California consumers have nation's highest credit score

By Dean Calbreath
Originally published November 10, 2010 at 9:44 a.m., updated November 10, 2010 at 1:26 p.m.

California tied with Massachusetts and New Jersey last month for having the highest credit score in the nation, according to a report released today by CreditKarma.com , a San Francisco firm that monitors consumer credit.

The three states had an average credit score of 684, ahead of the national average of 666. San Diego County was near the top of the list for major metropolitan areas, with a score of 686, according to a separate study of metro areas released last month.

The worst scores were located in the South. Alabama, Kentucky, Louisiana, Mississippi, Oklahoma, South Carolina and Tennessee all had scores below 650. Arkansas was the worst, with an average score of 636.

Nationwide, most states have substantially improved their credit scores over the past year as consumers pay down debt - and as banks continue to be highly selective in making loans and issuing credit cards.

“We suspect this focus on financial responsibility will ultimately lead to credit scores increasing again," said Ken Lin, the firm's chief executive.

Since the beginning of the year, seven states have cut their credit card debt by 10 percent or more:

Indiana and Tennessee, decreased debt by 10 percent

Oregon, 11 percent

Nevada – decreased credit card debt by 12 percent

Hawaii and Idaho, 13 percent

Wisconsin, 28 percent

In California, credit card debt dropped 6.9 percent, from $7,891 per customer to $7,345. In San Diego, it dropped 3.6 percent, from $7,151 to $6,896.

http://www.signonsandiego.com/news/2010 ... -credit-s/