bill48632

The lending institutions make it out to be the homeowners fault that they lost their home by saying that we lived above our means and ect. Excuse me? I had a credit score of 810 and had an income of 250k.My house payment was right in line with my income, but when the company went bankrupt and I couldn't get a job, then it was my fault and I was another bad debt. They, of course wouldn't do anything to help the situation. But they did raise my interest rate just before we lost the house. Now my credit has suffered tremendously and I'm forced to rent an apartment because my credit score isn't high enough for a mortgage. This had NOTHING to do with reading the contract or making sure I could afford the house.

In this current economy I can't believe that banks and lending institutions are so stringent on the credit scores. I know of 4 people who, due to lay-offs, lost their homes and vehicles. But yet we still bailed out the banks ans insurance companies when they got irresponsible with their spending. But now, because of the repossessions and foreclosures (I was a co-signer for 2 cars and a mortgage),none of us can get credit to buy a home or a car.I could understand if it was lack of responsibility on our parts, but that wasn't the case and the banks really don't care about the reasoning for the bad credit scores, to them its all about the scores. And now they say all of the employers are using credit scores to determine your worthiness and decision making skills. There is just no way out of the financial mess is there?

Here is a little advise for all of the people out there. When you co-sign a loan for someone else...be it your spouse or children..please remember that it affects your score as well. Because of 3 car loans and a mortgage that i co-signed for my credit score went from an 810 to a 549 they defaulted and i couldnt afford to take on the payments. Please think before you co-sign for anyone.