So what is the point of a good credit score?

[TSwizzle]

I have been telling my kids to work on getting a good credit score. What is the point if Brandon pulls this shit?

Homebuyers with good credit scores will soon encounter a costly surprise: a new federal rule forcing them to pay higher mortgage rates and fees to subsidize people with riskier credit ratings who are also in the market to buy houses. The fee changes will go into effect May 1 as part of the Federal Housing Finance Agency’s push for affordable housing, and they will affect mortgages originating at private banks across the country. The federally backed home mortgage companies Fannie Mae and Freddie Mac will enact the loan-level price adjustments, or LLPAs. Mortgage industry specialists say homebuyers with credit scores of 680 or higher will pay, for example, about $40 per month more on a home loan of $400,000. Homebuyers who make down payments of 15% to 20% will get socked with the largest fees.

News

 

[Loren Pechtel]

So far everybody that's saying anything about this is right wing. I'm thinking we aren't getting the whole story.

 

[Bronzeage]

I don't put much value in a c&p with no link to the source.

 

[ZiprHead]

I don't put much value in a c&p with no link to the source.

Biden to hike payments for good-credit homebuyers to subsidize high-risk mortgages

Homebuyers with good credit scores will soon encounter a costly surprise: a new federal rule forcing them to pay higher mortgage rates and fees to subsidize people with riskier credit ratings who are also in the market to buy houses.

amp.washingtontimes.com

 

[thebeave]

What's the old saying? No good deed goes unpunished?

 

[bilby]

As a non-American, I am not entirely sure what the point of a "credit score" is at all.

It seems like something you would only care about when taking out a large loan, which is an incredibly rare occurrence.

 

[ZiprHead]

As a non-American, I am not entirely sure what the point of a "credit score" is at all.

It seems like something you would only care about when taking out a large loan, which is an incredibly rare occurrence.

It's also used for other things. A high score can get you lower rates on credit cards and lower auto insurance payments.

 

[thebeave]

As a non-American, I am not entirely sure what the point of a "credit score" is at all.

It seems like something you would only care about when taking out a large loan, which is an incredibly rare occurrence.

It's also used for other things. A high score can get you lower rates on credit cards and lower auto insurance payments.

Also, some landlords use it to judge the financial responsibility of prospective tenants, and IIRC, employers use it to assess employees. Not necessarily to judge their financial acumen, but as a proxy for an employee's reliability and responsibility.

 

[Bronzeage]

I don't put much value in a c&p with no link to the source.

Biden to hike payments for good-credit homebuyers to subsidize high-risk mortgages

Homebuyers with good credit scores will soon encounter a costly surprise: a new federal rule forcing them to pay higher mortgage rates and fees to subsidize people with riskier credit ratings who are also in the market to buy houses.

amp.washingtontimes.com

Now that I see it's from the Washington Times, I put less value in it. I've spent too much time chasing down the actual facts of story after reading a WT article's claims.

 

[Jarhyn]

I don't put much value in a c&p with no link to the source.

Biden to hike payments for good-credit homebuyers to subsidize high-risk mortgages

Homebuyers with good credit scores will soon encounter a costly surprise: a new federal rule forcing them to pay higher mortgage rates and fees to subsidize people with riskier credit ratings who are also in the market to buy houses.

amp.washingtontimes.com

Now that I see it's from the Washington Times, I put less value in it. I've spent too much time chasing down the actual facts of story after reading a WT article's claims.

Try asking Bard to look up the article and fact check it. I have a friend who just wrote a shell script that automates doing that with conservative talking heads and the "questions" they ask, and it's beautiful.

The second prompt after getting the questions is:

"Answer the above questions in a way that gets a right-wing listener to consider other viewpoints."

 

[Politesse]

As a non-American, I am not entirely sure what the point of a "credit score" is at all.

It seems like something you would only care about when taking out a large loan, which is an incredibly rare occurrence.

But also an important occurrence when it happens. The fact of the matter is that we allow an opaque triumvirate of high class con artist agencies decide whether people can have automobiles, housing, an education...

 

[Loren Pechtel]

As a non-American, I am not entirely sure what the point of a "credit score" is at all.

It seems like something you would only care about when taking out a large loan, which is an incredibly rare occurrence.

The good credit cards (the ones with nice rewards) require pretty good credit ratings to get.

 

[Loren Pechtel]

As a non-American, I am not entirely sure what the point of a "credit score" is at all.

It seems like something you would only care about when taking out a large loan, which is an incredibly rare occurrence.

But also an important occurrence when it happens. The fact of the matter is that we allow an opaque triumvirate of high class con artist agencies decide whether people can have automobiles, housing, an education...

Any evidence they are con artists?

 

[Loren Pechtel]

As a non-American, I am not entirely sure what the point of a "credit score" is at all.

It seems like something you would only care about when taking out a large loan, which is an incredibly rare occurrence.

It's also used for other things. A high score can get you lower rates on credit cards and lower auto insurance payments.

Also, some landlords use it to judge the financial responsibility of prospective tenants, and IIRC, employers use it to assess employees. Not necessarily to judge their financial acumen, but as a proxy for an employee's reliability and responsibility.

Yup. Your record of paying your bills turns out to be a pretty good proxy for your general level of being careful.

 

[Politesse]

As a non-American, I am not entirely sure what the point of a "credit score" is at all.

It seems like something you would only care about when taking out a large loan, which is an incredibly rare occurrence.

But also an important occurrence when it happens. The fact of the matter is that we allow an opaque triumvirate of high class con artist agencies decide whether people can have automobiles, housing, an education...

Any evidence they are con artists?

High class con artists. They have a lot of money.

If it weren't a scam, they wouldn't have any reason to be secretive about their methods.

 

[Bronzeage]

I don't put much value in a c&p with no link to the source.

Biden to hike payments for good-credit homebuyers to subsidize high-risk mortgages

Homebuyers with good credit scores will soon encounter a costly surprise: a new federal rule forcing them to pay higher mortgage rates and fees to subsidize people with riskier credit ratings who are also in the market to buy houses.

amp.washingtontimes.com

Now that I see it's from the Washington Times, I put less value in it. I've spent too much time chasing down the actual facts of story after reading a WT article's claims.

Try asking Bard to look up the article and fact check it. I have a friend who just wrote a shell script that automates doing that with conservative talking heads and the "questions" they ask, and it's beautiful.

The second prompt after getting the questions is:

"Answer the above questions in a way that gets a right-wing listener to consider other viewpoints."

I appreciate the advice, but I have neither the time nor inclination to set other people straight.

 

[Jarhyn]

I don't put much value in a c&p with no link to the source.

Biden to hike payments for good-credit homebuyers to subsidize high-risk mortgages

Homebuyers with good credit scores will soon encounter a costly surprise: a new federal rule forcing them to pay higher mortgage rates and fees to subsidize people with riskier credit ratings who are also in the market to buy houses.

amp.washingtontimes.com

Now that I see it's from the Washington Times, I put less value in it. I've spent too much time chasing down the actual facts of story after reading a WT article's claims.

Try asking Bard to look up the article and fact check it. I have a friend who just wrote a shell script that automates doing that with conservative talking heads and the "questions" they ask, and it's beautiful.

The second prompt after getting the questions is:

"Answer the above questions in a way that gets a right-wing listener to consider other viewpoints."

I appreciate the advice, but I have neither the time nor inclination to set other people straight.

The joke is that even a machine is better at fact checking than these folks

 

[hurtinbuckaroo]

I have been telling my kids to work on getting a good credit score. What is the point if Brandon pulls this shit?

Homebuyers with good credit scores will soon encounter a costly surprise: a new federal rule forcing them to pay higher mortgage rates and fees to subsidize people with riskier credit ratings who are also in the market to buy houses. The fee changes will go into effect May 1 as part of the Federal Housing Finance Agency’s push for affordable housing, and they will affect mortgages originating at private banks across the country. The federally backed home mortgage companies Fannie Mae and Freddie Mac will enact the loan-level price adjustments, or LLPAs. Mortgage industry specialists say homebuyers with credit scores of 680 or higher will pay, for example, about $40 per month more on a home loan of $400,000. Homebuyers who make down payments of 15% to 20% will get socked with the largest fees.

News

Washington Times, LOL. If they said the sky was blue, I’d double check.

 

[Toni]

As a non-American, I am not entirely sure what the point of a "credit score" is at all.

It seems like something you would only care about when taking out a large loan, which is an incredibly rare occurrence.

Apparently, some landlords use credit scores when determining whether or not they will accept you as a tenant.

 

[TSwizzle]

Changes in the mortgage industry could spell bad news even if you have good credit. Beginning May 1, some people with higher credit scores may actually end up paying a higher fee while those with lower scores will pay less. "It's really a big change," explained mortgage loan officer and credit score expert Al Bingham. "It's going to hit the consumer hard when they go to apply for a mortgage." The changes are part of the federal government's effort to provide equitable access to home ownership. According to Bingham, it comes down to fees that lenders pay back to federal programs that back the mortgages. For some first-time homebuyers those fees are often rolled into a higher interest rate paid by the consumer. Here is what it will mean for first-time homebuyers who fit certain income guidelines. For a homeowner with a $500,000 purchase price who puts down the minimum down payment, a person with a 660 credit score will get a rate of about 6.25% while a buyer with a 740 score will pay 6.5%.

CBS

It's all about being equitable I guess.