Lenders Tighten Credit Standards to Highest Levels Since 2018, Impacting Borrowers With Lower Credit Scores

Rejection rates for loans and credit cards have increased to the highest levels since 2018 as lenders tighten standards. Those with credit scores below 680 are most affected.
With less money to lend, financial firms are becoming more strict and selective with borrowers. Having a good credit score is more important than ever.
To raise your score, pay bills on time, keep debts low, and show you can manage different types of credit over time.
Your credit utilization rate - the amount you owe versus your limits - is key. Keep it below 30%, or even 10% for the best scores.
Check your credit score monthly and consider making extra payments to lower utilization. Shop for the best rates on loans and cards.

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Posted 9/15/2023, 2:30:09 PM