Credit scores improving among consumers in major metropolitan areas

Fewer credit scores are in 620-and-below territory across the country.More people are seeing their credit scores rise, as recent data indicates that fewer people are in subprime credit score territory.According to newly released data from credit reporting?bureau Equifax, of the top-25 metropolitan areas surveyed, 24 of them saw a smaller percentage of consumers with credit scores below the 620 threshold when comparing the penultimate quarter of 2012 with the same three-month period in 2011. Some of the biggest improvements were in California, Nevada and Texas.”Consumer credit scores are improving in most major metropolitan areas,” said Trey Loughran, president of personal solutions at Equifax. “The job market is improving and time is starting to heal the wounds of the Great Recession.”Houston was the only metro area in which the percentage of consumers scoring below 620 increased, but a further analysis of the number reveal this isn’t as negative as it may seem. For example, despite a six-tenths of a percent rise in this indicator, there were still far fewer Houston homeowners in subprime territory than those in places like Chicago. There were 1.5 million consumers in the subprime category in the Windy City versus 1.2 million in Houston.The same standard holds true for various other cities as well, including New York, Los Angeles and Washington, D.C., to name a few.Houston homes are some of the most affordable on the market today and strong credit scores can help prospective homeowners attain a low-interest rate. According to Freddie Mac’s Primary Mortgage Market Survey, 30-year fixed-rate mortgages averaged 3.53 percent for the week ending January 31. That’s down from 3.87 during the same week last year.
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