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News Link • Economy - Economics USA

More Americans' credit scores sink to new lows

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. Because consumers relied so heavily on debt to fuel their spending in recent years, their restricted access to credit is one reason for the slow economic recovery. "I don't get paid for loan applications, I get paid for closings," said Ritch Workman, a Melbourne, Fla., mortgage broker. "I have plenty of business, but I'm struggling to stay open."

1 Comments in Response to

Comment by Lynn Christen
Entered on:

 Credit scores are bogus numbers any way.  Truly, it is only an indication of how far you can go into debt, which the bankers love.  I call it the mark of the beast, because it is so deceptive. 

My credit sucks, and I dont care.  After battling catastrophic flooding for 10 yrs, caused by the builders that built their $300 k track homes and did not deal with the water run-off, amongst other things, like my ex not paying his child support half the time... etc etc.. and not to mention I don't have a DUGREE... well hmmm.. you can kma, as now... I am totally self sufficient, thanks to the fico!

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