Do As I Say, Not As I Do

Last week I applied for a house loan.  I used my credit score only, and therefore only my income, because my husband’s credit is not the best.  In the end I was denied a loan because my debt to income ratio was too high at 54%.

Meanwhile, “The 2011 United States public debt-to-GDP ratio was about 69.4%”.   In August of 2011 Standard and Poor’s downgraded the U.S. credit score.  All of this amounts to the government dictating my credit worthiness while not holding themselves to the same standard.

The 69% ratio is very out of date now.

In an article dated August 3rd of last year, the AFP stated, “US gross debt shot up $238 billion to reach 100 percent of gross domestic product after the government’s debt ceiling was lifted, Treasury figures showed.  On Tuesday, the Treasury had to add more than $200 billion of commitments immediately after President Barack Obama signed into law an increase in the debt ceiling.”

My husband and I are being penalized by loan officers for having lower than average credit scores and an income to debt ratio that is too high. Never mind the fact that he and I have been paying rent for the past four years in an amount that would be higher than our mortgage. Through our monthly action of paying our rent on time, year after year, we have shown we are more dependable than the government. Yet our credit worthiness is not based on this, but instead of only the numbers on paper.

Speaking of number on paper,

A Mar 27, 2012 a CNBC article stated the following about the US Debt:

  • External debt (as % of GDP): 99.46%
  • Gross external debt: $14.959 trillion
  • 2011 GDP (est.): $15.040 trillion
  • External debt per capita: $47,664

“Even before the economic crisis, the U.S. debt grew 50% between 2000-2007, ballooning from $6-$9 trillion.”

According to the U.S. National Debt Clock our debt is rising by the second:

  • $49, 897, the dept per person in the U.S
  • $137, 905, dept per taxpayer

If I am expected to have a stellar credit score and great debt to income ratio to qualify for a home or car loan, shouldn’t our government be expected to live within the same expectations? Should they not lead by example? Oh, I forgot, our government policy is “Do What I Say, Not What I do?”  Am I the only one sick and tired of trying to live up to an impossible standard that our government can’t live up to?

The fact that I loyally pay my rent month after month should have some sort of factor on my ability to get a house loan.  Of course, I also should not owe $70,000 plus in loans for a degree that will likely never pay me enough to get ahead of my debt. But that is another story.

If our government wants us to put trust back into them, it needs to do more  “Follow My Lead,” and less “Do As I Say.”


  1. I recently closed on my house, and I can feel your pain. They’ve locked the doors after the horses left the barn in my opinion. The things they look at and the things they overlook are insane to me.


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