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Rick ‘good-hair’ Perry’s – the so called ‘Texas Miracle’

Via: 24/7 Wall St.

After the credit crisis, it’s been encouraging to see that across America credit scores have been slowly improving. Despite the improvements, many scores are still lacking. As to be expected, some cities that have been hard hit by the crisis still have very low credit scores up to 18% lower than the national average. Using data from Experian, a credit information group, 24/7 Wall St. reviewed the ten cities with the worst credit scores.

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1. Harlingen, Texas
Avg. credit score: 686
Unemployment: 12.5%
Foreclosure rate: 1 in every 676
Median household income: $22,316
Avg. debt: $25,074

Harlingen, Texas has the worst average credit score in the country, at just 686. It is this only city in the U.S. with an average score below 700. To illustrate how bad things are in the city, its average debt of $25,074, is actually higher than its abysmal median income of $22,316. Since 2008, the average debt in Harlingen has gone up 6.8%.

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3. Corpus Christi, Texas
Avg. credit score: 702
Unemployment: 8.2%
Foreclosure rate: 1 in every 1,157
Median household income: $42,694
Avg. debt: $24,289

Corpus Christi, located on the southern part of the Texas Gulf Coast, has the third lowest average credit score in the country. While the number of average late payments dropped by 14% one of the biggest decreases among U.S. cities it still has one of the worst. While compared to some of the other cities on this list Corpus Christi’s median income of $42,594 may sound high, it is still nearly $10,000 less than the U.S. average.

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9. Tyler, Texas
Avg. credit score: 710
Unemployment: 8.3%
Foreclosure rate: 1 in every 4,196
Median household income: $40,829
Avg. debt: $26,048

Tyler has one of the highest average debts in the country. It also has a median household income nearly $11,000 less than the country’s median income. On the other hand, the East Texas city has both a below-average unemployment rate and below-average foreclosure rate.

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10. El Paso, Texas
Avg. credit score: 710
Unemployment: 10.6%
Foreclosure rate: 1 in every 4,080
Median household income: $36,147
Avg. debt: $23,639

// El Paso has a fairly large average debt, especially when compared to its median household income, which is approximately $15,000 lower than the national average. Unemployment in the city is also one and a half percentage points higher than the national rate. The number of credit cards used by El Paso residents dropped significantly from an average of 3.77 cards per person in 2007 to 1.54 in 2011.

http://finance.yahoo.com/banking-budgeting/article/113665/american-cities-lowest-credit-scores-247

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October 17, 2011 Posted by | 2012, GOP morons, Perry | , , , , , , , , , , | Leave a comment