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Study: Toledoans rank average on credit scores

And that's important because your credit score can affect everything from your ability to get in-store financing and sometimes it can even impact your ability to land a job.

By Lauren Lowrey - bio | email | Facebook

Posted by Nick Dutton - email

TOLEDO, OH (Toledo News Now) - TOLEDO, OH (WTOL) - Establishing good credit has never been more important than it is today.

In fact, it can affect everything from your ability to get instant in-store financing or a credit card to determining your rates when you are buying a home or a car and sometimes it can even impact your ability to land a job.

A new, comprehensive report shows which U.S. Cities have the best and worst credit scores.

Experian, one of the three foremost credit agencies, studied Vantage scores that range from 501 to 990. The national average score is 749. Toledo's average is 750.

"Late and missed payments were a problem in Toledo" said Experian North America's Vice President of Public Education Maxine Sweet. "Those discrepancies negatively affect your credit report for 7 years."

Sweet also says credit card utilization, which refers to how much is owed on your credit card versus your limit, is a problem in Toledo.

For example, carrying a $9,000 balance on a credit card with a $10,000 limit is considered "high utilization" and "high risk".

A favorable utilization would be more like making consistent charges on a credit card with a limit of $10,000; then paying the balance in full, each month