New city-by-city look at debt finds Utahns fare better at handling their credit cards

SALT LAKE CITY — If you're aiming to have a higher credit score, there are several crucial don'ts that you should avoid. Don't make late payments. Don't max out your cards. And whatever you do, don't open too many new accounts.

With that, congratulations are in order for many Utahns, said Chip Lupo of the personal finance website WalletHub.

"Folks in the Salt Lake City area are doing something right," Lupo said.

WalletHub recently studied which cities have the most credit cards. The data shared with the KSL Investigators found West Valley City is near the very bottom of the list. Salt Lake City is also low on the list.

"Now, this is a study where it's good to be at the bottom," Lupo said. "It's basically saying that you're managing your credit cards wisely. You're not opening too many credit card accounts too soon."

"Utahns have been known for good fiscal responsibility as a whole," added financial planner Shane Stewart of Deseret Mutual Benefits Administrators.

Stewart said Utahns have strong values and an ethos of taking responsibility for their actions. So, a study showing two Utah cities getting high marks for financial decisions comes as no surprise.

He said the little decisions have a big impact on people's credit scores, which, in turn, has a massive impact on their lives.

"Credit scores can impact, not only your ability to get a loan," Stewart said, "they can impact things like job applications. They can impact things like automobile insurance. They can impact many far-reaching things."

Even though the idea of fewer cards is good, it doesn't mean people should cancel their credit cards. Experts said lenders love seeing credit reports with longer histories on a card when looking at an applicant.

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