Credit Scores…How Important Are They?
Posted By thestatedtruth.com 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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