Credit Karma (www.creditkarma.com), the consumer’s advocate for demystifying credit, today released its U.S. Credit Score Climate Report with trend data for June 2009. During the March 2009 to June 2009 time period, Credit Karma saw an increase in credit scores across all geographies; however, for the third straight month the percent of credit scores rising has tapered off and more consumers are seeing their credit scores remain stable. 38% of consumer credit scores have gone up,28% have gone down, and 34% remained the same. The current average U.S. consumer credit score is 674, which is the same as in May.
Among consumers with debt, the average consumer credit card debt decreased by $134. In June, the average consumer with debt had:
- $6,938 in credit card debt
- $206,427 in home mortgage loans
- $54,370 in home equity loans
- $14,539 in auto loans
- $27,201 in student loans
Here are some other key findings:
- More consumers continue to see their credit scores remain stable. Nationally, 34% of consumers saw their credit score stay the same in June, compared to 32% in May. In addition, 28% saw their credit score decrease in June which is slightly lower than in May.
- The South region had the highest percentage of increasing credit scores, ending the Midwest’s four month run at the top. In June, 39% of consumers in the South saw their credit scores increase; 28% of credit scores decreased; and 33% of credit scores stayed the same.
- In terms of overall debt, Midwest consumers continue to have the lowest amount of debt. On average Midwest consumers have $6,500 in credit card debt, $156,100 in home mortgage loans, $13,400 in auto loans, and $26,400 in student loans.
- Michigan saw the highest percentage of increasing credit scores during June. 41% of Michigan consumers had their credit score increase; 27% of credit scores decreased; and 32% stayed the same.
- Texas saw the highest percentage of decreasing credit scores in June. 39% of Texas consumers’ credit scores increased; 29% of credit scores decreased; and 32% stayed the same.
Methodology
Each month, the Credit Karma U.S. Consumer Credit Score Climate Report compares the current credit scores of its 250,000 user base with previous scores pulled at least 30 days prior and no more than 90 days prior to the stated month. This month’s report includes a comparison of 20,000 Credit Karma user scores.
About Credit Karma
Credit Karma is a San Francisco-based, pro-consumer site that provides consumers free access to their credit scores plus a range of tools and information resources to help them monitor and manage the credit aspect of their financial health. The service has delivered more than 850,000 free credit scores and counts more than 250,000 registered members. Credit Karma works with a range of partners, including mortgage lenders, credit card providers, banks, and wireless providers. For more information, visit www.creditkarma.com.