Home > Personal > When just getting by isn’t enough – Or is it?

When just getting by isn’t enough – Or is it?

December 7, 2007 Leave a comment Go to comments

660—the magic number you should carve into every inch of your brain. Not because it’s 6 less than 666, or 40 away from 700, but because 660 is the cutoff for homeowners credit scores who will be helped by the new rate freeze being considered by Washington.

In a lengthy article today, the Wall Street Journal lays out Washington’s plan to help struggling homeowners. According to the plan, “homeowners who secured subprime mortgages, those offered typically to high-risk borrowers, will have their introductory rates frozen.”

Those introductory rates are expected to begin going up during the next two years, forcing millions of struggling homeowners into forclosure. The plan however, states that homeowners with a credit score above 660 are not able to be considered high-risk and therefore should be able to pay off their rising mortgage costs.

For people like me, a 25-yar-old college graduate and struggling professional the message is loud and clear.

“If you are sub-average the Government will help you out.”

KGO radio yesterday dedicated an hour to the rising Interest rates on credit cards. New laws are allowing credit card companies to raise your interest rates even if you have paid all your bills on time and never gone over your limit.

My credit rate went from 12 percent, to 32 percent in the matter of a month. When I approached Wells Fargo, they said it was due to rising business costs, and my credit limit not being fully utilized.

I argued that I’m not about to rack up $10,000 plus in debt anytime soon, and since I had been with the company since Freshman year of college, I should be considered a valuable customer with 50 plus years of potential.

They knocked off 15 percent—still 5 percent higher than it originally was.

So as America enters another Christmas season, and iPods are becoming stocking stuffers, I’m wondering if it’s still okay to just get by, or if it’s absolutely necessary.

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Categories: Personal
  1. Dewey Bushaw
    December 10, 2007 at 4:10 pm

    God love you Mits, but you seriously need to start proofreading your posts before you hit that little publish button with your little mitted hand!

    660 + 30 = 690 not 700
    “message is load (loud) and clear.”

    If you need me to do it for you, shoot it to my e-mail and I will be more than happy to look it over for you buddy! Take care.

    Baller

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