Having good credit is now frowned upon

[millerkiller77]

So I guess it's time to go finance some cars and make bad life decisions to get my credit under 740. Am I missing something in this article that logically explains why a responsible person with good credit is being penalized?

Edit, apparently being fiscally responsible is racist or unfair to stupid people.

I'm open to suggestions on how to drop my credit score 70+ points so I can avoid paying higher rates on any future real estate transactions.

Mortgage fees are changing for homebuyers next month. Here's what you should know. - NewsBreak

If you plan to buy a house soon, you should be aware of these fee changes that will affect your upfront costs.

www.newsbreak.com

 

[Nick87]

Story of my life 15 years ago I wanted to borrow all kinds of money but my credit score was low (not really low I just had no credit as because other than a car loan I never financed amything) fast forward to a high credit score screwed again.

 

[Flatbrimmer]

This is great for me!
In all seriousness it dropped my rate from 2.75 to 1.5 and raised yours from 0.25 to 0.375?? That seems like not much penalty on you and a big help for folks still building that prime score. Still, I understand why that could be unfair.

 

[Nick87]

I rest my case

 

[homers]

Lenders with good credit will pay about $40 more a month to subsidize those with lower credit. Another example of punishing responsible people and rewarding those with bad behavior.

 

[millerkiller77]

This is great for me!
In all seriousness it dropped my rate from 2.75 to 1.5 and raised yours from 0.25 to 0.375?? That seems like not much penalty on you and a big help for folks still building that prime score. Still, I understand why that could be unfair.

I'm glad you're rate dropped and truly hope it benefits you financially. Squirrel away that savings for when you sell/expand holdings and get penalties for being a responsible homeowner.

 

[millerkiller77]

Lenders with good credit will pay about $40 more a month to subsidize those with lower credit. Another example of punishing responsible people and rewarding those with bad behavior.

Food stamps/ ebt for real estate. I'm fine with it, hopefully all these subsidized rates go to the new 40 year mortgage recipients.

 

[mikieb]

I think I am going to take my 830 score and get a few more credit cards.... Max all of them out and then file bankruptcy.... Then I will get a cheaper rate, and be the bank's preferred customer...

 

[Hircine]

So I guess it's time to go finance some cars and make bad life decisions to get my credit under 740. Am I missing something in this article that logically explains why a responsible person with good credit is being penalized?

Edit, apparently being fiscally responsible is racist or unfair to stupid people.

I'm open to suggestions on how to drop my credit score 70+ points so I can avoid paying higher rates on any future real estate transactions.

Mortgage fees are changing for homebuyers next month. Here's what you should know. - NewsBreak

If you plan to buy a house soon, you should be aware of these fee changes that will affect your upfront costs.

www.newsbreak.com

Max out your credit cards and allow your debts to go to collections.

 

[TheTone]

Max out your credit cards and allow your debts to go to collections.

Find the right landlord, stop paying rent and continue to live there for free for years because eviction is too much of a pain

 

[JEL]

People who work hard and are smart and responsible with money have been getting screwed fir a long time. Nothing new.

 

[grizzly_]

This makes it look like the rule only applies to certain loan programs, not to traditional Conventional financing...

 

[F250]

Same absolute Bull Chit as paying off someone’s college loans !! How about this : you sign for the loan … YOU pay it off !!!

 

[mdhunter]

If you consider that over the lifetime of the loan it will cost the borrower with GOOD credit an extra $14,000 in interest it should make people angry.

 

[TN2shot07]

Same absolute Bull Chit as paying off someone’s college loans !! How about this : you sign for the loan … YOU pay it off !!!

 

[EYJONAS!]

 

[Brittany Chukarman]

All part of Obama's redistribute the wealth bullshit he started. Anything to create more votes. I just hope it backfires on them.

 

[noharleyyet]

Groundhog Day political pandering.

 

[Deleted member 18333]

Wasn't there an issue maybe 15 years ago or so where folks with poor credit were incentivized by banks to get them homes they most likely could not afford. Seem to recall it went badly. I'm sure this plan will go much better.

 

[antlerradar]

Wasn't there an issue maybe 15 years ago or so where folks with poor credit were incentivized by banks to get them homes they most likely could not afford. Seem to recall it went badly. I'm sure this plan will go much better.

Not exactly. Banks were incentivized by Government to give folks with poor credit a loan.