It’s no secret that Nevada’s financial health is not good. The state has had the highest foreclosure rate for 44 consecutive months, with one in every 84 households receiving foreclosure filings.
Depressed yet? Well, you might want to avoid a trip to the mall for retail therapy. Global credit information group Experian recently cited Las Vegas as the city with the seventh-lowest credit score, at 707. That score goes with Las Vegas’ reeling real estate market, according to Peg Smith, executive vice president for Experian.
“Late payments and delinquencies such as foreclosures drive lower credit scores,” Smith says, “and the data shows that unemployment has been a major factor in contributing to higher delinquencies.”
Three Texas cities—Harlingen (No. 1), Corpus Christi (No. 3) and El Paso (No. 5)—are among the bottom six in credit scores.
The cities with the highest credit scores are Minneapolis; Madison, Wis.; Cedar Rapids, Iowa; and San Francisco—all having scores ranging from 787 to 780.
The good news is that Experian is taking submissions through Oct. 31 at LiveCreditSmart.com, where people can share their stories and maybe win $5,000 to help pay off their debts.