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Old 08-22-2017, 03:03 AM
 
33,046 posts, read 20,720,491 times
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Quote:
Originally Posted by SuiteLiving View Post
If you choose a living condition that consumes half of your income, it is your responsibility to manage the rest of your expenses to avoid needing to borrow.

Government has nothing to do with it, personal responsibility and accountability has everything to do with it.

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.

 
Old 08-22-2017, 03:15 AM
 
64,629 posts, read 66,158,228 times
Reputation: 43060
Quote:
Originally Posted by freemkt View Post
So an applicant who tenders the full rent up front should be welcome, since their bad credit has no impact on you?
not really , i may end up having to evict them when the money is used up . in fact many states will not let you take more than 2 months up front
 
Old 08-22-2017, 03:16 AM
 
64,629 posts, read 66,158,228 times
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Quote:
Originally Posted by freemkt View Post
??? ??? ??? ??? So rental history and paying rent on time every month mean nothing to you?
not really . i want to see them as a person through a comprehensive report . not how they cherry pick what to pay and stiff the rest
 
Old 08-22-2017, 03:40 AM
 
64,629 posts, read 66,158,228 times
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Quote:
Originally Posted by freemkt View Post
How does a score go up if a person lives without credit?
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 .

Last edited by mathjak107; 08-22-2017 at 04:48 AM..
 
Old 08-22-2017, 03:41 AM
 
64,629 posts, read 66,158,228 times
Reputation: 43060
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.
to low an income is your problem to fix . not others , not the gov't .
 
Old 08-22-2017, 04:42 AM
 
16,494 posts, read 17,525,712 times
Reputation: 23561
Quote:
Originally Posted by hitpausebutton2 View Post
So why is it so important to charge somebody well above the 10% interest rates over a scoring system that is broken. I mean come on, your going to give somebody %2 interest rate and cheap monthly payment vs somebody who has no credit or working on it a higher rate. When in fact most people bale on their monthly payments due to the rates that was given to them. Allowing somebody to make a $200 car payment with 2% vs $500 and %20.. who do think will default first? Would be easier if you just let them do the 200 a month to be fair with rest of the well off buyers. If that person is late, than charge a late fee as normal, but don't go jacking up their monthly payments and interest rate beyond their ability to afford.
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.
 
Old 08-22-2017, 04:51 AM
 
16,494 posts, read 17,525,712 times
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Quote:
Originally Posted by hitpausebutton2 View Post
What do you consider crappy? If they owe another property than i understand, but if they have medical bills.. we all do.. than that is over looked by the credit companies now. But a old cable bill from 7 years ago for 50 bucks shouldnt keep them from renting.. so what is your critera for "crappy credit" because i meet some landlords that over looked some things and others that dont want to see anything on it.. like the 800 fico score people.. that person was a dk anyways.. attitude and all..
I Decline anything under 680 automatically these days. There seems to be a threshold when you drop below that. No a old cable bill but everything else showing perfect payment won't stop them from renting. Multiple late payments will however stop them from renting. At least renting from me. You need to understand that at one time I accepted less than great credit tenants. And it did nothing but cause issues for me.


Answer me this? Why should I take more risk with my business by renting to someone with bad credit?
 
Old 08-22-2017, 04:55 AM
 
2,360 posts, read 1,028,642 times
Reputation: 2071
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.
your stil missing the point.. Jacking up interest rates and less to the principle doesnt solve the problem. It puts more burden on the person that is taking the loan. They will default faster on higher note than a low note that you give to the rich.
 
Old 08-22-2017, 04:58 AM
 
64,629 posts, read 66,158,228 times
Reputation: 43060
it is no different than jacking up auto insurance on those who have more claims as well as those with lower credit scores where states allow it .

the group has to pay for it regardless . the answer is don't get yourself in that situation , not cut the income of those who act as lenders to that group and take the risk ..

a 46% default rate in the pay day loan business is insane . i would want more than they get to loan that group , that is for sure .

For instance, the median payday borrower is in debt for 199 days out of the year, even though most loans are due after just two weeks. We also know the reason customers are in debt so long is because they can't afford to pay off the loans in time, and are forced to take out new loans over and over again, with four out of five payday loans being rolled over or renewed within 14 days.

Now, a recent study from the Center for Responsible Lending, a non-profit focused on promoting fair lending practices, discovered nearly half of all payday loan customers defaulted within two years of their first loan. The study also found almost 50% of defaulters did so within their first two payday loans.
 
Old 08-22-2017, 05:19 AM
 
736 posts, read 400,517 times
Reputation: 1092
Interest rates need to go way up......15% and higher. Speculators, Shysters and Thieves who are flourishing last 16 years need to be crashed and flushed down the sewage drain.

What we have since 2001, especially since 2008 is CRIMINAL, despite what some of you who are benefiting from this SCAM and InSANiTy think. None of this is NORMAL and needs to end ASAP!!!!

The real hanger in economic growth is the rise in housing for people which has outpaced incomes, inflation, and most everything except medical expenses which is another issue. The worry is not household debt or assets this time, but the cost of a household.
Even those with increased assets are often worried about housing and healthcare. You can be a millionaire and be poor after medical expenses. Likewise, you can have healthy income and savings and feel like a pauper after housing prices in your area skyrocket. Just ask people including the now homeless in San Francisco.
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