Good credit scores vital as lending standards continue to tighten.
A lot of what we’ve been hearing the past year is that lending standards have become tough. That you have to have a good credit score to get a loan due to the subprime mortgage crisis. Yet now the failure of prime mortgages is going to make it even harder for first time homebuyers to get into a home. Lenders are now even scrutinizing prime borrowers, those who already have a good credit score. It is vital that your credit score be immaculate before you apply for a home loan. Lenders are being more and more conservative with their loans. If you’re looking to get into a home in the future, maybe it’s time to start the credit improvement process now. You can either do it yourself by learning how to write a reputable dispute letter which takes a lot of time and patience or you can hire a reputable firm for a monthly fixed price.
Read more about tightening lending standards here.
Tags: Credit Repair, Credit Score, lending standards, writing a credit dispute letter
August 13th, 2008 at 10:36 am
It’s interesting. Initially it seemed as if only sub-prime mortgages were going to be affected by this credit meltdown. But the longer we go down this path, the more it seems as if credit should be on the minds of anyone, prime or sub-prime, when they go to get a loan.
Having just gone in for credit, I can tell you that things have changed. It’s not nearly as easy as it was to get a loan, EVEN with decent credit.
Thanks for the article, very interesting.