Mortgage brokers, and those hoping to buy homes, are disgusted by the preeminence of the credit score in “scoring” a home loan today. According to an article, in Friday’s New York Times, this overemphasis on credit scoring in the home mortgage market is not helping the economic recovery either, because people just cannot qualify for [...]
New reports out show that about 43-million of Americans have a credit rating so poor that getting a loan is much more difficult, and when they do much more expensive. “It can affect your borrowing costs, the amount you’ll pay to finance cars or homes or, certainly credit card rates,“ notes Morningstar Financial’s Christine Benz. [...]
A new home, a new car, even something as simple as a new credit card, all becoming harder for Americans to obtain. Glenn Reynolds, Vice President and Mortgage Loan Manager for Arvest Bank, says, “Ever since the financial situation started in the last two years they’ve tightened up the minimum credit score to be able [...]
“Figures provided by FICO Inc. show that 25.5 percent of consumers — nearly 43.4 million people — now have a credit score of 599 or below, marking them as poor risks for lenders. It’s unlikely they will be able to get credit cards, auto loans or mortgages under the tighter lending standards banks now use,” [...]
Millions of Americans have seen their credit scores fall amongst the lowest levels possible. FICO is reporting that almost 44 million people, 25.5 % of consumers, currently have a credit score less than 600. A credit score this low makes a borrower a very high risk for lenders. These low credit scores will make it [...]
If your credit score slipped during the recession, it might cost you more to insure your vehicle. Credit scores can be a factor in setting auto insurance rates in Michigan, the Michigan Supreme Court ruled Thursday. (See the Detroit Free Press story.) The same is true in Connecticut. Insurers can use information from credit reports [...]
College students may have seen their credit score drop due to a variety of reasons or they may simply have no credit history which might disqualify them from borrowing certain types of loans. However, many college students worry that this bad credit score they may have acquired will prevent them from obtaining the student loans [...]
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