In the midst of a global financial and solvency crisis that’s left U.S. banks largely unwilling to extend loans or credit to many individuals, small businesses, or even other banks, 62 percent of credit card companies are reducing their customers’ credit card limits, often suddenly and without notice, (more…)

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It’s tougher to get a car loan these days, even for borrowers who have an excellent credit score, reports Newsday (“More Consumers Rejected for Car Loans,” Sept. 25, 2008).

In the ongoing credit crisis, “prime” borrowers — those consumers who have a credit score of 720 or higher (on a scale of 300 to 850), a score that just a year ago would have easily qualified them for most loans and lines of credit — are increasingly being denied for car loans. (more…)

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