What happen to the 620 medium FICA score that many Americans once bought a house for with a decent interest rate of 6%. Today banking industries, and lending institutions are looking at a whopping 800 score before they even consider lending money, although they may lend with a lower score the criteria is to inflate the interest rate.

There should be a economic balance for Americans when it comes to a reasonable credit scoring criteria, today the stats is low for the amountof Americana's that have a credit score above 750, especially middle to lower working class Americans who was either "suckered into the sub-prime lending scam" and promised that you can refinance in a couple of years, those were the "golden" words buy lenders, making it seem as though it is, ok to take the low interest rate loan for a few years, or the interest only loan for a few years, or adjustable rate , and then when the times comes you can refinance to a fixed "rate." That promise never came for many Americans and homes begun to go into foreclosure why? becuase most American could not qualify for a new loan by the time the subprime loan maturity date became due. I have a host of friends and neighbors who share horror stories of promises made by lenders, or faultyadvice giving to them just to make a commission sale or fattened investors pockets with future high interest rates shooting up as high as 12% or more on home loans it seem as though they were looking to stuff their pockets with "Green royalty yet it back fired.

Many Americans lost their dream, and for some it was their life line, because some individuals committed suicide when they lost their homes, and with all the counseling out their being offered it just was not enough to make things better for some individuals. Many lenders still played hardball, setting up ambiguous repayment loans that just was not going to work for the average consumer trying to save their home. The bankruptcy courts hit an all time high when many Americans seen no way out in an effort to try and save their homes, and for some even bankruptcy still failed them due to job losses.

And today lending banks are asking us to come bring it with an (800 sore) or nothing is getting bought, not unless you have enough income to pay a high interest loan with a lower score, where is the fairness in this picture? Is a 800 score reasonable to you? giving the outcome of the lending crash many of us have endured, and the ruins of credit score with judgements, bankruptcy filings etc., However, lenders will say why do the other have to suffer who did not take the bait of sub-prime lending, perhaps because they weren't suckered into it, like most Americans were who's dreams became a short-term reality.

Yet, the notion is that after you file bankruptcy you can buy a house in two years, however thismay be so, but with a whooping 10-20% down most lenders are wanting today and I'm sure your credit score will not be a 800 by then perhaps a medium 620 to 680 that may get you a high interest rate as long as you have a steady job for two years or more, and a inflated bank account, and you will have to buy down points to get lower interest rate in an effort to make your living affordable for you to be able to stay in the home and not feel the interest rate crunch. Therefore, there is a domino effect here. So while your rebuilding your credit also try and build a piggy bank you will need it to get back into your dream home again that you may have once lost to sub-prime lending "Monsters"

Kala Howard, B.A. M.S. PHDI

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