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Old 11-14-2010, 07:43 PM
 
Location: Great State of Texas
86,068 posts, read 75,460,682 times
Reputation: 27612

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Oh those poor borrowers who didn't pay their debts.
Their credit is ruined..or is it ?

I guess the number of creditworthy people are dropping so they have to lower the bar to get more people "back up there" in score.

Yet again..lower the bar so there are more winners !!
There is the possibility of you coming out even higher now if you've walked away from payments in the past.
They're wiping the slate clean..go forth and take out those ARMs and HELOCs..let the good times roll once more !

Credit scores to be revised amid soaring mortgage defaults - Los Angeles Times
"In late October, both Fair Isaac Corp., developer of the FICO score, which dominates the mortgage field, and VantageScore Solutions, a joint venture by the three national credit bureaus and marketer of the competing VantageScore, outlined modifications they were making to handle the vast credit disruptions caused by the housing bust, the recession, high unemployment and behavioral changes by consumers.
..
The FICO 8 Mortgage Score could come in higher than the standard FICO — indicating lower risk for the future — in situations where formerly troubled borrowers manage to put themselves back on a healthier credit track."
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Old 11-14-2010, 07:44 PM
 
Location: Canada
2,158 posts, read 1,777,720 times
Reputation: 876
Unbelievable. Maybe I should quit being responsible and spend like there's no tomorrow. The inmates are running the asylum.
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Old 11-14-2010, 07:49 PM
 
1,701 posts, read 3,120,877 times
Reputation: 599
AWESOME NEWS!!!!! My FICA is going to crush everyone elses!!!! I'm so pumped. Oh yea, that and it's just another instance in which standards are lowered for the irresponsible masses. Circling the drain ladies and gents.
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Old 11-14-2010, 07:54 PM
 
Location: Great State of Texas
86,068 posts, read 75,460,682 times
Reputation: 27612
Quote:
Originally Posted by Patton360 View Post
Unbelievable. Maybe I should quit being responsible and spend like there's no tomorrow. The inmates are running the asylum.
I've thought like that myself when I read articles like this.
But if your luck is like mine..I'd be punished instead of rewarded and would be living in a cardboard box under a bridge somewhere with an "I'll work for food" cardboard sign.
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Old 11-14-2010, 07:59 PM
 
Location: Canada
2,158 posts, read 1,777,720 times
Reputation: 876
Quote:
Originally Posted by HappyTexan View Post
I've thought like that myself when I read articles like this.
But if your luck is like mine..I'd be punished instead of rewarded and would be living in a cardboard box under a bridge somewhere with an "I'll work for food" cardboard sign.
I guess folks like you and I would be viewed by many as some kind of killjoys for not spending like drunken sailors.
Honestly, too many people are walking around who will do stupid things because some banker or mortgage broker told them they could live beyond their means. What's next? Will they offer three magic beans in exchange for half your assets?
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Old 11-14-2010, 08:34 PM
 
Location: liberal paradise/conservative hell
5,646 posts, read 4,302,479 times
Reputation: 990
Quote:
Originally Posted by HappyTexan View Post
Oh those poor borrowers who didn't pay their debts.
Their credit is ruined..or is it ?

I guess the number of creditworthy people are dropping so they have to lower the bar to get more people "back up there" in score.

Yet again..lower the bar so there are more winners !!
There is the possibility of you coming out even higher now if you've walked away from payments in the past.
They're wiping the slate clean..go forth and take out those ARMs and HELOCs..let the good times roll once more !

Credit scores to be revised amid soaring mortgage defaults - Los Angeles Times
"In late October, both Fair Isaac Corp., developer of the FICO score, which dominates the mortgage field, and VantageScore Solutions, a joint venture by the three national credit bureaus and marketer of the competing VantageScore, outlined modifications they were making to handle the vast credit disruptions caused by the housing bust, the recession, high unemployment and behavioral changes by consumers.
..
The FICO 8 Mortgage Score could come in higher than the standard FICO — indicating lower risk for the future — in situations where formerly troubled borrowers manage to put themselves back on a healthier credit track."
This is sad news. Let's make those of us who have busted our butts to get our good credit scores more on the level of those who haven't worked quite as hard. Maybe I should stop paying my mortgage, no one will care and that's a lot of extra money I could spend elsewhere each month!
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Old 11-14-2010, 08:45 PM
 
Location: Great State of Texas
86,068 posts, read 75,460,682 times
Reputation: 27612
I'll wager that the responsible folks watch what they spend and borrow.
We're not what the banks want..we don't generate enough "interest" for them in borrowed money.

But, the suckers who do go back for loan after loan, card after card, are looking pretty bad on that FICO pole.

The banks need to get the suckers back in the doors..borrowing and sending in those interest payments. So what better way then to adjust for "credit disruptions".

What a nice PC term now..."Oh, I've had a credit disruption last year". Sounds so benign, no stigma, no guilt, just matter of fact like it happens to everyone.
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Old 11-14-2010, 08:45 PM
 
10,854 posts, read 8,367,739 times
Reputation: 3121
Quote:
Originally Posted by HappyTexan View Post
Oh those poor borrowers who didn't pay their debts.
Their credit is ruined..or is it ?

I guess the number of creditworthy people are dropping so they have to lower the bar to get more people "back up there" in score.

Yet again..lower the bar so there are more winners !!
There is the possibility of you coming out even higher now if you've walked away from payments in the past.
They're wiping the slate clean..go forth and take out those ARMs and HELOCs..let the good times roll once more !

Credit scores to be revised amid soaring mortgage defaults - Los Angeles Times
"In late October, both Fair Isaac Corp., developer of the FICO score, which dominates the mortgage field, and VantageScore Solutions, a joint venture by the three national credit bureaus and marketer of the competing VantageScore, outlined modifications they were making to handle the vast credit disruptions caused by the housing bust, the recession, high unemployment and behavioral changes by consumers.
..
The FICO 8 Mortgage Score could come in higher than the standard FICO — indicating lower risk for the future — in situations where formerly troubled borrowers manage to put themselves back on a healthier credit track."
I knew this would happen. You can't have a credit based economy if you start excluding large numbers of people due to unemployment, foreclosure etc.
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Old 11-14-2010, 08:47 PM
 
Location: Great State of Texas
86,068 posts, read 75,460,682 times
Reputation: 27612
Quote:
Originally Posted by JazzyTallGuy View Post
I knew this would happen. You can't have a credit based economy if you start excluding large numbers of people due to unemployment, foreclosure etc.
Well I'd like to know how you INCLUDE them, if they have no job and walked away from their financial responsibilities, with a straight face ?
But I agree with you..I figured it would happen sooner or later. That's too many "potential" borrowers to let go.
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Old 11-14-2010, 09:58 PM
 
10,854 posts, read 8,367,739 times
Reputation: 3121
Quote:
Originally Posted by HappyTexan View Post
Well I'd like to know how you INCLUDE them, if they have no job and walked away from their financial responsibilities, with a straight face ?
But I agree with you..I figured it would happen sooner or later. That's too many "potential" borrowers to let go.
If you don't have a job and you don't have an income what are you going to do? There are people out there you under normal circumstances i.e. they are employed are perfectly willing to pay their debts. Once the income goes so does the ability to pay debts. Not everybody that has bad credit is a deadbeat per se. Some people are obviously in circumstances that just don't allow them to pay their debts. Credit scoring companies are finally realizing it's foolhardy and bad business to just shut the door on people who would normally pay their debts if they had the means to do so.
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