March 5, 2009 · 2:14 PM
Just an idea
As with everyone else, I’m very concerned about the market and where our country is going to end up. I would like to propose an idea to you. I’m not a politician or economist, just a blue-collar worker wanting to help in any way possible.
This day and age, I believe the banks and mortgage companies put too much importance in a close-to-perfect credit score. I feel this could be a small part of our problem. There are many hard-working people out there who, because of medical issues, family emergencies, inflated interest rates for folks with less-than-perfect credit and other life-changing issues, have many black marks on their credit reports. Yet they pay their rent, utilities and car payment every month. They just can’t buy a home or new car unless they pay more interest than they can afford.
So, couldn’t we get away from the old school credit scores and give the folks who have worked in their field steadily for eight years or more, and/or with the same company? Just tailor the loans to these people’s salaries and I know the housing market and car sales would improve a lot. Also being tailored to their wages would decrease the chance of forecloses and repossessions.