Have you been denied an auto loan, credit card or mortgage in the past? Well you’re not alone, according to FICO over 25% of consumers now have a credit score of 599 or below. The labor department says about 26 million people are out of work or underemployed and millions more face foreclosure, which can ding your credit score by 150 points. Consumers with average credit scores are not being given an interest rate they may deserve since we rely so heavily on the credit score alone. Banks aren’t taking into consideration that 2 people with a 650 credit score may have completely different spending/paying habits. One’s score may be lower because they just were approved for an auto loan, while the others score may be lower because they have several late payments.

What are your thoughts on how heavily we rely on ones credit score, what other alternatives should be considered?