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Old 08-22-2017, 06:56 AM
 
850 posts, read 363,123 times
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Quote:
Originally Posted by freemkt View Post
Many rent serfs do not CHOOSE a living situation that consumes half of their income - that is a function of government regulation. If I could CHOOSE, I'd pitch a tent in my friend's back yard and I'd save a bunch of money by switching to GEICO...er, switching to tent living.

Government has a great deal to do with it.
Then go find a living situation that suits you better. Relocate, change jobs, take on another job (you seem to have some time based on the amount of time you spend here) whatever... If it really bothered you, you'd do something about it besides complain to strangers on a message board.

 
Old 08-22-2017, 07:00 AM
 
64,721 posts, read 66,226,110 times
Reputation: 43124
you never heard of landlords not being able to take more than 2 months up front ? there is a lot you never heard of .
for starters , california has limits .California law considers all payments made prior to the start of a lease, other than the first month's rent, the same a security deposit. A landlord is only permitted to charge the security deposit and an application fee to screen potential renters. A security deposit for an unfurnished rental cannot exceed two month's rent. In addition, the law does allow a landlord to charge the first month's rent in advance. A landlord cannot charge 6 months of rent upfront in California

Massachusetts , has limits as well as lots of other states . most states classify anything beyond first and last month a security deposit for protection of the tenant . it cannot be mixed with landlord personal funds . ,
 
Old 08-22-2017, 07:01 AM
 
2,252 posts, read 1,395,217 times
Reputation: 4906
Quote:
Originally Posted by ringwise View Post
So aaaaaaaaaalllllllllll those bad decisions you've made your entire adult life don't count for anything. Hilarious.
"We are selfmade, but only the successful will admit it"
 
Old 08-22-2017, 07:02 AM
 
64,721 posts, read 66,226,110 times
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Quote:
Originally Posted by freemkt View Post
Isn't a "Big Three" event from 15 years ago cherry picking when performance over the past 15 years is irrelevant to you?
typically most things clear in 7 years . for mortgages they can go back longer i think . however from that point you first have to rebuild your credit
 
Old 08-22-2017, 07:06 AM
 
33,046 posts, read 20,740,810 times
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Quote:
Originally Posted by mathjak107 View Post
it doesn't . game over . that is just how the game is played today .

either get with the program of being able to use credit responsibly or have a low score as a weight around your neck .

how to do it is your problem to figure out , not mine . i figured out my own situation when i had no credit .

So you're okay with applicants who game their credit? I could go to my bank, move, say, $500 from checking to savings, and get a secured loan at 2.5%. That will game my credit score but how does it really make me more qualified or creditworthy or responsible?
 
Old 08-22-2017, 07:08 AM
 
64,721 posts, read 66,226,110 times
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it take a lot more than a passbook loan to develop good credit . that has been done for decades as a start to rebuild credit but a passbook loan is only a tiny consideration along with all the other criteria .

not all lenders report these loans to the agency's . you better check .

the amount they will loan is about 85-90% of your account . most of those with poor credit will not have enough to make a difference , can't afford to pay un necessary interest or tie up their funds for possibly years as they try to keep the loan going . .

it sounds better than it works most of the time . an unsecured credit card will count way more
 
Old 08-22-2017, 07:09 AM
 
33,046 posts, read 20,740,810 times
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Quote:
Originally Posted by mathjak107 View Post
to low an income is your problem to fix . not others , not the gov't .

"Renting is where you pay a premium to enjoy temporary, impaired use of property."
 
Old 08-22-2017, 07:12 AM
 
33,046 posts, read 20,740,810 times
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Quote:
Originally Posted by Electrician4you View Post
The reason they get higher rates IS exactly the reason you stated. Since they are more likely to default the lender is taking a risk so they charge higher rates.

Then DONT take the loan.

My problem is that the inferior terms GUARANTEE enhanced default rates. Take 100 individuals with equal credit, randomly give 50 an APR of N% and give the other 50 an APR of 2N% and the group paying 2N% will have higher default and delinquency rates.
 
Old 08-22-2017, 07:14 AM
 
33,046 posts, read 20,740,810 times
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Quote:
Originally Posted by mathjak107 View Post
typically most things clear in 7 years . for mortgages they can go back longer i think . however from that point you first have to rebuild your credit

My problem is 15 year old derogs that don't clear.
 
Old 08-22-2017, 07:15 AM
 
64,721 posts, read 66,226,110 times
Reputation: 43124
Quote:
Originally Posted by freemkt View Post
"Renting is where you pay a premium to enjoy temporary, impaired use of property."


i love where we rent . i have a pool , tennis courts , etc .

maybe where you rent is impaired but there are millions of satisfied renters . in fact there are waiting lists for many buildings here
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