Why having a good credit score is so important now.

Mortgage lenders look at your creditworthiness when you apply for a home loan.  This article discusses why credit scores are important and provides tips to improve your score.

A good credit score is always important, but lately, as lenders tighten things up, a high score is becoming even more vital than usual.  When lenders increase their standards for doing out loans and credit cards, suddenly it can be extremely difficult to get approved. 

Two recent reports show that lenders are making things hard on consumers.  In one study, a high percentage of banks and lenders reported that they had tightened standards for credit cards and loans.  In another report by the Federal Reserve, the rejection rate for loans – such as mortgages, car loans, and more – jumped by 22 percent in June.  That’s the highest rate in five years.  These trends highlight just how important a high credit score is right now.