How Rhode Island's Credit Scores Compare: WalletHub

NEWPORT, RI — Rhode Islanders are mixed when it comes to credit scores, according to a newly released report from WalletHub. The personal finance website ranked more than 2,500 cities across the United States, analyzing spending habits and debts.

Seven Rhode Island cities were included in the ranking, representing both financial highs and lows. Cumberland Hill and Newport fared the best in the state, ranking 460 and 763 in the country, respectively.

To calculate the ranking, WalletHub compared the median credit scores of residents in each city, based on data from TransUnion.

Here's a look at the breakdown of each Rhode Island city included in the analysis.

Providence

• Rank: 2185
• Percentile: 15
• Median Credit Score: 656

Warwick

• Rank: 1038
• Percentile: 60
• Median Credit Score: 709

Cranston

• Rank: 983
• Percentile: 62
• Median Credit Score: 712

Newport

• Rank: 763
• Percentile: 70
• Median Credit Score: 722

Woonsocket

• Rank: 2357
• Percentile: 8
• Median Credit Score: 646

Pawtucket

• Rank: 1931
• Percentile: 25
• Median Credit Score: 666

Cumberland Hill

• Rank: 460
• Percentile: 82
• Median Credit Score: 740

Nationwide, the city with the best credit score is The Villages, Florida, which averages 806. Close behind are Sun City West and Sun City Center, both in Arizona, in second and third place.

According to Experian, an "excellent" credit score is 800 to 850, "very good" is 740 to 799, "good" is 670 to 739, "fair" is 580 to 669 and "very poor" is 300 to 578.

For those looking to improve their credit score, Alena C. Johnson, a professor at Utah State University, said closing a credit card isn't always the best bet.

"Closing credit cards can hurt a person’s score, especially if the closed card was older. Part of the credit score is based on length of history and closing an older card can reduce that part of the score," Johnson said. "Also, the score is partially based on how much balance a person has on their credit cards compared to available credit. When a person closes a card, it reduces their overall credit availability which increases the ratio between the available credit and the balances (credit utilization ratio)."

The full ranking from WalletHub can be read here.