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November 21st, 2008

QuickSurvey Results: Having Credit Troubles?



Readers of our weekly Market Trends newsletter know we usually include a topical mini-survey. The most recent one asked: Have you had trouble getting approved for credit lately?

The results so far: Just over half (53%) said No, while nearly 23% said Yes. We also asked whether you’d had a credit line reduced, and about 14% said you had. Ten percent said no, but believe that it could happen.

Of the respondents who have had trouble getting credit approval, one-third mentioned credit cards and another third mentioned a home equity credit line. Nearly 36% said they’d been denied for some other kind of credit. (Numbers don’t total 100% because more than one choice was available.)

The last question we asked was: Have you been denied credit recently? — as opposed to “having trouble getting approved.” A whopping 72% of our readers said No. Evidently Market Trends readers are a cut above!

A new survey will be added to Market Trends this week; if you subscribe to our email delivery, you’ll see it in your email in a short while, otherwise you can read it on Monday morning. (So why not subscribe? It’s free!) But you can still participate in the survey discussed here via this link — and you can leave feedback on the survey, and/or our newsletter, as well.

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About the HSH Blog

HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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