Minnesota ranked as having best average credit rating in nation

Minnesotans' noted Midwestern work ethic apparently extends to personal finance

The consumer and business credit rating agency Experian said in its State of Credit report for 2017 that Minnesotans have the highest credit scores in the country.

The company's annual survey shows that Minnesotans have an average credit score of 709 out of 850, well above the national average of 675. Vermont and New Hampshire trailed Minnesota residents with average scores of 702 and 701 respectively.

Minnesota's neighbors also ranked in the top 10: South Dakota ranked fourth with an average score of 700; North Dakota, sixth with 697; Wisconsin, seventh with 696; and Iowa, eighth with 695.

Kelly Olson Pedersen, the founder and CEO of Bloomington-based Caissa Wealth Strategies and a self-described "farm girl from Iowa," noted the high credit scores across Midwest states and communities.

"It's a blend of Midwestern work ethic," Pedersen said, "and strong ties to our farmer communities."

Minnesotans didn't earn high marks by merely avoiding credit cards but by making good on payments. According to Experian, Minnesotans have an average of 2.97 cards per person, but had a 0.2 ratio on late payments per billing cycle.

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