Page 2 of 5 FirstFirst 1234 ... LastLast
Results 11 to 20 of 49
Thanks Tree29Thanks

Thread: Credit Bureaus - Big Business Killers

  1. #11
    Shitposting Rank 4 Missle Command Champion johnflesh's Avatar
    Joined
    Feb 2007
    Posts
    21,587
    Thanks
    11830

    From
    Colorado
    Quote Originally Posted by HCProf View Post
    Not every one is a credit risk tho or a deadbeat who does not pay their bills. Anything can happen to your credit...divorce can be a big one. I have a friend who went through a divorce. Her divorce took almost 5 years and her legal bill was over 40K. She and her husband owned a small business and he intentionally bankrupted it and stopped paying for everything. The problem was her name was on everything they had. They lost everything in the end and she can't even lease an apartment at this point because of her credit. She did manage to finance a car...but at 18% interest. Medical bills and student loans can also destroy your credit..even if you are working everyday. My identity was stolen back in 2007 and it was quite a challenge 5 years or so after that. The person used my insurance card for several doctors around the area, had a surgery, and left behind a bunch of bills. They also opened credit cards under my social security number. It was not easy to clean that up. I think credit should be based on a case by case basis and not just on a number.
    Yeah, there seems to be this vast chasm between wealthy and deadbeat - but people are all to willing to narrow that gap when speaking in general terms about credit. You are either one or the other.

    It's bad enough for a company to define you like this - but what's worse is when the public goes along with it and starts talking and sounding like a loan officer.

    I bet they are fun at parties.
    Thanks from HCProf

  2. #12
    New Member rwb72's Avatar
    Joined
    Jun 2018
    Posts
    561
    Thanks
    67

    From
    Florida
    Most of the posts I've seen in this thread so far are utterly clueless. Are posters having reading comprehension problems ? Maybe the problem is that when you are immersed in an absolutely, mindless illogical system for so long, you come to regard it as correct.

    Well, it simply is INcorrect. I don't care how you slice it. This whole hodgepodge of things that credit bureaus use as criterea, is irrelevant when applying for a home loan. In fact the credit bureau ITSELF is irrelevant. Once again, the only thing that a lender should be looking at, at all, what is your record regarding HOUSING payments.

    Any lender who would turn down a prospective home buyer who has paid his housing payments perfectly for HALF A CENTURY, is a complete idiot, who ought to be fired for causing his bank to lose money. The bank should not even be consulting credit bureaus on home loans. This is nothing but a business killer way of losing money.

    Are these idiots even consulting current and previous landlords AT ALL ? (the only thing they should be doing)

    BTW, VA home loans are supposed to have zero down payment. When you have "closing costs" (just another word for down payment), you don't have a zero down payment.
    Last edited by rwb72; 11th July 2018 at 12:01 PM.

  3. #13
    New Member rwb72's Avatar
    Joined
    Jun 2018
    Posts
    561
    Thanks
    67

    From
    Florida
    Quote Originally Posted by johnflesh View Post
    Yeah, there seems to be this vast chasm between wealthy and deadbeat - but people are all to willing to narrow that gap when speaking in general terms about credit. You are either one or the other.

    It's bad enough for a company to define you like this - but what's worse is when the public goes along with it and starts talking and sounding like a loan officer.

    I bet they are fun at parties.
    Pretty amazing that anyone (companies or the public) could define someone who has never missed a housing payment in 50 years (or even been late), as untrustable for a home loan. Is this idiocy or insanity ? Maybe a combination.

    These are the kind of things that get people sour toward America.

  4. #14
    Veteran Member
    Joined
    Jan 2014
    Posts
    13,271
    Thanks
    3265

    From
    California
    Quote Originally Posted by rwb72 View Post
    Most of the posts I've seen in this thread so far are utterly clueless. Are posters having reading comprehension problems ? Maybe the problem is that when you are immersed in an absolutely, mindless illogical system for so long, you come to regard it as correct.

    Well, it simply is INcorrect. I don't care how you slice it. This whole hodgepodge of things that credit bureaus use as criterea, is irrelevant when applying for a home loan. In fact the credit bureau ITSELF is irrelevant. Once again, the only thing that a lender should be looking at, at all, what is your record regarding HOUSING payments.

    Any lender who would turn down a prospective home buyer who has paid his housing payments perfectly for HALF A CENTURY, is a complete idiot, who ought to be fired for causing his bank to lose money. The bank should not even be consulting credit bureaus on home loans. This is nothing but a business killer way of losing money.

    Are these idiots even consulting current and previous landlords AT ALL ? (the only thing they should be doing)

    BTW, VA home loans are supposed to have zero down payment. When you have "closing costs" (just another word for down payment), you don't have a zero down payment.
    Mr. rwb72,

    Closing costs are not down payments. They are the cost of originating the loan.

    And your record of paying the mortgage is only one factor that goes into your credit score. If you pay one loan, but don't pay your other bills, it makes you a liability.
    Thanks from Panzareta

  5. #15
    New Member rwb72's Avatar
    Joined
    Jun 2018
    Posts
    561
    Thanks
    67

    From
    Florida
    Quote Originally Posted by NeoVsMatrix View Post
    Couldn't get that loan , huh ?
    None of your damn business.

  6. #16
    New Member rwb72's Avatar
    Joined
    Jun 2018
    Posts
    561
    Thanks
    67

    From
    Florida
    Quote Originally Posted by Kallie Knoetze View Post
    Mr. rwb72,

    Closing costs are not down payments. They are the cost of originating the loan.

    And your record of paying the mortgage is only one factor that goes into your credit score. If you pay one loan, but don't pay your other bills, it makes you a liability.
    LOL.You're either a loan officer or grade a patsy. ANY money out of your pocket before you can live in that house, is a down payment. Maybe you are conned when they dress it up with fancy words like "closing costs", I'm not. Bottom line is, do you get into the house up front cost free, or don't you ?

    And NO, you are NOT A LIABILITY for housing, if/when you've been paying for it perfectly for 50 years. Are you dumb ? That 50 year record makes your credit score 100% (and even better than that.) Only an idiot talks to a credit bureau about this.
    Last edited by rwb72; 11th July 2018 at 12:16 PM.

  7. #17
    Veteran Member
    Joined
    Jan 2014
    Posts
    13,271
    Thanks
    3265

    From
    California
    Quote Originally Posted by rwb72 View Post
    LOL.Your either a loan officer or a grade a sucker. ANY money out of your pocket before you can live in that house e is a down payment. Maybe you are conned when they dress it up with fancy words like closing costs, I'm not. Bottom line is do you get into the house up front cost free, or don't you.
    Mr. rwb72,

    Sorry, no. A down payment is principle. Closing costs do not reduce the principle on your loan.

  8. #18
    New Member rwb72's Avatar
    Joined
    Jun 2018
    Posts
    561
    Thanks
    67

    From
    Florida
    Landlords of rental housing are even dumber than the banks. They not only require high credit scores from credit bureaus (information unrelated to HOUSING), but they foolishly require minimum incomes of 3 times whatever the rent is. How dumb can they be ? All this does is cause them to lose customers (and their most reliable ones)

    The most reliable renters are senior citizens on Social Security and those with VA pensions (or both). Landlords are absurdly turning these best renters away, who can afford the rentals, but have incomes less than 3 times the rent.
    Instead, the dummies are renting to younger people with jobs and high incomes. Got an income of 3 times the rent ? Great. Maybe it's even 4 times the rent. Swell. And next week, it may be NOTHING. (while that senior's untouchable Social Security is 100% intact)

    I live in an apartment complex with 260 apartments. In the 6 years I've been here, 14 people have been evicted. All were young people with high paying jobs (until they lost the job). None were low income seniors on Social Security. Landlords don't learn.
    Last edited by rwb72; 11th July 2018 at 12:34 PM.

  9. #19
    New Member rwb72's Avatar
    Joined
    Jun 2018
    Posts
    561
    Thanks
    67

    From
    Florida
    Quote Originally Posted by Kallie Knoetze View Post
    Mr. rwb72,

    Sorry, no. A down payment is principle. Closing costs do not reduce the principle on your loan.
    Just words. I'm calling anything money out of my pocket to move in, a down payment. VA should look into it.

    As a group, we're putting up with too much crap, with too little being said. Protesters are out protesting all sorts of goofy things. On important stuff like this, they're quiet.
    Last edited by rwb72; 11th July 2018 at 12:32 PM.

  10. #20
    Veteran Member
    Joined
    Jan 2014
    Posts
    13,271
    Thanks
    3265

    From
    California
    Quote Originally Posted by rwb72 View Post
    Landlords of rental housing are even dumber than the banks. They not only require high credit scores from credit bureaus (information unrelated to HOUSING), but they foolishly require minimum incomes of 3 times whatever the rent is. How dumb can they be ? All this does is cause them to lose customers (and their most reliable ones)

    The most reliable renters are senior citizens on Social Security and those with VA pensions (or both). Landlords are absurdly turning these best renters away, who can afford the rentals, but have incomes less than 3 times the rent.
    Instead the dummies are renting to younger people with jobs and high incomes. Got an income of 3 times the rent ? Great. Maybe it's even 4 times the rent. Swell. And next week, it may be NOTHING. (while that seniors untouchable Social Security is 100% intact)

    I live in an apartment complex with 260 apartments. In the 6 years I've been here, 14 people have been evicted. All were young people with high paying jobs (until they lost the job). None were low income seniors on Social Security. Landlords don't learn.
    Mr. rwb72,

    How is it dumb to want to know how trustworthy your tenants are?

Page 2 of 5 FirstFirst 1234 ... LastLast

Similar Threads

  1. Replies: 48
    Last Post: 11th July 2015, 01:40 PM
  2. ABC News to close all bureaus but DC
    By michaelr in forum Economics
    Replies: 37
    Last Post: 5th March 2010, 02:48 PM

Tags for this Thread


Facebook Twitter RSS Feed