(WMC) - With the Great Recession of 2008 fading into history, and consumers' debt levels inching back up towards pre-recession levels, WalletHub.com has released its study of the cities with the highest and lowest credit scores in 2017.
Memphis, whose residents have an average credit score of 609.5, ranks in the bottom 2 percent of cities across the country. Only 19.4 percent of Memphians have excellent credit scores, which puts Memphis in the bottom 3 percent nationwide. Twenty-and-a-half percent of Memphians have bad credit scores, which puts Memphis in the bottom 1 percent.
Memphis ranks in the bottom two percentile overall and bottom two percentile among large city in terms of average credit scores.
The website offers four credit improvement tips:
- Find out where you’re starting from, so you can measure your progress. There are plenty of free credit-score sites, including WalletHub.com, to find this information.
- Check your credit report for errors. Roughly one in five credit reports contains an error.
- Make sure positive information is flowing. To establish a track record of financial responsibility, make sure positive credit information is being posted.
- Don’t show desperation for credit. Don’t apply for credit cards too frequently, and don’t use all of the credit available to you.
More information on credit-improvement strategies can be found here.