Report: Memphians' credit scores rank in bottom 2 percent nation - WMC Action News 5 - Memphis, Tennessee

Report: Memphians' credit scores rank in bottom 2 percent nationally

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With two 2017 Fed rate hikes in the books and another expected by the end of the year, recently conducted a nationally representative Fed Rate Hike Survey to see how much the public knows about Federal Reserve policy and to find out how they feel about it.

WalletHub calculated average credit scores in 2,534 cities across the country.  The overall national average credit score is 669. Memphis averaged a score of 609.5, which placed it in the bottom 2 percent (2,492nd overall). Nashville was 1,825th (28th percentile), Little Rock was 2,115th (17th percentile), and Jackson, MS was near the bottom at 2,498th, in the last percentile.

The survey showed that 44 percent of Americans don’t know when the Fed last raised rates. Sixteen percent of people think the Fed is in charge of credit scores. Fourteen percent of people think the Fed should be abolished. And 50 percent of Americans think rate hikes make mortgages more expensive (90 percent of mortgages have fixed rates, so those mortgage payments don’t change when the Fed moves the prime rate up or down).

Click here to enter your town’s name and see how it ranks.

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