Dramatic decline in Credit Card debt...and a rise in the number of Mortgage applications

[Peacetrain]

The numbers coming out today

[rucky]

1. We need a FICO do-over, now.

Turn some of these apps into loans, so the housing market can unclog itself. Right now, Wall Street has set very high FICO standards. Not saying borrowers shouldn't have good credit, but with creditors pulling lines left and right, it's artificially bringing down FICO scores of people with good credit. And what lenders should be going off of is debt-to-income, which is not weighted as heavily as FICO (there's more flexibility).