Mortgage & Money Blog

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Sub-prime crisis is not just impact mortgage defaults now. Credit card defaults are rising too. http://money.cnn.com/2007/08/28/pf/cards_defaults/index.htm?postversion=2007082807

If you have high interest cards, I will encourage you to borrow money from prosper that is 3 years loan, and fixed payments, so you know what is expected payments, it also can help you increase your credit scores.

http://www.prosper.com/join/jennirowe

I have been prosper lenders since April 2007, and I have 26 loans, lending money to borrowers with score over 600, and have fun to make a little bid money whenever I have time to search a good borrower.

It is very easy to drop your score, credit rate system is imperfect, and most reports have mistakes too. I think that most lending companies just based on middle score to determine rate is really unfair and silly. For example, my 19 years old daughter has almost 800 score, just because I added her as join accounts in my 3 credit cards, which all have over $25,000 high limits, and have over 10 years history. Every bank sends her 0% interest credit card every day. She is in college now, and even cannot make money to buy her own books yet.

JR