Detroit has been ranked last in WalletHub's annual credit score report, with an average score of just 566, placing it at the bottom of the list among 182 cities. In contrast, Grand Rapids holds a more favorable position at No. 94 with a score of 627. This alarming statistic has prompted local residents to share their thoughts on improving financial literacy and credit scores. Key advice from Detroiters includes budgeting effectively, saving money, and prioritizing financial management. Experts, including Chip Lupo from WalletHub, emphasize the importance of timely bill payments, maintaining credit utilization below 30%, and regularly checking credit reports. They also suggest seeking guidance if financial management feels overwhelming. The article highlights that improving one’s credit score is not just about spending less but also about understanding the broader financial landscape, which can ultimately lead to better opportunities for purchasing homes, vehicles, and other significant investments.
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