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This Week in Credit News: Credit Scores Improving

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The biggest news this week involved a new report on the state of credit in the U.S. as mortgages dropped to new record lows.

10 Cities With the Worst Credit Scores

A new report from Experian shows that Texas dominates their list of cities with the lowest average credit scores. Three South Texas towns were in the top 10 - El Paso, Corpus Christi and Harlingen.

It isn’t all bad news, however. Credit scores in the U.S. are improving overall and many borrowers are getting better at paying their bills on time, a major factor in credit scoring. If you want to take a look at where your credit score currently stands, check out your Credit Report Card.

@brownellorama @CreditExperts

Free Credit Check ToolGroupon Launches Credit-Card Payments Service

The group discount company is rebranding itself as a mobile payments provider as Groupon announced this week that it’s now supplying small business owners with an app that allows them to swipe credit cards for a small fee.

Groupon Payments, as the app has been named, is a direct competitor to Square and Paypal and is intended to help small business owners simplify their payment of swipe fees. Currently, Visa, MasterCard, American Express and Discover are all on board.

@CNNMoneyTech @julpepitone

Mortgage Rates for 30-Year Loans Tumble, Matching Record

If you haven’t refinanced yet, you might want to now. The average interest rate on a 30-year fixed-rate mortgage dropped to 3.49% this week, according to Freddie Mac. That matches the previous record low set in July.

As QE3 begins, many economists expect mortgage rates to continue to stay near record lows, which will be a big break for consumers hoping to take advantage of the lower interest just as credit markets begin to open up again to less-prime borrowers.

@Reuters @mrgopal

Image: NS Newsflash, via Flickr

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  • http://credit.com Maria

    I had my mortgage modified after paying five years of just interest. My interest payment is 4.0%. My house is under water. Can I refinance to a 15yr fixed to lower my interest and possibly my mortgage payments? Iowe $343,000., mortgage payment is 1715.00 less taxes and insurance / payed separately.

    • Michael Schreiber

      Marla — we’d like to try to move this discussion over to our user community. Could you post this over there? You’ll benefit from the perspective of members of the community, as well as Credit.com experts… http://forum.credit.com/

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