Ever since subprime mortgages became more "sub" than "prime," lenders have been tightening up on credit. The days of the nothing-down, no-documentation mortgage are gone.
Now homebuyers need a down payment and proof of income. What’s more, mortgage applicants need a winning credit score.
Credit scores are also weighed when you want to refinance a home loan or buy something on time. Some auto and home insurance companies will accept or reject you based on your credit score. Even if you’re accepted, the price you pay for insurance may vary according to your credit score.
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