Credit scores (of which FICO scores are a subset) have always been important because banks and financial institutions use them to determine individuals’ credit worthiness. However, with lending institutions raising their standards in light of this past credit crisis, your score is more important than ever.

Overall, this tightening of the purse strings is a good development for the industry, but it also means some individuals may be unfairly punished for otherwise responsible behavior. While borrowers who are late or miss payments take a justifiable hit to their credit scores, those who always pay on time may still have their scores dinged.

Read more at www.liveandplayinchicago.com...

 
Posted by Jennifer Ames on 06/27/2009 03:48 PM   Comments (0)   Credit Scores in the Mortgage / Finance Channel   credit score  
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Jennifer Ames

Chicago, IL

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Jennifer Ames Chicago - Coldwell Banker

Address: Coldwell Banker Residential Brokerage, 1840 N. Clark Street, Chicago, IL, 60614

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