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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 .
What other criteria? I have two old judgments on my credit report. Not a whole lot of criteria to go by.
What other criteria? I have two old judgments on my credit report. Not a whole lot of criteria to go by.
exactly . you committed financial suicide at this point . there is no coming back for you from the financially dead . you wasted decades of time at this stage by lack of action .
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 . ,
When I moved here - fresh out of hospital but unable to work with limited mobility - I lived with my aunt and did some minor work in the rental office. (Building was owned by a major REIT and later went condo.) In the office I got to see some rental files - there was one guy in the building who had had some really spectacular credit collapse but got into the building by paying six months up front. Most of the country isn't California.
it is not just california , it is many states have limits .
but regardless even if a tenant gave me a year i would not want them . first off it raises a red flag about their worthiness . second it does nothing for me once the year is up if i have to evict them .
are there all kinds of stories and exceptions out there ? sure . but if it ain't helping you it is a moot point .
exactly . you committed financial suicide at this point . there is no coming back for you from the financially dead . you wasted decades of time at this stage by lack of action .
In the context of a thin credit file, shouldn't rental history be useful in...renting?
it is not just california , it is many states have limits .
but regardless even if a tenant gave me a year i would not want them . first off it raises a red flag about their worthiness . second it does nothing for me once the year is up if i have to evict them .
Same applies to those with great credit - once the year is up, or even sooner, you might have to evict them.
sure it could happen , but at least i am not starting out with someone who is questionable and already demonstrated bad behavior. eventually every tenant at some point will get hit with illness-divorce or job loss .
but it is how they respond and come out of it that counts . that is unknown at this stage , but with someone already with poor credit they already demonstrated they can't stand up to certain events . my one tenant that turned bad had great credit but a divorce ruined her and she could not recover .
could they have done more saving and less spending so they can deal with the big 3 ? sure they could have so from this point on the bad credit reflects her history of poor decisions and choices .
it is rarely the event itself that does someone in . it is all the things they could have done or should have done leading up to the even but didn't
Last edited by mathjak107; 08-22-2017 at 07:37 AM..
sure it could happen , but at least i am not starting out with someone who is questionable and already demonstrated bad behavior
So illness and divorce are now bad behavior?
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