Second mortgage borrowers had the highest credit scores in a recent study. But they also owed the most in nonmortgage debt.
Borrowers with a second lien had an average credit score of 739, according to a study announced by Experian Consumer Direct today. Borrowers with any mortgage had an average score of 713, while the average for consumers without a mortgage was 658.
Consumers without mortgages also had the highest share of delinquency, with 35 percent having late payments, Experian reported. About 22 percent of borrowers with a mortgage had late payments, and the share was 11 percent for second mortgage borrowers.
But mortgage-less consumers had the lowest credit utilization at 18 percent, according to the announcement. Credit utilization was 35 percent for mortgage borrowers and 38 percent for second mortgage borrowers.
Excluding mortgages, people without a mortgage owed an average of $4,565 in debt, Experian explained. Mortgage borrowers, on the other hand, owed an average of $24,565 and second mortgage borrowers owed an average of $42,511.
The share of consumers with second mortgages has grown 63 percent during the past five years, the Irvine, Calif.-based bureau reported, adding, "The average second mortgage balance in 2001 was $13,994 compared with $21,265 in 2006."