Credit Requirements Changing Daily

The loan you qualify for on Monday might be out of reach on Tuesday. Bankers and lenders are rapidly changing their requirements as home sales and prices plummet and delinquencies and defaults rise. Problems in the mortgage market are spilling into other lending markets as customers struggle to keep up with payments on other loans, such as auto and credit card payments. It is almost impossible to believe how much money people have charged to their credit cards. I cannot even begin to imagine maxing out my credit card. In order to adjust their standards, which many critics say grew too lax in the middle of the decade, lenders now are raising minimum credit scores, offering smaller loans and requiring detailed proof of income and assets. They should have done that long ago and we wouldn't be in this mess.