COSTA MESA, Calif. (11/21/14)--2014 has been a year for borrowing and for boosting credit scores, according to Experian's recently released State of Credit report.
The credit bureau's fifth annual report shows card lending and credit scores experiencing signs of growth since last year.
New bank-card accounts are up 21.1%, with one in 17 consumers opening at least one new account in 2014 compared with one in 21 in 2013.
"This has been a notable year for borrowing, with more new credit being extended and consumers feeling more comfortable and confident about accepting those credit offers," said Michele Raneri, Experian vice president of analytics. "Even with some categories like mortgages taking longer to bounce back, an early glimpse at our third-quarter data indicates that an upward trend may be on the horizon."
Experian reported a 39% decline in mortgage originations year-over-year with one in 79 households taking out a new mortgage compared with one in 48 in 2013. The bureau's projections indicate originations will increase 6.8% in the third quarter from the second quarter.
The national average VantageScore ticked up two points to 666 from 664. Of the more than 100 metropolitan statistical areas Experian surveyed, Minnesota had four of the top 10 highest average credit scores with 699 or above.