Lately, it may take more than just a good credit score for many people to get approved for a loan. New research shows banks and other lenders have tightened their lending standards.
PHOENIX — Cheryl Magnusson and her husband wanted to borrow money for a home renovation project earlier this year. They didn’t expect an arduous process. She said they always easily landed loans, including a mortgage in 2009 in the wake of the US housing crisis.
While Magnusson and her husband ultimately secured the loan from USAA with an interest rate of 10% to renovate their kitchen in July, USAA required the couple to provide more than 20 financial documents to gain approval, she said. McBride also said that while lending standards have been tightening for more than a year, the recent failures of regional banks, like Silicon Valley Bank and Signature Bank, may have pushed standards to become even more strict.
William Brown, who is retired from the Navy, said he recently faced difficulty securing a $7,000 increase on his credit card limit through his local, Florida-based credit union, Suncoast Credit Union. Brown has a credit score over 700, according to a screenshot he provided which was viewed by CNN. In a statement to CNN, Suncoast executive vice president Darlene Johnson said that Suncoast’s underwriting positions have not changed because of interest rate increases but rising rates do impact payment calculations.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Arizona Diamondbacks vs New York Yankees Line MovementMLB line and odds movement for Arizona Diamondbacks vs New York Yankees on Sep 22, 2023.
Read more »
Arizona vs New York Betting Matchup & Odds September 22, 2023Arizona vs New York MLB History: Check Past Results And Stats For Insights On The Game - September 22, 2023!
Read more »
Arizona's sweltering summer could set new record for most heat-associated deaths in big metroAmerica’s hottest metro area is on track to set an annual record for heat-associated deaths after a sweltering summer
Read more »
Arizona's sweltering summer could set new record for most heat-associated deaths in big metroAmerica’s hottest metro area is on track to set an annual record for heat-associated deaths after a sweltering summer.
Read more »
Arizona's sweltering summer could set new record for most heat-associated deaths in big metroAmerica's hottest metro area is on track to set an annual record for heat-associated deaths after a sweltering summer, particularly in Phoenix.
Read more »