Finding money now can be difficult without premiere credit

The world of lending changed drastically

Getting money now is different than it was a few years ago. What a lot of Americans have learned is that since the recession, lending is an entirely revamped process. People who have tried to take out loans recently may have been surprised at the new rigors of qualification. Martin Seaverman of Portland, Oregon said, "I used to be able to get moderate rates when it comes to credit… since the recession I have had a hard time finding anything reasonable."

Due to changes in the credit lending industry, many consumers are cautioned to start changing their ways when it comes to dealing with credit. Regardless of your feelings about credit, it is a necessity in today's world. For most Americans, big-ticket items can't easily be funded without finding lenders. The recession changed credit, though, and how consumers qualify for it.

Applying for credit

A few years ago, anyone with a credit score of 620 or higher was considered a great borrower. In 2008, that number was increased to 680. Then in April of 2009, lenders began looking for a score of 720 or higher for lending. The aftermath of the economic downturn is that consumers with seemingly good credit are being turned away by lenders. People who formerly were satisfied with their credit scores are now being forced to make considerable changes in their credit habits to move them up, or pay more for higher rates. Mortgage broker Todd Huettner said, "What used t! o be great [credit] is now only good." He also added that refinancing that may have worked a year ago may not make sense now. Many homeowners looking to refinance are finding it difficult although they thought their credit was good enough. Huettner added, "The costs of rate adjustments are enough to make a refinance that would have otherwise make sense, have no benefit to the borrower." Refinancing at a high rate is not a good option for any homeowner, but many are finding that it is the only option they are being given. … click here to read the rest of the article titled “Finding money now can be difficult without premiere credit“