Some Lenders Love Low Credit Scores

post — Marcus Kieran @ 3:48 pm — post Comments (0)
postAugust 14, 2010

Because if you have a low credit score, they can still give you the loan but they can charge you more. Much more.

They can charge you a higher interest rate, a larger downpayment, if there are closing costs associated with the loan they can charge you more closing costs.

But they can still give you the loan so basically it is a win/win for them because they get the loan but they also make a lot more money.

But it sucks for you, the consumer.

Low credit scores only hurt the consumer

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