When it comes to using credit responsibly, South Dakotans make the most out of the least in America. The state boasts an impressive average credit score despite having a lower than the average median income.

Business Insider has published the results of new rankings by the credit reporting company Experian which show consumers in the Mount Rushmore State have the second-highest average credit score among all 50 states.

The 727 average puts South Dakota in a tie with North Dakota for second place, six points behind Minnesota.

STATES WITH HIGHEST AVERAGE CREDIT SCORES (Experian)

1. Minnesota - 733

2. (tie) South Dakota, North Dakota - 727

4. Vermont - 726

5. Wisconsin - 725

6. New Hampshire - 724

7. Hawaii, Massachusetts, Nebraska, Washington - 723

A 727 score falls into the upper range of the 'good' category and is 24 points above the national average (703).

South Dakota's average median income of $60,665 is the lowest of any state in the top ten.

STATES WITH LOWEST AVERAGE CREDIT SCORES (Experian)

1. Mississippi - 667

2. Louisiana - 677

3. Georgia - 682

4. Arkansas - 683

5. (tie) Alabama, Texas - 680

7. South Carolina - 681

8. Oklahoma - 682

9. (tie) New Mexico, Nevada - 686

And while the average national credit score is a full ten points higher than just eight years ago, Americans have more credit card debt now than ever before - $930 billion in the fourth quarter of 2019.

Not surprisingly, the older we get the better our credit scores are.

The average score of Americans over the age of 60 is 749. That's 87 points higher than 20 to 29-year-olds, who hold down the lowest average at 662.

Credit scores are calculated based on a number of factors, including:

  • Borrowing
  • Amount of credit used
  • Number and types of accounts
  • Repayment history