Credit Scores…How Important Are They?

Posted By on September 29, 2010

People with a credit score below 620 who want a loan were unlikely to receive even one quote, according to real-estate web site Zillow.com, even if they offered a down payment of 15%-25% for a home.  Zillow notes that 29% of Americans have a credit score this low, according to data provided by myFICO.com.

“Today’s tighter credit is a predictable response by banks after the foreclosure crisis, but also keeps a cap on housing demand.  This effects the greater housing market recovery,” said Zillow chief economist Stan Humphries.

And…..According to a new report from Pew Research,  Americans find themselves in a tough situation. Pew separates its respondents into two groups, one that “held its own” — 45%,  and another that “lost ground” — 55%.

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