FICO warns mortgage, student loan delinquencies may rise

Federal <span id="student-loan-debt">student loan debt</span> reaches $1.5 trillion ‘ class=’alignleft’>Delinquency rates are down over last year across nearly all forms of credit, except one-student loan debt, where delinquency rates are on the rise as people struggle with paying off debt.Third-quarter delinquencies for auto loans, consumer finance, credit cards, mortgage loans, home finance, and home equity all decreased from the same period last year, and most delinquency rates have been.</p>
<p>Helpful to 4 out of 4 people. The amount your score will improve depends on tons of other factors – your other accounts, how you pay them, your current score, etc., etc. But you will definitely notice a bump upward. I was in bad shape credit wise when I brought my student loan out of default and saw a rise of about 40 points from @575 to @615.</p>
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FICO Says Student Loans May Weigh Economy Down. FICO also reported the outlook on other lines of credit and financing. 47 percent believe mortgage delinquencies will rise in the next year, while 45 percent fear credit card delinquencies will rise. Auto loans were seen as the least volatile by FICO’s survey group, as only 33 percent expect those to rise.

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FICO warns mortgage, student loan delinquencies may rise The rise in student debt can have a devastating ripple effect on the economy for years to come. Until 2009, young adults with student loan debt were more likely to become home owners and more likely to take out a car loan than were people of the same age without student loans.

 · The New Subprime Lending Path. Not all that long ago, a customer looking for a car loan would very likely be seeking it from a bank – even if they were a subprime borrower with a FICO score below 600. But today, for a subprime consumer, that is a somewhat rarer experience. Big banks have moved away from the segment in general -.

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Mortgage debt makes up the largest portion of this tally (about 67%), but that number is actually down from 73% in 2007. One the rise, however, is student loan debt which accounts. Banks will look.

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