Don't commit credit score suicide

Pamela Yip of The Dallas Morning News warns borrowers not to worsen their credit scores deliberately in hopes of qualifying for a rate freeze under the Hope Now initiative (aka the Teaser Freezer) brokered by the Bush Administration. In an article published the day before Christmas, Yip says “torpedoing your credit score has long-term damaging consequences.” Most obviously, it could hurt you the next time you apply for a mortgage, auto loan, or some other type of credit.

FYI, here’s a link to the Hope Now website.

And here’s a cynical post I wrote about the freeze idea when it first came out.

Before it's here, it's on the Bloomberg Terminal.