I know EXACTLY what you mean by that Dave. Credit Reporting is a
giant scam to charge you higher interest rates.
Here's my horror story:
I had a Pitney Bowes postage account. I would download postage on
credit, $500.00 at a time. I never made minumum payments. Always
paid the full $500 so I'd always have plenty of postage.
After a year Pitney calls me: "Tom you are a great payer. We want
to reward you and raise your credit limit to $800.00"
"Fine" I say.
Found out later that Pitney Bowes pulled my credit after I said OK
to make sure they really wanted to raise it. They did raise it.
But the fact that THEY SIMPLY PULLED THE CREDIT REPORT made my score
go down 7 points.
Moral of the story: I paid on time, and my credit score went down.
I have more but I won't bore you.
--- In AsburyPark@yahoogroups.com, "oakdorf" <[EMAIL PROTECTED]> wrote:
>
> --- In AsburyPark@yahoogroups.com, "Jennifer" <jennifernjca@>
> wrote:
> >
> >> I teach the Fair Credit Reporting Act and all of the other
> consumer
> > protection laws in my homebuyer class.
> > Jennifer
> >
>
> The credit "score" is used not judge the credit worthiness of the
> borrower, but to add extra costs - higher rates, additional fees
etc
> and STILL approve a loan - to someone who really might not be
> qualified, based on the real facts.
>
> It's all used for everything else in your life.
>
> So if you shop for a loan and they pull ur credit - you screw
> yourself by shopping for a loan.
>
> I got denied in about 30 seconds today by BOA online. And we just
> closed out a car loan with them - that was paid on time and for
quite
> a bit more $. This loan SHOULD be a no-brainer. They should hope I
> walk from the loan.
>
> Technically - over-extended.
>
> Done posting.
>
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