A look at the metros with the best credit scores

Many students are finding out the hard way that without decent credit, securing a student loan with favorable terms can be a difficult undertaking. When lenders are determining interest rates, as well as whether or not to allow an individual to borrow with them in the first place, the credit report and the corresponding credit score are among the primary deciding factors taken into consideration. Although in most cases students with either underdeveloped  credit or a less-than-ideal score can take on a cosigner, they will still likely be straddled with higher-than-average interest on their loan.

A recent study conducted by government-backed mortgage securer Freddie Mac took a look at the country's major metropolitan areas and ranked them in order of which regions have residents with the highest credit scores. According to the report, borrowers on the West Coast seem to be doing particularly well as the top two spots on the list were the neighboring metros of San Francisco and San Jose, California.

On average, residents of these cities enjoy credit scores of roughly 700, which is considered highly favorable by many lenders. This is largely attributed to the fact that these regions have a wealth of job opportunities in high-tech fields, making each city a "high-cost" area to live, according to the report.

Other metros on the list, like number three spot Madison, Wisconsin, and Boston, Massachusetts, which comes in at number seven, have similar characteristics that make them ideal places for individuals with good credit to reside. These areas are also home to some of the most prestigious and expensive schools in the nation – though residents probably face few hurdles when it comes to financial aid assistance thanks to their good credit.