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I am telling you that people with multiple bankruptcies are getting the same rates on mortgages. It just doesn't matter like you think it does if you have a sol

I am telling you that people with multiple bankruptcies are getting the same rates on mortgages. It just doesn't matter like you think it does if you have a solid income and the down payment. The credit score is this bizarre hollow threat that has middle class people terrified into submission in many situations where they shouldn't submit.

TheOtherHobbes 12y ago
Until they try to get a phone contract, or a broadband contract, or even an electricity supply they can pay from a bank account. I know people who have had problems with all of the above because of poor credit. I agree that the credit industry relies on extortion. I also know for a fact that some debt collectors act as front men for 'legit' banks and credit card companies who use them to extort extra interest from written-off debt. So they get a double profit - a tax write-off, and some or all of the principal back, with interest. The lenders should - and I guess do - run actuarial models which give them a good idea what current and future default rates are. I know there's at least one credit card company in the UK that deliberately lends to people with poor credit - not because it's run by nice people, but because it knows it can maximise profit by taking defaulters to court and foreclosing on their houses. It's a vile, despicable business run by failed human beings.