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Reply to "Woah, Navy Federal is hella racist"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Loan approval rests more on credit score and debt than it does on income. And I'd bet $50 blacks credit by and large is crap compared to whites.[/quote] According to the articles I posted above the average black credit score is 677. I have friends in big mortgage companies and I believe their lowest approval score is 620 (but Navy Fed likely has a higher cut off) so just about 40% of black applicants would be rejected on that alone and if you factor in a low score plus debt that probably accounts for the other 10%. So how are the other banks making their stats look better? My guess, but I've yet to find data to support it is that they get 1 application for every 10 that Navy Fed gets. So, again [/quote] My hot take: blacks in the military likely have higher credit scores than the average black American civilian. [/quote]
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