United State Credit Users Suffer Credit Scores Decline

Millions of Americans have experienced decline in their credit scores to the lowest levels possible. FICO has reported that almost 26% of American consumers have a credit score less than 600. When a consumer reaches a those low levels, he/she is considered a very high risk for lenders, which makes it almost impossible for these consumers to obtain a mortgage, auto loans, or credit cards. This group of low credit score Americans has increased by 2.4 million over the past two years. Another important piece of information is that the group of consumers in the credit score group of 650 to 699 is almost 12% of consumers, which has decreased from the typical 15%

These consumers are in a bind. What used to be considered a good credit score not too long ago, now leaves them with no access to financing. Standards have toughened and these scores aren’t as good as they once were. These tightened standards will make it much tougher for these people to obtain loans, especially with the best mortgage rates.

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