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El Paso Ranks In Worst Credit Score List

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POSTED: Tuesday, November 1, 2011 - 3:50pm

UPDATED: Monday, November 7, 2011 - 10:01am

EL PASO- According to a new study, El Paso is ranked number 10 in the country for the cities with the worst credit scores.

According to a new study done by the credit rating agency Experian, El Paso comes in at number ten in a list of the cities with the worst credit scores.

NewsChannel 9 spoke with a credit expert to find out why El Paso made the list.

Maureen Hankins counsels consumers every day at the YWCA about ways to improve their credit. When she found out that overall credit scores in El Paso are some of the worst in nation, she wasn’t surprised.

"I will tell you why. Hand-in-hand with bad credit sometimes and in fact a lot of the time, lower income goes hand-in-hand with that," says Hankins.

Hankins says overall, El Pasoans have a lower median income than a lot of other cities.

"The less money you make, the less money you can save at any given time and the closer you are to being in financial trouble," says Hankins.

She also says unexpected events can cause financial trouble.

"If something happens like somebody loses their job or has their work hours cut or a spouse gets pregnant and now is staying home for a while with the baby, there is not enough income coming in," says Hankins.

According to Hankins, often when people don't have enough emergency savings, they put themselves into more debt.

"The reason that people get into credit trouble, if they are lower income, is because they are turning to credit in order to shore up, you know, their finances for emergencies," says Hankins.
 

The study credit rating agency Experian says that four Texas cities fall in their top ten list.The study was conducted by taking random samples from credit scores found in Experian's database.

Hankins also offered some advice for people looking to improve their credit scores:

1. Pay the minimum payment to all monthly bills.

2. If unable to pay minimum payments, consult with a non-profit credit consulting organization to negotiate lower payments.

3. Contribute to an emergency savings fund in case an unexpected event occurs, so you won't need to take out credit.

Making the top 5 "worst credit" cities are:

1. Harlingen, Texas

2. Jackson, Mississippi

3. Corpus Christi, Texas

4. Monroe, Louisiana

5. Shreveport, Louisiana

To see the complete list of best and worst cities click here.

Comments News Comments

I'am not surprised....so Ladies don't marry a man from El Paso...he will ruin your credit score...this city also has alot of women supporting their boyfriends/husbands...while this men just laugh/play around/ sit at home on the computer playing games...etc!!

just because most of your friends have dead beats as husbands/boyfriends. or maybe you yourself is going through that, does not mean every man in el paso is. contrary to what your saying i know a couple of men that actually are supporting their family while his wife goes to school to finish. before he goes to school. just because you and the people you sorround yourself with make bad decisions doesnt mean everybody else does

How do we rank in spelling?

Harlingen is the worst with 686 El Paso has 710 actually.

You know that when people in other cities have their momy and daddy to bail them out of financial troubles of course their credit score is going to be better. Inheretant money (money that comes from parents or families even if still alive), is one thing our 80 percent hispanic population cannot really depend on. Couple this with low wages and the only thing you are missing is violence and drugs in our poor section of the country.

To some degree you're right, access to credit is essential for succeeding in a modern economy, however, when I drive around El Paso, I see people using credit unwisely. Knowing what you can and cannot afford and then abiding by that knowledge is what is lacking, in my mind. Obviously there are exceptions...but seeing what I see, living here in Central EP, that's the issue.

Hispanics "Mexicans" keep each other employed here in el paso, and they hate to pay out. They have plenty of money, usually lying to get welfare, so theres free rent, and food. So please do not cry about the reason most Mexicans in el paso have a 400 credit rating. Wages are low here because of a lack of education, most people here in el paso WORKING HARD, but unfortunarely not smart. The higher education, higher wages. There is a distinct MACHO here that dictates it is wise to be stupid.

credit is a scam!! Experian owned by the banks. there should be a public company that rates them. they would all have bad credit they have made bad investments and poor chioces, but the gov. bail them out. they should not be calling the kettle black

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