|Received:||4/17/2005 11:34:50 PM|
|Agency:||Federal Trade Commission|
|Rule:||Notice of Proposed Study on the Effects of Credit Scores and Credit-based Insurance Scores on the Availability and Affordability of Financial Products|
Comments:We have no debt at all except for a small mortgage (30% of value) on our home. We save our money and pay cash for everything because we prefer to pay as we go and not incur credit card debt. This makes us high credit risks in the eyes of Fair, Isaac - my husband's FICO score is a paltry 568, and mine is 0. Yes, zero. They won't even sell me my score because I don't have one. Last year we decided to refinance our home and take out $40,000 of our equity to make improvements to our property. The best interest rate we were offered was 9%. NINE! Of course, we declined that outrageous offer. When everyone around us, who are drowning in debt, is financing at 4-6%. I know one guy who juggles credit card debt like he is playing poker, and Bof A gave him a $350,000 mortgage at 4.5% fixed without even checking his employment. He wouldn't know cash if it was spilling out of his wallet. We make an excellent, upper-middle class income and we are considered "risky" because we don't believe that underwear needs to be purchased on a credit card. It just isn't far.