 685 YR2006 - 681
Delaware YR2004 - 684 YR2006 - 679
Illinois YR2004 - 684 YR2006 - 682
Missouri YR2004 - 683 YR2006 - 678
Utah YR2004 - 683 YR2006 - 684
Kansas YR2004 - 682 YR2006 - 679
Michigan YR2004 - 679 YR2006 - 677
Tennessee YR2004 - 679 YR2006 - 674
West Virginia YR2004 - 679 YR2006 - 675
Kentucky YR2004 - 677 YR2006 - 675
Washington DC YR2004 - 677 YR2006 - 674
Alabama YR2004 - 676 YR2006 - 670
Indiana YR2004 - 676 YR2006 - 672
Alaska YR2004 - 674 YR2006 - 674
Colorado YR2004 - 674 YR2006 - 671
Florida YR2004 - 673 YR2006 - 672
California YR2004 - 672 YR2006 - 672
Arkansas YR2004 - 668 YR2006 - 666
Georgia YR2004 - 668 YR2006 - 662
Mississippi YR2004 - 668 YR2006 - 666
North Carolina YR2004 - 667 YR2006 - 663
Oklahoma YR2004 - 666 YR2006 - 664
South Carolina YR2004 - 665 YR2006 - 663
Louisiana YR2004 - 663 YR2006 - 662
New Mexico YR2004 - 663 YR2006 - 661
Arizona YR2004 - 659 YR2006 - 659
Nevada YR2004 - 655 YR2006 - 654
Texas YR2004 - 651 YR2006 - 647

Review Your Credit Report

Thoroughly read your credit report to determine how to improve your credit score.  As we go through these lessons, we will offer suggestions on how to improve your score.  In six months we encourage you to look at your credit report again to determine if your score has improved.  We are confident that it will.

If your credit score was higher than 720, congratulations!  You are doing an excellent job at managing your credit.  If your score is not where you would like it to be, you can take action to improve it.  We will cover some ways to improve your credit score in lessons 3 and 4.

An immediate action you can take is to review your report for errors.  If you notice an error on your report, contact the credit reporting agency and explain the nature of the problem.  The credit agency is required to research your problem within 30 days and get back with you.  If the issue remains unresolved, you have the right to add a statement of explanation on your credit report.

Congratulations, you have completed step 2 to improving your personal wealth!

Review:

Make sure to complete get a copy of your credit report, as we will be referring to it throughout these courses.

Once completed, contine to the next lesson:  How to Save Money.

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