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No FICO but Got Crypto?

NoMoreE46
Valued Contributor

No FICO but Got Crypto?

So one firm looking to use alternative currency for your mortgage.

 

 

 

https://cryptoslate.com/you-can-now-get-a-bitcoin-backed-mortgage-without-a-credit-score/

 

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Message 1 of 7
6 REPLIES 6
pizzadude
Moderator

Re: No FICO but Got Crypto?

 

Nothing like the possibility of a margin call on your house to keep you up at night  Smiley Very Happy

 

Milo will issue a margin call if the value of your crypto holdings dips below 65% of its original value. If this happens, you are then given 48hours to increase your collateral.   They  claim they do not “automatically liquidate,” but they will manually liquidate your assets if the value drops to 30% of the original collateral

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 2 of 7
unsungivy
Frequent Contributor

Re: No FICO but Got Crypto?

Well that's not utterly terrifying or anything.

Sock Drawer - Business -
Plans -
Message 3 of 7
iced
Valued Contributor

Re: No FICO but Got Crypto?


@NoMoreE46 wrote:

So one firm looking to use alternative currency for your mortgage.

 

 

 

https://cryptoslate.com/you-can-now-get-a-bitcoin-backed-mortgage-without-a-credit-score/

 


The collateral has changed to 100% of the value in crypto instead of body parts and the name changed from Guido to Milo, but it still looks like the same old predatory loan. Probably the same target client base too -- what is the profile of the person sitting on a house worth of crypto but has bad/no credit with actual money?

Message 4 of 7
unsungivy
Frequent Contributor

Re: No FICO but Got Crypto?


@iced wrote:

@NoMoreE46 wrote:

So one firm looking to use alternative currency for your mortgage.

 

 

 

https://cryptoslate.com/you-can-now-get-a-bitcoin-backed-mortgage-without-a-credit-score/

 


The collateral has changed to 100% of the value in crypto instead of body parts and the name changed from Guido to Milo, but it still looks like the same old predatory loan. Probably the same target client base too -- what is the profile of the person sitting on a house worth of crypto but has bad/no credit with actual money?


Um, 18 year old TikTok stars maybe?

Sock Drawer - Business -
Plans -
Message 5 of 7
iced
Valued Contributor

Re: No FICO but Got Crypto?


@unsungivy wrote:


The collateral has changed to 100% of the value in crypto instead of body parts and the name changed from Guido to Milo, but it still looks like the same old predatory loan. Probably the same target client base too -- what is the profile of the person sitting on a house worth of crypto but has bad/no credit with actual money?


Um, 18 year old TikTok stars maybe?


Even a social media influencer is paid in dollars (or another national currency), and child celebrities have been around a long time and haven't needed this sort of offering to get in a home.

Message 6 of 7
NRB525
Super Contributor

Re: No FICO but Got Crypto?

I used five spectacular tulip bulbs as collateral for my mortgage. The bank is very happy. Only two of the bulbs turned out to have worms eating their insides, which is pretty good from what I hear. 

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765
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