When comparing the economic health of cities, I’m interested in credit scoring becoming a mainstream tool.
A recent WalletHub study kicks off a comparison between Texas cities. Beyond municipal competition, however, it seems regular measurement of the accessibility of credit should stand alongside other measures, such as household income and wealth, for policymakers and others.
WalletHub recently posted the average credit scores of 2,572 U.S. cities. You probably want to know where your city ranks, at least among Texas cities, right?
FICO scores range from 300 to 850. Austin — that eager-beaver city full of high achievers — ranks highest among Texas cities, with a median credit score of 712. That tells me that the average person in Austin can get a prime mortgage and car loan, enjoying the lowest interest rates.
El Paso and San Antonio cluster down at the 20th percentile (not so good!) with median credit scores of 662 and 661, respectively. Houston and Dallas are further down the list, with median scores of 659 and 658, respectively. In each of these four cities, the average person wouldn’t qualify for low-interest home or auto…