From the article:
“The main reason I was denied a loan was because of a below-average credit score”
No need to read any further
I picked up on that too. And then I read further to see the secondary reasons.
(Crickets)
Home sales are SKYROCKETING across the country. For this guy to be denied means there is more to his problem than he let on.
And his blaming the past mistakes do not help.
No need to read any further
I have a low credit score and the reason being is because I don't have any credit cards. I have a mortgage and an auto loan and both loans are never late. If I sold my home now I would not qualify for another mortgage. The "credit score" thing is a scam. Unless you have credit cards or other revolving credit you are screwed; "they" want you in debt.
Perhaps you should have?
This was infuriating on several levels. First, I have had two previous mortgages and in 25 years I’ve never missed a payment. How can I be a high-risk borrower? The answer is twice in 30 years I was 30 days late paying my credit card bill — and paid the hefty late fee. Even more ridiculous, I, Steve Moore, have $300 of unpaid parking tickets. The horror.
Something similar happened to me a few years back for similar reasons on a 60% equity loan. I could have paid off the mortgage with savings held in the same credit union, but tried a refi instead for ~3%. Loan wouldn’t go through because of gov’t underwriting standards.
Yet if he were black he would get the loan immediately.