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Kat58

4 Reasons Why Homeowners Have the Highest Credit Scores

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"Does being a homeowner boost your credit score?

"When we analyzed the average credit score in America, it was immediately apparent that being a homeowner makes a difference."

-Lyle Daly

 

When I analysed the first three sentences two things were immediately apparent:

1. Correlation =/= causation.

2. Lyle Daly lacks critical thinking skills.

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A bunch of mumbo-jumbo. If you're going to apply for a mortgage you should have good credit. Duh.

If you don't pay your mortgage, you'll eventually be living on the streets with your mortgage foreclosed. Duh.

If you're paying your mortgage on time (that gives you an installment loan on your credit file (good thing)) along with paying your credit cards and stuff on time, you have good credit.

This isn't rocket science. There's no need to waste your time reading articles like this.

 

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Agree with the above.

 

Mortgage qualification is a sieve.  The bottom 1/5 (<620, Equifax) are almost entirely weeded out, the next 1/5 (620-690) are significantly so.   The residual population, some of whom go on to become homeowners, can be expected to have a higher credit score than the population at large.  "QED" ;)

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2 hours ago, hdporter said:

Agree with the above.

 

Mortgage qualification is a sieve.  The bottom 1/5 (<620, Equifax) are almost entirely weeded out, the next 1/5 (620-690) are significantly so.   The residual population, some of whom go on to become homeowners, can be expected to have a higher credit score than the population at large.  "QED" ;)

Impeccable logic.  Bonus points for using QED.

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