4. References – This typically should be a minimum of six people, with full names, addresses and phone numbers. They can be co-workers or friends, but some lenders prefer you to use relatives. The one rule is that they cannot live at the same address as you, and each must have a different address.
2. Proof of residence – This must be a current (within the past 30 days) utility bill in your name, showing the address used on the application. A good tip: make sure your bill is up to date. It may not look so good to a lender if the bill you are using as proof is 30- or 60-days past due. Also, most lenders will require your rent or mortgage to be current.
Nerdwallet study shows that more than 16 million Americans with subprime credit scores are carrying credit cards. Ready more here.
CHICAGO, IL, Aug 25, 2015 – More credit cards are being offered to subprime consumers, but delinquency rates remain low, according to the latest TransUnion, Industry Insights Report. The credit card delinquency rate (the ratio of borrowers 90 days or more delinquent on their general purpose credit cards) remained steady at 1.19% in Q2 2015. The delinquency rate was relatively unchanged read more
Recent Federal Student Loans Look A Lot Like Subprime Mortgages
Chief Financial and Regulatory Correspondent, The Huffington Post
Rather than paying down their balances after leaving school, borrowers with recent federal student loans are experiencing an increase in debt as they fail to make enough payments to offset the accumulating interest on their loans. Read more…
BRENTWOOD, Tenn. -Along with an inkling about what its auto lending prospects might be, initial findings from the 2015 Growth Strategy Survey orchestrated by Bank Director showed the traditional banking industry may find itself unable to attract what orchestrators called a “decidedly untraditional digital generation.” Read More…
2014 Bankruptcy Highlights
- Total BK Filings down 12% in 2014
- Less than 1 million BK Filings – first time in 7 years
- Non Commercial Filings total 875,635, down 11%
- 2013 average nationwide per capital BK Filing rate was 3.33. In 2014, it dropped to 2.93
Stats taken from article provided by Subprime Auto Finance news. Click here to read it in its entirety
In a special projection report released on Tuesday, CNW is expecting subprime approvals to improve in 2015, but not quite to the same level as this past year. President Art Spinella pegged the year-over-year improvement projection at 12.75 percent “driven in large part by automakers’ captive finance companies looking to expand sales. Read more here.
Struggling private student loan borrowers describe being driven into default with very little information or help when they get in trouble, no affordable loan modification options available, and alternatives to default that are temporary at best, read more here.
With two A’s, one C, a D, and an F; the editorial board of USA Today isn’t giving Financial report the best grades. Check out this excerpt below or click here to read the report in its entirety.
When the credit bubble burst in 2008 and the world almost fell into another Great Depression, the public’s anger could be distilled into two demands: that the people responsible for the calamity should be brought to justice, and that the government should act to ensure that nothing like it happened again.
The first demand was never met. Although prosecutors have obtained large civil judgments against major banks — most recently a tentative $17 billion settlement with Bank of America — no top official at a major financial institution has been convinced of a crime. It can be hard to prove an intent to commit fraud with people who deceived themselves as thoroughly as they deceived others.