credit cards: Credit score fiasco!!!!! - 10/25/09 02:55 AM
FHA is tightening their lending requirements and very shortly raising down payments from 3.5 to 5 percent. Minimum FICO scores have gone from 580-620 and buyers are feeling the crunch. Credit card companies are lowering credit limits thus creating higher debt to limit ratios which in turn lowers FICO scores. Seems like a huge issue that interest rates and available balances can be controlled by credit score while a customer has an active account, and even if they pay on time. For example, a client with a 5k line of credit with a balance of 25oo is at a 50% debt … (6 comments)

 

Joseph Griffin MBA, CBB, CCB

Digging for Real Estate Gold in Atlanta Today!!!

Conyers, GA

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Keller Williams Atlanta Metro East

Address: 2304 Benji Blvd, Conyers, GA, 30013

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