Centered directly on the Great Lakes region in the central Northern region of the United States, the state of Michigan dominates the region with two massive peninsulas jutting out into the glacial lakes.
The Great Lakes State is commonly characterized by the rivalry of two major colleges, Michigan State and the University of Michigan. Additionally, it is home to Detroit which was once a booming manufacturing economic center.
Home to nearly ten million people, Michigan’s economy is dominated by the trade and transportation industry which is followed closely by the manufacturing and business services industries. According to the Bureau of Labor, roughly 3.8 percent of Michigan’s civilian labor force is unemployed.
Earlier in the year, several towns and cities of Michigan were featured in the Midwest Credit Scores Report, but this time around, we decided to take a much closer look at Michigan itself.
LendEDU went about analyzing the financial health of Michigan, and one way to gauge financial health is to take a look at the average credit score in a region. Using Experian’s Premier Aggregated Credit StatisticsSM dataset, we were able to aggregate and list out the average credit score of over 900 cities in Michigan.
Why credit score? Typically, consumers with a high credit score are considered to have preferable history with debt payments, fewer bankruptcies and miss payments, a preferable credit-to-debt ratio, established history in building credit, and a healthy mix of revolving and non-revolving debt. Preferable status for all of the factors mentioned above generally point to a more financially healthy consumer.
>> Read More: What is a good credit score?
The top 250 cities in Michigan in terms of credit score are ranked below. Additionally, an interactive map can be seen directly below, offering an overview of the top cities in Michigan by credit score.
Top 250 Cities and Towns by Credit Score
Note: If you don’t see your city on the list, try typing it in the search bar! Or, you can hit the next arrow at the bottom of table to see the next 25 cities on the list.
The data presented in this publication was pulled from both Onboard Informatics as well as Experian’s Premiere Aggregated Credit Statistics (PACS). Onboard accounted for population statistics, location names (city, county, and state names), and ZIP™1 codes which were all used during data processing. Experian’s dataset provided the credit scores; more specifically, this refers to the average VantageScore®2 3.0, the credit score model in PACS. Experian also provided ZIP Code™1 data which was also used for processing.
Before the final list was published, data needed to be processed, sorted, and ranked. Firstly, credit score data was matched with location names according to ZIP Code™ data. Then, all ZIP™ codes corresponding to Michigan were pulled from the data set along with the relevant matched data. This resulted in a list of town and city names with credit score and population data.
Towns and cities with more than one ZIP Code™ had more than one listed credit score. This data was aggregated together using a weighted average equation; the weighting was based on population. The end result was a list of unique locations within Michigan with credit score and population numbers. To finalize the list, a population cutoff of 5,000 was implemented, phasing out low-population areas.
Out of over 900 ZIP™ codes in Michigan, roughly 350 unique locations were left after aggregation and filtering. These cities and towns were ranked from largest to smallest in terms of VantageScore® 3.0. The top 250 cities and towns by VantageScore® 3.0 are presented in this study.
1. Experian is a nonexclusive full-service provider licensee of the United States Postal Service®. The following trademarks are owned by the United States Postal Service®: ZIP and ZIP Code. The price for Experian’s services is not established, controlled, or approved by the United States Postal Service.
2. VantageScore® is a registered trademark of VantageScore Solutions, LLC.