One question that remains unanswered has to do with the impact of these fake accounts on the affected customers’ credit scores.
U.S. regulators say Wells Fargo, one of the nation’s largest banks, opened about 1.5 million bank accounts and applied for 565,000 credit cards that may not have been approved or…
The nation’s lowest-scoring borrowers — those with credit scores under 660 — are getting new credit cards at such an increasing rate that they are approaching pre-crisis levels.
It’s been nearly seven years since the foreclosure crisis peaked in 2010, and that means many former homeowners who lost their homes could be re-entering the housing market.
The survey found that 73 percent of those who checked their credit score seven or more times in a year said that this regular vigilance had a positive impact.
The “older the better” saying seems to apply to new mortgage applicants as Millennials have the lowest credit scores when compared with older cohorts.
About 51 percent of mortgages originating in the first quarter went to those with Equifax Risk Scores of 760 or higher (the scale goes from 280 to 850).
These groups of potential buyers are finding it challenging to afford a home with surging prices and tight inventories.
U.S. credit card debt is on a path to reach $1 trillion this year, nearing the record high of $1.02 trillion set in January 2008, right before the financial meltdown.
“The share of credit scores below 700 for applications has declined and has been offset by a greater share of credit scores above 740,” CoreLogic concludes.