Fort Smith’s Credit Score Close to National Average

Credit scores for people in the Fort Smith area were slightly lower than the national average, according to Experian, a consumer credit ranking company with a call center in Van Buren that employs more than 500 with a payroll of $10 million.

Out of a possible credit report score of 830 points – a sterling figure that’s practically unattainable – Fort Smith residents averaged 687, close to the national average of 692, said Maxine Sweet, Experian America’s public education officer. Arkansas as a whole averaged 682 on the scale, which runs from 330-830.

“Part of what’s reflected in [the score] is that the average debt of people in this area is a bit higher,” she said.

Debt is a significant factor when determining a credit score. Fort Smith’s average score was boosted by the fact people there had fewer instances of late payment, another big consideration for credit scores.

Another habit that can run down a credit score is consistently pushing one’s credit limit. Credit card debt that is effectively managed, paid off regularly and not often maxed out won’t have such a negative effect on a credit score.

Though some credit advisers tell people to cancel cards they aren’t using, Sweet urged caution when considering this. Companies like Experian combine the total amount of a person’s credit limits when awarding a score.

If a person has one card that’s near the limit, but has three others without charges on them, canceling those three accounts would affect the ratio of debt to credit limit, lowering his or her score, Sweet said.