Having a solid financial foundation is critical for so many reasons. For example, having good (or bad) credit can impact your ability to buy a car, rent a house, qualify for a mortgage, get certain jobs, and the list goes on. And if your credit is bad…..you may still be able to qualify for some loans, but you’ll likely have a high interest rate.
Before writing this post, I never seriously considered how much credit scores can (and do) differ by state. The 3 states with the lowest average credit scores are Alabama, Louisiana, and Mississippi. The average score in the state of Alabama is 628, which is almost 100 points lower than the median score of 723 for FICO. Coincidentally, these states also have the highest obesity rates (Mississippi is ranked last at 34.9%, Louisiana 49th at 33.4%, and Alabama 48th at 32%).
In this Wells Fargo advertisement published in Essence magazine, the bank offers advice to business owners on how to obtain and maintain good credit. The 5 “C’s” of credit are credit history, collateral, capacity, capital, and conditions. As you can see from this advertisement, there is a woman with a beautiful twist-out or wash-n-go. I can’t tell which one it is! If she looks familiar, that’s because she’s appeared in another Wells Fargo advertisement for small businesses.