Economists recently declared that the 2008 recession ended in June 2009, but Nevada residents are finding that the damage has already been done to their credit scores. Reports from the U.S. Bureau of Labor Statistics showed that the national unemployment rate rose from 9.5 percent in July to 9.6 percent in August. Without a steady income, many Americans have fallen behind on their monthly payments, including Nevadans.
Experian, one of the three national credit bureaus, released a “State of Credit” report last week describing the current status of consumer credit in the United States. Cities in Nevada, Texas, and California were at the bottom of the list of areas with low average VantageScores, Experian’s version of credit scores. Counselors at Consumer Credit of Nevada have reportedly doubled their staff since the recession, according to CBS-8 News.
Foreclosure rates continue to rise across the country, and as more Americans lose their homes, credit score averages will continue to drop. Bankruptcy and foreclosure can knock hundreds of points off of a credit score. Consumer Credit of Nevada representative Cena Valladolie told CBS-8 News she still encourages individuals who have lost their homes to pay the minimum due on outstanding balances to improve their credit histories.
Credit scores across the country are down two points since the start of 2010. Massachusetts, New Jersey, and California have the highest credit score averages, hovering around 685. Arkansas has the lowest average at 640, the Business Times notes. With a score below 600, it’s nearly impossible to receive acceptance for a large loan, including a mortgage.
In 2007, Fannie Mae and Freddie Mac unveiled “risk-based pricing” standards, making it more difficult for consumers with 
Payments that are 30 days late on large loans can knock off between 40 and 110 points from a 
A majority of Americans have at least some debt tied to their name, but financial analysts say few consumers understand the difference between good and bad debt. If managed wisely, debt can actually have a positive impact on a payment history down the road.
In an effort to reduce the amount of debt they have to write off annually, lenders have tightened their restrictions for borrowers since the 2008 recession. As consumers struggle to pay down their existing debt, many are discovering that they aren’t qualified to take out a loan without a 
Americans seem to have shifted their focus to rebuilding their savings, paying down their debt, and improving their 
In July, the unemployment rate in the U.S. reached 9.5 percent, according to statistics from the Labor Department. Without a steady income, many Americans have grown concerned that borrowing may hurt their 
During the upcoming fall semester on college campuses nationwide, credit card companies will have to find new ways to lure young adults.
Franchises across the U.S. have recently been feeling a financial squeeze as banks tighten the reins on lending. The economic recession has rightfully scared banks from administering loans, and those interested in opening franchises are consequently suffering.
