Freddie Mac says it wants to help make renters more creditworthy and it’s putting its words into action with a new program that allows their rental payments to make a difference. Under the new scheme, owners or managers of multifamily properties will be able to report on-time rental payments to credit bureaus, in a move
Renters’ credit scores are improving
February 8, 2021 by
Renters are on the whole managing to improve their credit ratings, even as many struggle to cope with the financial consequences of the coronavirus pandemic. A new analysis by RENTCafe of more than 5 million lease applications in the U.S. shows that landlords are approving new tenants with higher credit scores than in previous years.
Now is the best time to secure a mortgage, study finds
February 1, 2021 by
Home buyers should move quickly if they want to lock in the best possible terms on their mortgage, as the winter months typically see lenders providing much better deals on their loans. A new study by home finance startup Haus found that lenders typically offer discounts of up to 20 basis points in January compared
U.S. credit scores reach record high in 2019
March 5, 2020 by
Credit scores in the U.S. are improving, especially among millennials, according to a new analysis by the credit rating agency Experian. The analysis shows that the average FICO score in the U.S. hit a record high of 703 in 2019, while the share of Americans with a score of over 700 hit 59%, the highest
Here’s how long it takes for your credit to recover after buying a home
November 12, 2018 by
It takes around 11 months for a consumer’s credit score to recover after purchasing a home, a new study by online loan marketplace LendingTree has found. When a consumer buys a home, their credit score drops by an average of 15 points, but only after 160 days, or just over five months. That’s because it
RE/MAX Realtor Erica West Illustrates Why Credit Scores Still Count for Seniors
May 17, 2016 by
Many seniors whose mortgages are paid off, are retired and don’t expect to borrow money at this phase of their life assume their credit score no longer matters. “However, this is simply not true, and good credit can be a key factor in how you live out the rest of your days,” said RE/MAX Sun
Low Credit Scores May Dash Millennials’ Home-Buying Dreams
April 24, 2016 by
Nearly a third of millennials (ages 18 to 34) hope to purchase a home within the next year, but more than 40 percent may not have the credit to do so(1), according to a new TransUnion (NYSE: TRU) survey released today.TransUnion’s survey of 1,843 consumers found that while 32 percent of millennials say they plan
Foreclosures and FICO Scores Where Do You Stand
July 31, 2015 by
It’s past the time that want-to-be home buyers understand the real relationship between a previous foreclosure and the current impact on credit scores. Much of the impact on today’s credit score has little or nothing to do with a foreclosure happening three to six years ago. Known as boomerang buyers, according to the National Association
Are Credit Score Requirements Too Strict?
May 14, 2014 by
Executives at FICO, the creator of a credit score widely used in the mortgage industry, say that the high credit score “cutoffs” that mortgage lenders imposed following the housing crisis are stricter than necessary.
Mortgages Could Be ‘Easier To Get’ in 2014
January 21, 2014 by
It looks as if some borrowers may find it far easier to obtain mortgage credit this year than they would have just 12 months ago, according to a new report in MSN Real Estate.
