It was recently reported that, according to data provided by Wells Fargo, Alabama ranks 45th in the nation for average credit score. The report, using data from Experian, one of the largest credit reporting agencies, shows an average credit score for Alabamians of 650.
A senior economist for Wells Fargo speculated that this is a result of much of the state being rural communities and notes that the rural communities have “really struggled over the last 20 years.” The economist also noted that the economy in the metro areas of the state “are more broadly based” and, therefore, fare better with average credit scores in those areas.
According to the Wells Fargo data, Huntsville ranks number one with an average score of 663, just below the national average, with Mobile right behind at 653. However, Birmingham and Montgomery fall below the state average with their average scores of 646 and 641, respectively. The economist points out that the 2010 census showed that more of the population in Huntsville holds Bachelor’s degrees, 37.8 percent, compared to only 30.9 percent of people with Bachelor’s degrees in Montgomery. He goes on to note that it is fairly normal for people in an area with higher paying jobs in metro areas to have better credit scores and less debt.
Wells Fargo data also reported that credit scores between 621 and 699 are considered “fair” with these folks probably having a harder time getting credit and paying more for it.
If your credit score is not up to par and you are looking for a fresh start to turn this around please call our office nearest you and schedule a free initial consultation with one of our attorneys. We will explore all options with you to help you to reestablish better credit.