Well done everyone, Minnesota's credit scores are the best

The state ranked No. 1 in Experian's rankings.

What's happening?

A story involving a credit reporting bureau that doesn't involve your personal information being stolen (we see you, Equifax).

Experian has released its study into which states have the best credit scores in the U.S. – and wouldn't you know it, Minnesota is number 1!

Not only that, but Minnesota is also home to the 1st (Minneapolis) and joint 2nd (Mankato) best cities for average credit scores.

It shows that when it comes to managing credit products responsibly, Minnesotans are second to none.

What are our scores?

Experian examined the average VantageScore ratings (another credit scoring system similar to FICO) of each state, and Minnesotans came out on top with an average of 709.

This was ahead of Vermont (702), New Hampshire (701) and South Dakota (700).

The highest scoring states and cities tended to be northern, while those with the lowest scores were generally found in warmer climates.

Minneapolis had the highest average credit rating out of any city in the nation, matching Minnesota's 709, while Mankato was tied second with Rochester, New York at 708.

The data also found that Minnesotans have 2.97 credit cards on average, and their average balance is $5,911.

The maximum VantageScore you can get is 850.

But there are warning signs...

More people than ever have a Super Prime credit score, with 22.3 percent of Americans ranging between 781-850.

Meanwhile the number of Deep Subprime scores (below 600) has fallen to just 21.2 percent compared to 26.9 percent in 2012.

But there are warning signs out there. Experian points out that wages remain "stubbornly flat" nationally and home ownership rates are the lowest it's been since the '60s, with millennials waiting longer to get married, move out of home and buy cars.

Consumer borrowing outside of housing is creeping up meanwhile, rising to $3.83 trillion in November, the highest it's been in more than two years.

In further signs that we might be heading toward some kind of financial downturn territory, mortgage debt is also up (reflecting high prices) while delinquencies and repossessions on credit card and auto-loan debts are also up.

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