50, In 50, In 50…Florida!!!
Also known as “The Sunshine State” will be our next stop on our tour!
Trivia Questions:
Florida is the southernmost state in the United States? True or False?
What is the name of the river that flows North instead of South?
What city is known as the Venice of America?
The Sunshine State
Ahh, Florida. I have an interesting love/hate relationship with this place. Truly believe if you can make it here, you can make it anywhere. When I first moved here I actually thought the state was rejecting me. I had just moved from Chicago, IL packed up all of my things into my 2005 Dodge Stratus, put the Stratus on a truck, and flew down to meet it. Get all set up in my new apartment and get ready for my new job to begin that Monday. Few days into the new job…transmission blows out. Three days into my new job I have to call out and have the Stratus towed (oh but wait…there’s more).
Next, I went to Walmart to grab a bike to hold me over until I get my first paycheck. Mind you, I just moved from Chicago so all the savings money was used to help facilitate the new living arrangements. So I get this bike, and about three to four days into having the bike and riding to and from work, I am introduced to some good old southern racism. I’m riding the bike and two gentlemen pull up to me (close enough to ensure accuracy) and toss and McDonald’s large cup of dip spit at me and scream a few obscenities in my direction. This would be the worst part…if it wasn’t for the fact that when they startled me, it caused me to press down on the handlebars rather aggressively. This action, caused the handlebars to slide down and make contact with the front tire. This stopped all forward progress on the bike and caused me to end up flipping over the handlebars.
That’s right, within less than two weeks I have had two means of transportation break attempting to get to this new job. Obviously, with a broken bike I was forced to call in (if you were my manager and heard this story, I’m sure you would have some doubts about my reliability at this point looking back on it). So, what do I do next? Clearly, the automobile wasn’t the move, biking caused some anxiety, so I resorted to what I grew up doing…I ran to work. Three miles there and three miles back. What could possibly be more reliable than my own two legs?? There’s more for sure, that’s just a small taste but let’s get into the review for The Sunshine State.
The State has seen an increase in credit scores on average YOY with a 7 point increase in 2020. 701 is the current average for the state. It’s possible The Villages assisted with this. The Villages is an active adult community for residents age 55 or older. The average score in this area is 785. The highest in the entire country (if you ever need an authorized user added to your credit report, this might be the place to start looking lol).
The alligator state also is home to Mickey, the Kennedy Space Center, and a massive hub for cruises. Depending on what part of FL you are interested in living in, the state is very much affordable overall. One of the big perks for people is the fact that FL has no state income tax. As long as you understand the tax system, you can avoid paying more in the area the state “over taxes”.
Credit Unions:
Navy Federal Credit Union (https://www.navyfederal.org) ***Most Popular***
Eligibility: To become a member, you or one of your family or household members must have ties to the armed forces, DoD, or National Guard.
Perks
- Offer both secured & unsecured credit cards
- The secured card is up for review as early as month 3 and month 6.
- The secured card does become unsecured with proper use.
- Only pulls from TransUnion
- Limits as high as $25,000 for Cash Rewards CC
- Limits as high as $80,000 for Visa Signature Flagship CC
- Personal Loans up to $100,000
- Variety of Unsecured lines at the same time
Fairwinds CU (https://www.fairwinds.org)
Eligibility: Anyone can join
Perks
- Both Secured & Unsecured credit cards available
- Pulls only from Equifax
Cons
- Can only have $20,000 of unsecured credit at any given time
- No new credits can be opened in the last 12 months prior to applying for a credit card
As you can see, a lot of credit unions only pull from one credit bureau. This definitely helps if you still want to hit the high limits and let’s say the other two credit bureaus are in duress.
Let us know in the comment section what else you would like to see added to these. Our next stop on our journey will be a surprise. We won’t be going in alphabetical order though. That’s no fun!
Answers:
- False, Hawaii is further south.
- Saint Johns River
- Fort Lauderdale
Disclaimer
Any research, reviews, analysis, or other information contained in this book is provided as general credit commentary, does not constitute investment advice, and may change from time to time. Carrying high limits on credit cards may not be suitable for all consumers. The high level of debt can work against you as well as in your favor. MatsuokaManagement LLC, its owner, employees, or affiliates assumes no liability for any loss or damage which may be suffered directly or indirectly from the use of or reliance on such information. We strongly encourage consultation with a credit union representative before applying for any products they offer.
Resources
https://www.experian.com/blogs/ask-experian/research/top-us-cities-with-the-highest-credit-score/
https://www.cnbc.com/select/average-credit-score-by-state/
https://www.50states.com/facts/florida.htm
