In today’s economy, the financial doors seem to be closing on many people, including those who have always had a solid financial footing. It’s a trend we’re seeing more and more, and it’s becoming more common nationwide. A recent report published by the credit scoring company VantageScore showed that late repayments over 90 days were up a shocking 109% year-over-year in their “superprime” credit segment. The “prime” segment also saw a 47% increase in the same period. What does that really mean for you and your family? More importantly, how can you protect your financial future and resolve your own debt problems before they spiral out of control? What Are Prime and Superprime Credit Scores, and Why Should You Care About This Trend? You hear these terms thrown around, but what do they mean? A “prime” credit score is generally considered good to very good, often in the 661-780 range. Lenders see you as a reliable borrower. “Superprime” is the top tier, typically 781 and above. You’ve historically had access to the best interest rates and loan terms because you have demonstrated exceptional financial habits. These scores represent people who pay their bills on time and manage their credit responsibly. […]
