Report – NBC 6 South Florida

A good credit score can open the door to better financial opportunities. There are several ways to improve that score, such as paying credit bills on time and keeping credit utilization low.

People are improving their credit scores faster in some places than others, according to a new study from WalletHub.

Researchers analyzed consumers’ finances in the first quarter of 2024 versus the first quarter of 2023 to determine which cities saw the biggest increases in their credit scores. Miami, surprisingly, landed in the top 10.

Miami ranked 8th out of 100 cities surveyed. The average score was 648 in Q1 2024, up 5.37% from Q1 2023.

Notably, Hialeah was the other South Florida city to make the rankings, coming in at #41. The city saw an average credit score increase of 3.09% from Q1 2023 to Q1 2024.

Other Florida cities that secured a spot include Tampa at #38, Orlando at #50, and Jacksonville at #73.

Scottsdale, Arizona, had the highest credit score increase in the country, in part because residents were able to make their payments on time, WalletHub analysts said.

“In Scottsdale, the percentage of people in financial distress (meaning they are allowed to defer their payments due to financial hardship) is very low and the delinquency rate is low,” WalletHub said.

Researchers found that Washington, DC had the second largest average annual credit score increase, at 8.2%.

“The average score went from 610 to 660 between Q1 2023 and Q1 2024,” WalletHub said. “This moved the average score in Washington out of the poor credit range and into the fair credit range.”

One factor contributing to the increase is the fact that D.C. residents have been racking up credit card debt more slowly than people in many other major cities, researchers noted. It’s also one of the few cities where the average resident’s personal loan debt declined between Q1 2023 and Q1 2024.

WalletHub Tips for Improving Your Credit Score

• Pay your credit cards on time and in full
• Keep your credit utilization low
• If possible, pay the full amount
• Avoid opening too many new accounts
• Check if your credit reports are correct
• Get personal advice

You can find a full list of cities and more information about how to improve your credit score on WalletHub’s website.