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Why is someone declined for credit when their credit score is just as high, if not higher, than others who were recently approved? With so much potential loss for credit card companies, insiders say that a credit score alone is not sufficient to determine approval. So, what other factors are used to determine who will … Continue reading It’s Not Just Your Credit Score That Determines Loan Approval Millions of Americans’ credit scores are sinking to new lows, the Associated Press reported yesterday. Data provided by FICO Inc. shows that 25.5 percent of consumers now have a credit score of 599 or below, marking them as poor risks for lenders. This could lead to those consumers being denied credit cards, loans or mortgages. It … Continue reading Credit Scores Dip to New Lows, But There is Hope The housing crisis may get more personal for struggling homeowners, even those who have perfect credit. RISMedia reports that homeowners seeking a loan modification or considering foreclosure to help them pay their mortgages might see their credit score fall sharply, thanks to the effects of the housing debacle. It gets worse. Citing complaints from bankers that … Continue reading Housing Crisis May Ruin Your Credit Score The $75 billion Home Affordable Modification Program (HAMP) started in March 2009 to help homeowners prevent foreclosures by providing financial incentives to mortgage companies and investors for modifying home loans. Since then, approximately 66,000 homeowner mortgages have been permanently modified under the program, while 46,000 modifications are underway. The program is still a long way from … Continue reading A Review Of The Home Affordable Modification Program In simple words, credit scores help lenders know what risk they would be taking by loaning money to you and the likelihood of you repaying the loan. Generally, the higher your score, the more money you can borrow, and the lower the cost of borrowing. Credit score usually refers to your FICO score, a number based … Continue reading An Introduction To Credit Scores |
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