Lender Bust Makes Credit Score Important

By Camaron Abundes
NewsWest 9

PERMIAN BASIN- "If you could breathe you could get a mortgage," said Tena Waggoner, of Pioneer Mortgage. She says that just isn't the trend anymore.

According to the Associated Press Fifty lending companies around the nation have gone belly up since the start of the year.

"The scale and the requirements to get loans has moved up," said Joe Moya, of AG Edwards Odessa Branch, "The lending profession right now is going through what some experts call a lending crunch."

A crunch that will make it tougher for those with bad credit to land a loan.

"I think its finally reached the point that consumers need to take seriously the privilege of having credit extended to them, and take care of business and pay their bills on time," said Waggoner, "and if you do pay your bills on time and have a little money for closing costs you are still able to get a mortgage."