Another Reason to Trashcan FICO

A NY Times story by Michael Powell details how black people in Maryland were victimized by mortgage companies. They are not alone. There are people of all colors in the Capital Region who dreamed of home ownership but were led down the wrong path. Oh, they had "acceptable FICO scores." What SHOULD they have had? Good paying jobs $30k annual with a minimum 2 years on the job. Established presence in the community, minimum 10 years. And a local bank account/relationship, with a minimum 7 year history. That was America's measuring stick for approx. 150 years until credit cards and FICO took over. A lot of Americans are now using debit cards tied to checking accounts, but we have a long way to go to uncouple from the credit card nipple and the instant material gratification it brings. One more requirement for new homebuyers should be NO Credit Cards and no card-associated debt. We can do it, America. We can get home ownership back in the hands of the folks who deserve it most! Fight FICO!

----------
This message is from a Virgin Mobile customer. Enjoy.