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South Carolina is one of the oldest states in the Union. Its beginnings can be traced back to the 1600s when English settlers began moving into the area with permission and charter from the English Crown. Since then, South Carolina has been a key element in U.S. history as a political epicenter for both controversy and conflict.
With less than 5 million people, South Carolina is by no means a populous state given its geographic size, yet approximately 2.3 million people work in the state with an unemployment rate of 3.0 percent according to the Bureau of Labor Statistics. Notable, non-farming industries include business services, education, government, trade and transportation, manufacturing, and notably tourism.
In fact, the Palmetto State’s tourism industry is starting to push $20 billion according to recent estimates. From last year, almost every growth category was in the positive, making tourism a huge player and factor in South Carolina’s overall economy.
At any rate, we wanted to take a closer look at the financial health of South Carolina’s cities and residents, so here at LendEDU, we decided to pull the average credit score of each town and city from one of the original thirteen colonies; we viewed credit score as a fair gauge of financial health given its connection to debt repayment and credit history.
>> Read More: What is a good credit score?
After pulling the data, we compared the towns with each other to establish an overall ranking of SC towns and cities by credit score. Whether you’re from South Carolina or just a curious reader, scroll down to see which towns made the cut with the highest credit scores.
Top 150 Towns and Cities of South Carolina by Credit Score
We relied on two different datasets for this South Carolina credit score study. The first, Experian’s Premier Aggregated Credit Statistics (PACS), provided the average VantageScore®1 3.0 as well as ZIP™2 codes. The other dataset, Onboard Informatics city level data, provided ZIP™ codes, location names (city, county, and state), and population by ZIP Code™ (used for processing).
Using ZIP™ codes, the Experian and Onboard data sets were joined together, matching VantageScores® 3.0 with respective locations in South Carolina. For cities with multiple ZIP™ codes, a weighted VantageScore® 3.0 was used to represent that location’s credit score; VantageScore® 3.0 was weighted by population. After each location had an individual VantageScore® 3.0, a population cut off of 5,000 was used to phase out lower population areas.
With this step done, the remaining cities were ranked according to average VantageScore® 3.0, and the top 150 cities were included in this report. Out of over 400 ZIP™ codes in South Carolina, about 350 cities were pulled, and only the top 150 cities made the list after ranking and population filtering.
See more of LendEDU’s Research
1. VantageScore® is a registered trademark of VantageScore Solutions, LLC.
2. 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.
Author: Andrew Rombach