{"id":16601,"date":"2019-12-24T12:56:07","date_gmt":"2019-12-24T12:56:07","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=16601"},"modified":"2019-12-24T12:56:08","modified_gmt":"2019-12-24T12:56:08","slug":"credit-scores-surge","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/credit-scores-surge\/","title":{"rendered":"Credit Scores Surge"},"content":{"rendered":"

Credit Scores Surge<\/h1>\n
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Credit Scores Surge<\/p><\/div>\n

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Americans are boosting their credit scores, which bodes well for applicants seeking a mortgage to snag the lowest rates. The average credit score hit its highest level since 2011, reaching 682–two points higher than a year ago, Experian reports in its State of Credit report. Consumers also are taking on more mortgage debt than a year ago, and delinquency rates are decreasing too.<\/p>\n

\u201cWe\u2019re seeing a promising trend in terms of how Americans are managing their credit as we head into a new decade,\u201d says Shannon Lois, Experian\u2019s head of analytics, consulting, and operations. \u201cAverage credit card balances and debt are up year over year, yet utilization rates remain consistent at 30 percent, indicating consumers are using credit as a financial tool and managing their debts responsibly.\u201d<\/p>\n

Comparing borrowing behaviors between genders, women\u2019s average credit scores are four points higher than men\u2019s (686 vs. 682, respectively). Men tend to carry more mortgage debt than women–$220,421 compared to $203,603.<\/p>\n

By generation, Gen Xers, millennials, and Gen Zers tend to carry more debt than older generations. They also tend to have higher delinquency rates, the Experian study shows. Here\u2019s a breakdown showing their average credit scores and mortgage debts:<\/p>\n

Generation Z<\/strong><\/p>\n