Your Credit? Collegeville High, Harleysville Close

Your Credit? Collegeville High, Harleysville CloseHOBOKEN NJ – Among western Montgomery County municipalities, residents of Collegeville rate highest and those in Harleysville are a not-too-distant second on a new ranking of average credit scores for individuals in 999 Pennsylvania towns and boroughs. It’s been compiled by a Hoboken NJ company that markets private student loans, student loan refinancing, credit cards, personal loans, and other financial products.

Residents in Perkiomenville, Schwenksville, and Green Lane did pretty well, too.

The list published July 11 (2017; Friday) by the firm LendEDU is entertaining, but its reliability may be suspect. The company acknowledges the rankings are based on credit score data from only one of three national reporting bureaus, and that it excluded residents of some zip codes because of their low population or combined zip codes if they covered the same municipality (for example, Pottstown zip codes 19464 and 19465).

Why this analysis, and why now? “LendEDU wanted to evaluate how Pennsylvania’s expansive and dynamic economy was impacting the financial security of its residents,” it explained in an accompanying blog article. “Cities with a high average credit score usually experience high incomes, low unemployment, and a low number of defaults on mortgages and loans,” it added.

LendEDU looked at 999 boroughs and towns; the Post has singled out those in its western Montgomery County coverage areas, reported by rank number (highest to lowest among all entries), municipality name, and average credit score. They are:

  • 43, Collegeville, 753;
  • 53, Harleysville, 751;
  • 98, Perkiomenville, 742;
  • 105, Schwenksville, 741;
  • 113, Green Lane, 739;
  • 126, Gilbertsville, 737;
  • 201, Pennsburg, 728;
  • 221, Royersford, 726;
  • 270, Red Hill, 721;
  • 474, Mont Clare, 704;
  • 494, East Greenville, 703; and
  • 939, Pottstown, 668.

A credit score is a number based on an analysis of an individual’s credit files, and is intended to represent their creditworthiness. Lenders use credit scores to determine who qualifies for a loan, at what interest rate, and what credit limits. Scores generally range from 300 (worst) to 850 (best).

The highest credit score among all 999, and the list’s Number 1 ranking, was attributed to Washington Crossing PA in Bucks County. The average credit score there was reported as 770. The lowest, ranked at Number 999, went to Chester PA in Delaware County, with an average score of 552.

Photo components from ShutterStock and the University of Texas, compiled by The Post