“It’s ‘a tale of two cites,'” Komos says. “Some consumers are doing OK, but the reality is that there are consumers we know are still struggling. There is some uncertainty ahead still, and we have to be cognizant of that as well.”
A good indication that lenders are opening up again is if you see increased loan offers or increased marketing from lenders. If you were thinking of applying for credit in the new year, take notice of these offers and also make sure you are tracking your credit in the meantime. Lenders check your credit report when you apply for a new credit card or loan, so know first where you stand.
Consider signing up for a credit monitoring service that keeps you updated on your credit in real time and alerts you of any changes. CNBC Select ranked the best credit monitoring services and consumers feeling cash strapped can can get their credit tracked for free with the below two services that made our list: