Investors may be reaping the rewards of the housing recovery, but regular buyers, especially single and first-time buyers, are still on the outside looking in.
Read more: http://www.cnbc.com/id/101168280
Tag Archives: FICO
Rewarding Stellar Credit
Lending terms are easing up for borrowers who have superior credit. But mortgages are no easier to come by for applicants with unexceptional FICO scores.
Read more: http://tinyurl.com/kfqgel8
Housing bust’s recovery hampered by tight credit
Adele and Josue Montoya missed the housing bubble and bust
Read more: http://tinyurl.com/qjorhw7
Do you know your credit score? Well, you should
When I ask people if they’ve checked their credit report or credit score (yes, there’s a difference), most they tell me they haven’t – although they agree it’s a good idea.
A credit report will list your history of payments, what types of credit you have, and how much of it you are using. A credit score gives you a number which essentially sums up all that information and tells lenders how much of a default risk you are, or, how profitable you can be for them.
Read more: http://tinyurl.com/czerquo
Credit-Card Debt Can Sink Your Credit Score
Your obligations to credit-card companies carry more weight on your credit report than bigger debts, such as home and student loans.
That’s one of the findings from the Consumer Financial Protection Bureau’s new report (PDF) on the credit scoring industry. The study examined how Experian (EXPGY), Equifax (EFX), and TransUnion calculate credit scores. To come up with scores, the companies use information from thousands of different sources. Taken together, the score allows lenders to assess a consumer’s likelihood of paying back a loan, whether to offer a loan, and to calculate loan amounts and interest rates. Besides mortgage, auto, and educational loans, credit scores are also often a determining factor in apartment rentals and in hiring decisions (PDF).
Read more: http://tinyurl.com/cog32gq