About Us  > Blog

Credit scores on the rise in the U.S.

by Prosper on 07/17/12

With the recession, Americans have seen some of the most astonishing and drastic shifts in our money markets. The nation’s individual credit scores have been no exception. According to Lisa Gerstner from Kiplinger Personal Finance Magazine, this change has not only evened out, but is on a slow, positive rise. Lisa Gerstner writes, “As we pulled out of the recession, the middle started to grow again. Now, about 18% of scores are in the highest range: 800 to 850”. Gerstner goes on to confirm that this is the highest we have seen since October, 2008, which was about 15%. You can find Gerstner’s complete article here.

Gerstner predicts that this is more than likely due to the fact that the recession forced people to focus on their finances more closely. As a result, they were able to build their credit scores, and increase their chances of receiving better rates down the line. Borrowers with a higher credit score are more likely to receive lower interest rates on personal loans, such as those provided through Prosper.com.

Increasing your credit score isn’t always the most straight forward process. Gerstner advises that borrowers stay current on bills, keep credit balances low relative to credit limits, and only take credit when they need it. But what else can borrowers do? Jessica Anderson, associate editor of Kiplinger Magazine demonstrates 6 things that borrowers should bear in mind in order to raise their credit scores and consequently lower their rates. Anderson covers these steps in her article, “6 Things to Know About Credit Scores


Leave a Comment

Prosper moderates all comments and will approve those that are directly relevant to the post. We do not publish comments that are spam, are offensive or appear to pass you off as another person.

(required)
(required) Email will not be published.
 

Comment Policy

 

*
To prove you're a person (not a spam script), type the security word shown in the picture. Click on the picture to hear an audio file of the word.
Click to hear an audio file of the anti-spam word

One Response

Trackbacks


posted in Borrowers,Featured,Personal Finance Education 1 comment »

Connect with us

Search

Borrowers

Prosper Marketplace Announces Acquisition of American Healthcare Lending

By Prosper on 01/27/15   [ 0 ]

Today, Prosper Marketplace is excited to announce its first-ever acquisition — American Healthcare Lending, a leading patient financing platform. This is an important step in expanding our capabilities and bringing our product into a market where we believe it can make a positive impact. Healthcare lending is a growing industry, and one that we’re excited [...]

Read More

Prosper Updates its Data Policies and Reiterates Commitment to Investors and Data Quality

By Prosper on 01/26/15   [ 1 ]

Prosper has recently made the following updates to its API and data files: 1. As of January 25th, historical data for each calendar quarter will now be made available 45 days after the close of the quarter. 2. Investors on the Prosper platform will still have access to the same data for new listings as [...]

Read More

Starting 2015 with Community, Quality, Partners and Focus

By Prosper on 01/7/15   [ 3 ]

We’ve just wrapped up 2014 and what a year it has been for everyone in our industry. First and foremost we want to say thank you to our customers, partners and investors. We could not have done it without you. One of the big highlights of 2014 was our $2 Billion Strong Photo and Video [...]

Read More

« Older Entries

Monthly Archive


Notice: Blogs and other materials posted on or linked from this page that use the name "Prosper" generally use that name to refer to Prosper Marketplace, Inc. if published before January 31, 2013 and to refer to Prosper Funding LLC if published on or after February 1, 2013.