Survey: Most Consumers Satisfied With Bank Support
Most consumers have been satisfied with the level of support provided by U.S. banks during the COVID-19 pandemic, according to a new study by global analytics software provider FICO.
As Bank Customers Move Online, Most Vulnerable to Fraud
With limited access to bank and credit union branches during the coronavirus pandemic, customers have turned to online and mobile banking tools. But a new study shows that consumers have not done enough to prevent fraud on their accounts.
New Financial Tools Offer a Boost to Credit Ratings
Here’s some good news for anyone whose credit scores aren’t quite as high as they’d like them to be: Three new financial tools have come to market – or soon will be available – that could give your scores a shot of adrenaline when you need it most.
More Americans Are Paying Mortgages on Time
It’s a real estate and social barometer that doesn’t get a lot of publicity, but it’s important: More Americans are paying their mortgages on time today than they have in nearly two decades – maybe even longer.
Your FICO Score is Not Your Mortgage Destiny
A new statistical review conducted by Lending Tree suggests that, depending on market conditions, a “good” 700 FICO score could get you nearly as attractive a rate deal as someone with an 800-plus score.
Americans’ Credit Scores Hit Record High
Millions of Americans have a new record high average FICO score, and that’s positive news for homebuyers, sellers, lenders and the economy overall.
Relaxed FHA Requirements Provide Path for Would-Be Buyers
Is it easier today for homebuyers with a high debt ratio and sub-par credit scores to qualify for a mortgage than it’s been in years?
‘Score Planner’ Tool Offers Customized Path to Better Credit
If you’re seriously thinking about buying a home in the months ahead, you almost certainly know how important your FICO credit score will be in getting a mortgage.
Cutbacks in High Debt Ratio Loans Could Hurt Buyers
A key policy change by mortgage giant Fannie Mae that offered homeownership to thousands of new buyers – many of them minorities – could face significant cutbacks. The reason: Private mortgage insurers are re-thinking their decisions to participate.
‘Rapid Rescoring’ Can Provide Quick Credit Fix
Many mortgage applicants have never heard of “rapid rescoring” or CreditXpert score simulations – in part because some lenders choose not to educate them.
Less-Stringent Standards Open Options For Homebuyers
Here’s an important question for anyone hoping to buy a home next year but who isn’t quite confident about qualifying for a mortgage: Is it true that lenders have eased up on certain key requirements, making it simpler for first-time buyers and others who can’t pass all the strict tests to get approved?
Zero-Down Payment Mortgages Are Back
They were all the rage – then the scourge – of the housing boom and bust. Now they’re back, big time: home mortgages that require tiny or zero-down payments from buyers.
Credit Cards Losses To Rise Nationally
U.S. credit card losses are likely to rise at JPMorgan Chase & Co. and across the industry, Gordon Smith, head of the bank’s consumer businesses, said at a conference on Tuesday.
Big Credit Score Boosts Ahead For Some
If you’ve heard that some people might get a magic boost to their FICO credit scores in the 10-point range – without having to do anything – you’re right. But hundreds of thousands of consumers’ increases will be much larger.
Sageworks: Bankers May Want To Retool FICO Storage
More than a third of bank and credit union professionals (34 percent) store consumers’ FICO scores on a monthly basis, but given the approaching requirements of CECL, they may want to rethink that approach, financial analysis firm Sageworks said recently.
Credit, Debt Dings Don’t Always Doom Mortgage Applications
How tough is it to get approved for a mortgage? How low can your FICO credit score go before your lender shows you the door? And how much monthly debt can you be shouldering – credit cards, student loans, auto payments – but still walk away with the mortgage you’re seeking?
Don’t Flunk These Mortgage Tests
They are the three biggest snares for homebuyers seeking mortgages, and if you focus on them in advance you’re much less likely to have your application denied.
When Will Fannie And Freddie Switch To A New Credit-Scoring Model?
You probably know that your credit score is a crucial factor in your ability to qualify for a mortgage.
Mortgage Misperceptions
When lenders say their doors are open to homebuyers who don’t have the best credit profiles, should you believe them? If you’re a first-time buyer, qualified on income and other key criteria, but you happen to have a FICO credit score in the mid- to upper 600s, do you...
Lofty Goals, Little Progress
Federal housing policy makers and mortgage lending groups have been talking about expanding access to home loans for greater numbers of credit-worthy buyers for more than a year. They call it “opening up the credit box” and insist that it’s an important goal. So how’s...
