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credit scores for sale

2007-06-04 15:27:14.10029+00 by Dan Lyke 1 comments

Interesting story about how lenders are nervous about the practice of "piggybacking" on FICO scores.

Estruch paid $1,800 in December for three credit card spots, and by January, his FICO score jumped from 550 to 715. In mid-March, he closed on his four-bedroom beige stucco house after obtaining a 30-year fixed-rate mortgage from a unit of American Home Mortgage Investment Corp. It carried a 7.5 percent interest rate and required no down payment.

[ related topics: Economics Real Estate ]

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#Comment Re: made: 2007-06-04 17:15:02.016445+00 by: petronius

In Billy Wilder's comedy One, Two, Three, Jimmy Cagney gets a young man adopted by a penniless duke so he can claim nobility. This sounds like much the same.