Brooklyn’s credit not too bad, according to NY Fed report
But still not prime
Most Brooklynites don’t need to cut up their credit cards, according to a report issued on Monday by the Federal Reserve Bank of New York.
Roughly 80 percent of Brooklyn residents are paying off their credit cards on time, the New York Fed says in its report called “Community Credit: A New Perspective on America’s Communities.” The study looks at the credit “well-being” of communities across the U.S.
Brooklyn does lag a bit behind most of the other boroughs, however. The data shows that 87 percent of Manhattanites have good credit, with Queens edging Brooklyn at 83 percent and Staten Island at 82 percent. Brooklyn does beat the Bronx: roughly 73 percent of Bronx residents have good credit. (Statewide, 83 percent of residents have good credit.)
Still, seven percent of those who don’t have good credit in Brooklyn are listed as “improving,” while only one percent are declining.