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One forth of the people in the United States now have credit scores below 599. This number is huge, and will affect large ticket purchases going forward for some time. With Banks less than eager to lend, and such a large number of people considered a poor risk, it seems inevitable that housing, autos, and other industries dependent on credit sales will continue to struggle for the foreseeable future.
How about if these people just save up and pay cash... then they don't have to worry about their credit score, they won't have any of those easy payments, and guess what? They would own what they purchased.
How about if these people just save up and pay cash... then they don't have to worry about their credit score, they won't have any of those easy payments, and guess what? They would own what they purchased.
That is what they will have to do or go with out. Good for them and for the long term economy but bad for the economy in the short and mid term. Cheaper cars and houses and less of them being sold.
This economy has been brutal for a lot of us, particularly those of us in the trades. I've been unemployed a lot of the last two years. Point being, it caused me to fall behind on some bills (never got behind on my mortgage though), and it caused my credit score to tank. I've been digging out as best as I can. When I finally do climb out of this hole, I will NEVER BORROW MONEY AGAIN. Period. Not for ANYTHING!
This economy has been brutal for a lot of us, particularly those of us in the trades. I've been unemployed a lot of the last two years. Point being, it caused me to fall behind on some bills (never got behind on my mortgage though), and it caused my credit score to tank. I've been digging out as best as I can. When I finally do climb out of this hole, I will NEVER BORROW MONEY AGAIN. Period. Not for ANYTHING!
Good for you! I wish I could but its so hard when your 28 and you are just starting out not too go into debt. I know some people manage to stay out of debt but in this day and age I really don't know how.
This economy has been brutal for a lot of us, particularly those of us in the trades. I've been unemployed a lot of the last two years. Point being, it caused me to fall behind on some bills (never got behind on my mortgage though), and it caused my credit score to tank. I've been digging out as best as I can. When I finally do climb out of this hole, I will NEVER BORROW MONEY AGAIN. Period. Not for ANYTHING!
Good luck ,but you will be very hampered by not being able to do so.
Easy credit is partly why we are in this mess now, people who were a good risky likely still are...this just help weed out the pretenders.
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Originally Posted by setterrex
Good for you! I wish I could but its so hard when your 28 and you are just starting out not too go into debt. I know some people manage to stay out of debt but in this day and age I really don't know how.
Read above suggestion....save up and pay cash. If you can afford payments you can afford to save.
This economy has been brutal for a lot of us, particularly those of us in the trades. I've been unemployed a lot of the last two years. Point being, it caused me to fall behind on some bills (never got behind on my mortgage though), and it caused my credit score to tank. I've been digging out as best as I can. When I finally do climb out of this hole, I will NEVER BORROW MONEY AGAIN. Period. Not for ANYTHING!
Really if you just have late payments your score will recover very quickly. I had trouble getting a job after college and I didn't know about credit scores so I was really late on all my credit cards. My score was like 530 he first time I checked it. But I educated myself about credit and I was shocked by how fast my score shot up. After about 2 years it was 630. Considered decent. Don't stress too much about the missed payments just stay out of foreclosure, reposession and bankruptcy and a year or two it will be like it never happened. Late payment way less on your score as time goes by !
Having been unemployed for over a year, I am now losing my credit score (was at 755) and, if I do not find a job soon, I will not only lose my house but also be filing for bankruptcy.
The sad thing is, I did what 'they' suggested and had money in saving to cover 6 month expenses but, house payments and bills, even with unemployment, just ate it up. I wish now I had not bought the house (6 years ago) but at the time my job was stable and who was to know the economy would get so bad?
I've never been late on bills or not paid my way so this has been very shameful and devastating for me.
I have been applying for every job that I could fit in, Administrative Assistant, but there are 200-300 people applying for those same jobs.
I don't know when 630 was ever considered a 'decent' credit score. At one point it one one step up from terrible....which is still pretty bad. These days it might be even worse.
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