Reply
Established Contributor
eddie84
Posts: 613
Registered: ‎05-28-2013
0

10 States maxed out on credit cards

[ Edited ]

How does your state rank?  Click on the link below to find out (MSN's article).

 

"We decided to use data from the Experian-Oliver Wyman Market Intelligence Reports and Experian’s IntelliView tool to examine which parts of the U.S. are closest to their credit limits. We took the average bankcard balance per consumer in each state and divided it by the average bankcard limit in each state for the first quarter of 2013, the most recent data available. To be fair, these states aren’t 100% maxed out on their credit cards, but they may be doing damage to their scores nevertheless.

 

All 50 states had a credit utilization ratio that was above the recommended 10% or less, and the states with the highest ratios all fell between the 20% and 30% range, meaning many residents may be damaging their credit by putting too much on their plastic."

 

Here's the link to the article on MSN.com

 

 

Mod, please feel free to move this if it's in the wrong section. :smileyhappy:

9/21/14 EQ 704 | AmEx Platinum NPSL | Discover it $11k | BofA Travel Rewards Visa Sig $7k | Citi Platinum Select AAdvantage WMC $10k | Barclaycard Arrival+ WMC $9.7k | Jared/Kay $5.1k | Chase Sapphire Preferred $5k | BofA Cash Rewards Visa Sig $5k | DFS $5k | PayPal SC $5.6k | PayPal Credit $6.5k | Citi Diamond Preferred MC $4.7k | BofA Better Balance Rewards MC $7k | Chase Freedom Visa $4k | Zales $5k | US Bank Visa Platinum $3k | Bloomingdale's $3k | Amex Hilton HHonors $2k | Macy's $2.5k | Amex Delta SkyMiles $1k | Chase Amazon $800
Moderator
guiness56
Posts: 22,406
Registered: ‎01-17-2008
0

Re: 10 States maxed out on credit cards

The top 10 do surprise me.  I would have thought some of the more expensive states.

 

Other than Nevada and Alaska they are all southern/central states.

Established Contributor
eddie84
Posts: 613
Registered: ‎05-28-2013
0

Re: 10 States maxed out on credit cards

Yah, I'm surprised California isn't included in there since all I see here are people using plastics everywhere. :smileytongue:

9/21/14 EQ 704 | AmEx Platinum NPSL | Discover it $11k | BofA Travel Rewards Visa Sig $7k | Citi Platinum Select AAdvantage WMC $10k | Barclaycard Arrival+ WMC $9.7k | Jared/Kay $5.1k | Chase Sapphire Preferred $5k | BofA Cash Rewards Visa Sig $5k | DFS $5k | PayPal SC $5.6k | PayPal Credit $6.5k | Citi Diamond Preferred MC $4.7k | BofA Better Balance Rewards MC $7k | Chase Freedom Visa $4k | Zales $5k | US Bank Visa Platinum $3k | Bloomingdale's $3k | Amex Hilton HHonors $2k | Macy's $2.5k | Amex Delta SkyMiles $1k | Chase Amazon $800
Moderator
guiness56
Posts: 22,406
Registered: ‎01-17-2008
0

Re: 10 States maxed out on credit cards

California was one I was shocked not to see, and WA state.  It is very expensive there.

Member
all_about_the_credit
Posts: 23
Registered: ‎08-14-2013
0

Re: 10 States maxed out on credit cards

hmmm



Starting Score: EX 649 EQ 649 TU 653
Current Score: EX 649 EQ 649 TU 653
Goal Score: 760+ Across
Take the myFICO Fitness Challenge
Frequent Contributor
TheConductor
Posts: 492
Registered: ‎07-24-2012
0

Re: 10 States maxed out on credit cards

Texas's presence in the top 10 does not surprise me. There seems to be a cultural aversion to saving and living within your means around here.

 

But considering that our own state government does a poor job of living within its means, maybe folks are just following the obvious example.  Too bad it's such a terrible one.

Starting: EQ 622 (myFICO 7/7/12), EX 696 (TU FAKO 8/14/12), TU 621 (CK TransRisk 7/24/12)
Current: EQ 670 (myFICO 9/8/14), EX 694 (Prosper 7/17/14) , TU 693 (WalMart 9/2/14) Goal: 700+ x3
My Wallet: Amex BCP $30k, Chase CSP VS $12.2k, Amex Zync NPSL (> 10k), C1 Venture VS $5k, Amex SPG $4.5k, Walmart (Store) $2.5k, Barclaycard Apple V $2k, Chase Freedom V $1100, BoA Cash Rewards V $500, Best Buy Rewards MC $500
My Loans: Prosper $25k/36mo
My Business: Chase Ink VS $5k
Frequent Contributor
Roarmeister
Posts: 334
Registered: ‎04-21-2012
0

Re: 10 States maxed out on credit cards

If they are talking about 20-30% utilization then the States are hardly "maxed out".  2ndly, it isn't the States themselves but the consumers in the States they measured.  So the misleading title in the article by 2 definitions.  Nevertheless, it is interesting to see which locales have the highest utilization of cc's.  I didn't expect Alaska to be No. 1.

 

AMEX_PlatinumBMOWorldMCCapOnePlatinumMBNA_Platinum+ScotiaMomentum
____$25k_______$20k_______$20k_______$25k_______$25k____
Starting Score: 676 Feb 2008; Current Score: 791 EQ; 824 CA, Dec. 2014; TU 814, Oct. 2014; Goal Score: 800 by end of year Oldest Account reported by EQ: 12 years; EQ AAoA: 5.8 years; EQ Credit Utilization: 2.3%
Regular Contributor
paramed3
Posts: 115
Registered: ‎07-01-2013
0

Re: 10 States maxed out on credit cards

How in the world did you get that much CL and your scores are below mine ? Your Credit history is longer than mine but my FICO are in the 750-763 except eq and I have only 10,950 total on all cards.

Starting FICO Score 2007: >> >> 533 -- God those were some Dark Days !!
Current >>>> 10-07-2013 - (Experian 780 - (Equifax 760 ) - ( Transunion 772 )
FICO Goals: 780 For all 3 or above
Ultimate Fico 800 - 850 :
Frequent Contributor
Roarmeister
Posts: 334
Registered: ‎04-21-2012
0

Re: 10 States maxed out on credit cards

[ Edited ]

paramed3 wrote:

How in the world did you get that much CL and your scores are below mine ? Your Credit history is longer than mine but my FICO are in the 750-763 except eq and I have only 10,950 total on all cards.


I suppose you are referring to me?  You didn't specify in your post. 

 

My AAoA is my personal calculation - EQ shows something wildly different because they've dropped off a lot of my older accounts from their records.

 

My scores are near a low point from 2 years ago and I just got the stuffings knocked out of it with a new tradeline reporting otherwise I was hoping to be about 760 right now.  My actual amount of debt carried is a bit higher than my historical.  I was around 800 EQ and 850 TU, a couple of years ago before I started seeking more credit so as my accounts age, my score will climb upwards again.  TU just gave me a lower score because of the new tradeline, otherwise it would have been about 24 pts higher. Actually the tradeline is so new that it hasn't reported any transactions so TU gave me a bogus reason for lowering the score "Not enough of your accounts have been paid as agreed." when the only thing that was different was the new tradeline!  How can you pay for an account that is brand new???

 

Getting high credit limits wasn't a problem.  I added $60k last year and another $25k this year.  It has a lot to do with my income rising a lot in the last 2 years so when I app'd I got really high credit limits.  Then I asked for additional CLIs and got them no problem either but I have to live with the hard pulls for a little bit longer.  I will probably ask for CLI's on my AMEX again since its only a soft pull.  I'm curious as to how high a limit they will give me.  I've got people calling me up and willing to give me even more credit cards and low interest mortgages (one of my cc companies even offered 25k at 0% interest for 12 months on a card I don't use much) so I have to restrain myself so I don't keep spending.  :smileyhappy: 

 

Additionally, I live in Canada where the delinquincy rates on credit are a lot lower and indeed the scores are generally much higher.  This alone would explain why it is easier to get high CLs where I live.  What is considered a great score in the US (760) is just "good" in Canada wheras 800+ is a lot more common but then again our scoring systems are a bit different with max scores at 900 because so many people have near perfect credit.

http://flic.kr/p/fG8x2A

 

AMEX_PlatinumBMOWorldMCCapOnePlatinumMBNA_Platinum+ScotiaMomentum
____$25k_______$20k_______$20k_______$25k_______$25k____
Starting Score: 676 Feb 2008; Current Score: 791 EQ; 824 CA, Dec. 2014; TU 814, Oct. 2014; Goal Score: 800 by end of year Oldest Account reported by EQ: 12 years; EQ AAoA: 5.8 years; EQ Credit Utilization: 2.3%
Valued Contributor
Dustink
Posts: 3,097
Registered: ‎10-02-2012
0

Re: 10 States maxed out on credit cards


guiness56 wrote:

California was one I was shocked not to see, and WA state.  It is very expensive there.


I now live in CA and came from WA.

 

People seem responsible with their debt.

 

Although the states are expensive. They have higher wages.

 

The article ranked it based on utilization. Thus states with higher wages ranked lower because likely they also had higher limits.

 

WA and CA have low utilization.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}