Ranking Delaware Towns and Cities By Credit Score
- February 6, 2018
- Posted by: Mike Brown
- Category: Credit Scores
The Delaware Breakwater East End Light, a lighthouse located right off the coast of Lewes, Delaware, which ranked fourth on our list.
Although small in stature, as the only state larger only than Rhode Island, Delaware does not lack historical or present-day significance.
Dubbed "The First State" after becoming the initial state to ratify the U.S. Constitution in 1787, Delaware's location has allowed for economic growth and prosperity.
Smack dab in the middle of the Northeast Megalopolis, the most urbanized area in the U.S., Delaware has benefitted from its proximity to major cities like New York City, Philadelphia, Baltimore, Washington D.C., and Boston.
Delaware, sometimes called the "Switzerland of the U.S.," is home to more than 50 percent of all U.S. publicly traded companies and 63 percent of all Fortune 500 companies. The state's ultra business-friendly corporation laws have made it the place to incorporate a business. In fact, Delaware has more registered corporations than actual people.
Another economically-friendly policy in The First State is the lack of a sales tax. Shopping in Delaware will cost the consumer no additional money. Everything in a Delaware dollar store is actually a dollar or less!
Delaware has three things working for it that would seemingly make it an economic powerhouse: A great central location, an extremely friendly corporate environment, and a pro-consumer tax policy.
But has such prosperity taken ahold of The First State? Are Delaware residents reporting strong earnings, re-investing their money, and paying back their debt?
LendEDU has the answer for you.
Using licensed Experian's data, we analyzed 39 Delaware communities according to their average credit scores, one of the best ways to determine the economic health of a town or city.
Continue on to see LendEDU's interactive table, which displays the Delaware towns and cities that are faring the best economically.
Interactive Table Featuring the Highest Credit Scores in Delaware
|Rank||City||County||Population||Average VantageScore 3.0® Credit Score|
|37||Delaware City||New Castle||1,838||650|
|39||New Castle||New Castle||60,727||633|
LendEDU licensed all data that was used in this report from Onboard Informatics and Experian. Onboard Informatics' dataset was put to use in order to find the most recent population figures and the locations of each Delaware community. Experian's Premier Aggregated Credit StatisticsSM dataset was put to use to find the average VantageScore 3.0®1 credit score of each Delaware town and city.
An arbitrary population cutoff was set at 1,000, which means that any Delaware town or city with a population below 1,000 was removed from consideration. A few of Delaware's biggest cities, like Wilmington, had multiple ZIPTM2 codes and thus multiple average credit scores. To ensure each city only had one ZIP CodeTM and one average credit score, ZIP codes were weighted according to their respective population and then averaged together. ZIP codes with greater populations were given more weight during the average process.
After each and every town and city in Delaware was assigned a single ZIP Code and a single average VantageScore 3.0® credit score, LendEDU was able to rank the communities accordingly. Experian's dataset lists the average VantageScore 3.0® credit score as a stand-alone statistic. Delaware towns and cities with higher average credit scores were ranked more favorably and vice versa.
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.
Image Copyright © William Spinrad Jr.
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