Ranking New Jersey Cities According to Their Average Credit Score
- July 11, 2017
- Posted by: Mike Brown
- Category: Credit Scores
New Jersey may be a very small state, but it certainly doesn't lack personality.
The fourth smallest state in the United States is also the most densely populated state; its population of nearly 9 million makes it the 11th most populated state in the United States.
The Garden State is a place that is immensely proud of its culture. New Jersey has catapulted legendary musicians such as Bruce Springsteen, Frank Sinatra, Jon Bon Jovi, and Whitney Houston. New Jerseyans will staunchly argue that their state makes the best bagels and pizza, has the best diners and delis, and has the best stretch of beaches.
The Jersey Shore is world-famous for the miles and miles of beaches overlooking the Atlantic Ocean and the boardwalks filled with rollercoasters and funnel cakes. Of course, you may have also become familiar with the Jersey beaches through the smash hit reality t.v. show “Jersey Shore.”
But, there is also much more to the Garden State than guidos and bagels.
New Jersey serves as the crossroads between two of the biggest economic hubs in the U.S.: New York and Philadelphia. Many New Jersey towns serve as bedroom communities for commuters working in either city.
The Garden State has benefited from being a commuter haven as millions of white-collar workers take their high paying city salaries and spend that money in New Jersey towns and cities.
New Jersey’s per capita income is the third highest in the nation. Also, the state boasts the second largest number of millionaires per capita in the U.S. Finally, nine New Jersey counties rank in the top 100 of wealthiest counties in the country.
Since New Jersey can boast such impressive economic statistics, (and because LendEDU is based in Hoboken, New Jersey) LendEDU has done a study evaluating the credit score ranges of each town and city in the state.
Using Experian’s Premier Aggregated Credit StatisticsSM, we have ranked every New Jersey city with a population above 1,000 according their average VantageScore 3.0®1 credit score.
Credit score provides as good of an economic indicator as any other metric and gives a general idea of a city's financial health. Cities with a high average credit score usually experience high incomes, low unemployment, and a low number of defaults on mortgages and loans.
Complete Rankings of New Jersey Cities By Credit Score
All data used in this study is under license from Onboard Informatics and Experian. Onboard Informatics' dataset was used for the most recent population figures and location purposes. Experian's Premier Aggregated Credit StatisticsSM dataset was used to find the average VantageScore 3.0® credit score of each city in New Jersey.
Some of the larger cities in New Jersey contained multiple ZIPTM2 codes, and thus multiple average credit scores. In order to consolidate all of a city's average credit scores into one average credit score, the ZIPTM codes had to be aggregated. Once that happened, the average credit score of each ZIP CodeTM was weighted according to its respective population. For example, the largest ZIP CodeTM in Newark was given the most weight when averaging the multiple average credit scores of that city. Once multiple entries for one city were consolidated into one average credit score, we could go ahead and rank the cities in New Jersey.
LendEDU was able to gather the average credit score for every city in New Jersey. However, only cities with a population of 1,000 or greater were analyzed further. Experian's Premier Aggregated Credit StatisticsSM dataset had the average VantageScore 3.0® credit score for each New Jersey city as a stand alone statistic. Cities with a higher average credit score were ranked higher 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.