The average credit score in Atlanta has fallen to 727, ranking consumers here 113th in the U.S., according to data from credit reporting agency Experian.
That’s well below the national average credit score of 750
It’s also down from an average score here of 736 five years ago.
Atlantans’ average credit score has plummeted relative to the scores of consumers in other major metropolitan markets. Atlanta ranked 96th nationally in 2007 when the economic recession took hold.
Still, a score of 727 is still regarded as very solid. Scores above 740 are considered excellent, and those from 680 to 740 are considered very good. Scores from 640 to 679 are fair, and those 639 and below are poor.
“Your credit score is very important _ it determines the interest rate you will pay for mortgages, automobile loans, credit cards, personal lines of credit and more,” said Mechel Glass, vice president of community outreach for CredAbility, a national, Atlanta-based non-profit credit counseling service.
“Consumers with lower credit scores,” she said, “will be less likely to get approval for zero interest rate promotions or take advantage of opportunities to transfer balances to credit lines with lower interest rates. Knowing your credit score and how to earn and maintain the best possible score should be part of an overall strategy to maintain your fiscal health.”
A survey by the National Foundation for Credit Counseling found that 63 percent of Americans said they don’t know their credit score.
Wells Fargo said that until Nov. 15 customers can go into any bank store and get a personal online access code to learn their credit score. The service is free, and follow-up advice on how to improve their scores is being offered.