Word: poorly
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...Poor credit? It's still no problem for some lenders...
...Though there are soft spots in the subprime market, overall, business is good. The percentage of auto loans going to people with poor credit, for example, has been increasing. And while a number of banks have stopped offering credit cards to the debt-challenged, there are still companies handing out subprime plastic. First Premier Bank, for one, just tweaked the fees on its credit cards aimed at individuals with low credit scores to comply with recent legislation, and its business proceeds apace...
...lenders and mortgage brokers handed out $625 billion in mortgages to borrowers with low credit scores, which is generally anything below 650. The credit crunch, though, put most of those firms out of business. Last year, financial firms made just $4 billion in home loans to people with poor credit. That number excludes loans backed by the Federal Housing Administration (FHA), which traditionally has helped troubled borrowers get mortgages...
...Initially, many thought the financial crisis would be disastrous for subprime lenders, but that just hasn't panned out. One reason is those big banks that left the playing field. As more and more banks tightened their credit standards in 2008 and '09, the smaller lenders to people with poor credit have been able to not only pick up that business but also raise interest rates, since borrowers have fewer options. Shares of many of the companies, including Cash America, Dollar Financial, First Cash Financial and World Acceptance, have risen sharply this year. World, one of the biggest, has seen...
...Credit cards, too, are still available for customers with credit scores in the 600s and below. First Premier Bank used to charge customers with poor credit as much as $250 in fees to open a credit card that had a $300 limit. But following the recent passage of new rules for card issuers, which among other things caps the annual fees companies can charge to 25% of the credit limit, Premier has retooled its offering. It now charges a $45 processing fee before customers open a card. It then charges a separate $75 annual fee, which is exactly...