If you think it's so stupid then why don't you come up with a better model and put them out of business?
People should stop spending more than what they earn. So if this means less people borrow, well I think that is a good thing. All this faking it till you make it and faux rich lifestyles need to end.
Geez Louise Trader, it's only a discussion and I was posting an opinion. Time for a beer, which I'm having right now.
Today's median score is not 720. That certainly may have been the case prior to the credit crisis but with credit card companies artificially lowering people's scores by reducing credit limits, canceling cards and then add to it the swelling unemployment, bk's and defaults...
Credit scores are useless, its purpose is to get you in more more and more debt. No credit/no debt=free man
Globalization and Internet will eventually saturate America. And USA will be inhabited by people who will live on http://en.wikipedia.org/wiki/Passive_income