Credit Scoring? Are you kidding!!!

Banks are changing all the credit rules even with each other. They are raising the rates consumers pay on credit cards and lowering the borrowing limits where they can. All this from the liars, and cheats who just got billions of our dollars for a bailout. What does this all mean? Please read on.

So, let me see how this works. Taxpayers give the bankers more money because their Harvard MBA didn't teach them about risk and they can't manage their business properly. Then bankers limit the very people who gave them the money (taxpayers) the ability to obtain credit at a decent rate or dollar amount because their scores have gone in the toilet because of what banks have done to their lines of credit. However, we still use the same credit scoring models because it would be too expensive to do anything else even though the game is now rigged. We should put credit scores on banks, not on consumers. Then consumers will know who to borrow from and who to do business with.

It used to be a lot better system when a family went down to the local Savings and Loan and got a mortgage loan from the person they went to high school with. But then the Wall street banking types came in and screwed that up too (google Keating Five). Now, with all of our sophistication and Ivy League MBA's rigging the game we have no idea who we are dealing with. We just know they aren't quite sure where the money is we gave them. Wonder what they would say if a consumer came into their bank and said the same. I am telling you these people are financial terrorists and should be treated as such.