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The state credit moving effect

State credit moving effectIf you are thinking of moving to a new state, it is important to keep in mind that you could be affected by the state’s credit rating.  A new study has rated the best and the worst states in important credit-based categories, and it appears that Midwesterners and Southerners are not doing too well.

If you are thinking of making a move to a brand new state, it would seem that you would be much better off to relocate to North Dakota than you would to Nevada, according to the new study from CardRatings.com.  Study author Richard Barrington offers the very sage advice that you should be fully aware of what it is you are getting into before you make the move.

It is a bad idea to move to a brand new place when the people who already live there are struggling.  While you may be in a good position financially when you arrive there, even a healthy household can be affected adversely by the area having a high degree of unemployment or foreclosures.

North Dakota also came in first place in 2012.  While the winters may be cold, it is perhaps instructive to take note of the fact that eight out of the other nine states that ranked highest in the study are also in fairly cold climates: South Dakota, Montana, Nebraska, Wyoming, Vermont, Iowa, New Hampshire and Minnesota.  The rankings came from data in a number of categories including foreclosure rates, bankruptcy rates and credit card delinquency rates.

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