Latest Headlines

Study: Saratoga has some of the highest credit scores in the country

Saratoga residents have some of the highest credit scores in the country.

A study by personal finance website WalletHub showed the West Valley city has a median credit score of 787, the highest in the Bay Area and the fifth highest reported credit score nationwide.

WalletHub analyzed the median credit scores of residents in 2,568 cities to come up with the rankings. Credit scores are used to determine a consumer’s credit risk, and range from 300 to 850. Having a high credit score can make it easier to get a loan, rent an apartment or lower insurance rates.

Los Altos was the second highest-ranked city in the region, placing eighth with a median score of 785. New Brunswick, NJ, was ranked No. 1 in the nation with a score of 816, followed by The Villages, FL, De Pere, WI, and Sun City West, AZ, all of which were considered small cities for the purposes of Wallethub’s study.

Saratoga has a population of 30,163 with an average household income of $224,179, according to the latest Census data.

The average home value in Saratoga is $2 million, and 80% of the adults in Saratoga have a bachelor’s degree or higher, while 97% have a high school diploma.

Among large cities, San Francisco ranked No. 1 and San Jose was No. 4, with respective scores of 755 and 746. Fremont was first among midsize cities with a score of 765, and Sunnyvale was third with a score of 763.

Cities with the lowest median credit score included West Memphis, AR, Camden, NJ, Las Vegas, NV, San Diego and Fort Worth, TX.

READ MORE:  Celtics’ Marcus Clever joins Heat’s Kyle Lowry on East finals harm watch

Credit scores are calculated through payment history, debt, credit applications and types of accounts. Howard University professor Vaneesha Dutra warns that having multiple lines of credit can lower your score.

Related Articles

Back to top button