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Until the 2008 recession it was fairly easily to get a new job. The last time it was that hard was the depression in the 1920's and into the 30's. Sure the 70's and 80's weren't great but they weren't as dire as the 2008 recession which many think it was actually a depression. So no one batted an eye when people got cars every three years before 2008.
As for who forced them, society with Jonesing did because if you didn't buy a new car when your neighbors did it showed socio-economic weakness. Silly I know, BUT it does cause societal sanctioning. Just look at people who laugh at iPhone 4 users in the day of the iPhone 6.
I bought a new pickup in 2004. I'm still driving it. I plan to replace it sometime around 2024. I paid cash, so my employment status had nothing to do with my credit rating. As it happened, I did get "downsized" in 2009, but thanks to no debt of any kind, I was never late on a payment.
Obviously you have read nothing on this thread. One of the more ignorant posts on this topic but you have company.
Bragging in this way shows lack of class. Let something bad happen to you like a job loss and/or a major heath issue that will wipe you out and see if you still feel the same way.
Obviously you have read nothing on this thread. It hasn't sunk in that spending money you don't have is a generally stupid decision. We have all lost jobs. It's an expected consequence of working for a living. Almost everyone has had health issues. These things are why we carry insurance and go without fancy things to build up an emergency fund of at least a year's GROSS income. People's credit only suffers if they have contracted thoughtless debt and ignored basic prudent living.
Obviously you have read nothing on this thread. It hasn't sunk in that spending money you don't have is a generally stupid decision. We have all lost jobs. It's an expected consequence of working for a living. Almost everyone has had health issues. These things are why we carry insurance and go without fancy things to build up an emergency fund of at least a year's GROSS income. People's credit only suffers if they have contracted thoughtless debt and ignored basic prudent living.
what if you are forced to live off credit due to a unexpected layoff since you are not eligible for unemployment compensation since you don't have enough quarters?
what if you are forced to live off credit due to a unexpected layoff since you are not eligible for unemployment compensation since you don't have enough quarters?
You are continuing to hijack this thread with hypotheticals. That has nothing to do with "Can a job offer be rescinded due to poor credit?"
Why not start another thread?
what if you are forced to live off credit due to a unexpected layoff since you are not eligible for unemployment compensation since you don't have enough quarters?
That won't happen because since the day you were first employed, you have been locking away 15-20% of your paycheck in savings. You have plenty of dough in the bank if you are laid off. And since you have no debt, your cash flow is light. If you execute this plan, you could endure years of joblessness without a care in the world.
But first you have to be smart. First you have to use Reason. First you have to use Logic. First you have to use Observation:
"I live in the real world. In the real world, sheet can happen for a variety of reasons. I cannot expect others to have to take care of me if I run into trouble as that would be immoral and wrong. Therefore, I need to save lots of money in case the sheet happens, because the sheet always happens. So although I can easily afford a 2 BR apartment and a car loan, I am instead going to opt for a Studio and pay cash for a used car with 80,000 miles on it. Then I will be a powerful and responsible human being who can take a lot of sheet before running up the white flag!"
So you lose your job, and can't find another one for 14 months. Not a problem. You planned for this and your FICO score will remain at 800.
You gotta be kidding me! Haven't you ever heard, "You show me yours and I'll show you mine?" If you can't discuss debt with a SO you have no business being in a relationship with them. Getting into a relationship with someone who can't handle money is a sure ticket to a very expensive divorce.
It depends how far along you are. If you are NOT planning on living together or getting married, that is something. If you are committed but not that committed, it is a talk that is nice to have but not needed because it is irrelevant. When you get to the point that you do in fact want to move in together and/or get married, then it is. Before then can be problematic.
I bought a new pickup in 2004. I'm still driving it. I plan to replace it sometime around 2024. I paid cash, so my employment status had nothing to do with my credit rating. As it happened, I did get "downsized" in 2009, but thanks to no debt of any kind, I was never late on a payment.
Don't spend money you don't have.
Did you pay for the truck in full or with a car loan? I'm guessing by 2009 you didn't have it BUT some people did actually have car payments, mortgage payments, utilities, etc. that didn't just stop when they got downsized or the company closed leaving them out of the job.
Quote:
Originally Posted by Larry Caldwell
Obviously you have read nothing on this thread. It hasn't sunk in that spending money you don't have is a generally stupid decision. We have all lost jobs. It's an expected consequence of working for a living. Almost everyone has had health issues. These things are why we carry insurance and go without fancy things to build up an emergency fund of at least a year's GROSS income. People's credit only suffers if they have contracted thoughtless debt and ignored basic prudent living.
I disagree, this most recent recession shows that. In often cases of job loss for two people living together only one would typically lose their job at a time. It was fairly rare to have that occur. In 2008/9 it was common for both people to actually be out of the job. Not only that but it was relatively common that more than one issue happened that would have wiped out gross income for a year, maybe two. Sometimes you have to pay for general bills an healthcare for catastrophic issues. Let's remember that just because you have health insurance don't mean you have out of pocket payments. Recently there was a case of everything being in network except for one doctor who was brought in. The patient's bill shot up to extraordinary levels, (117K) because insurance didn't count the out of network doctor. Here's The Young Turks video for it.
Yes I know The Young Turks aren't "good media sources" but this shows that it can happen where healthcare bills are extraordinary and not even for cancer patients.
Also while on the topic of debt, what about going to college should people simply not go unless they cannot afford it OR should they take loans? That's a large portion of the debt young people face and it is told they need that debt to be anything worth a damn anymore.
Quote:
Originally Posted by FBJ
what if you are forced to live off credit due to a unexpected layoff since you are not eligible for unemployment compensation since you don't have enough quarters?
That is part of the problem with many issues.
Quote:
Originally Posted by Pitt Chick
You are continuing to hijack this thread with hypotheticals. That has nothing to do with "Can a job offer be rescinded due to poor credit?"
Why not start another thread?
I think it is relevant as it can turn into a detriment that prevents jobs, just like the talk of debt and why people are in debt.
On one hand, you may have an individual with poor credit due to a health issue, divorce, student loans, a period unemployment etc. Because of the amount of money involved in that one issue, your credit score tanks ranking you in with the non-employable.
On the other hand, you have individuals that leave a string of small debts behind them where ever they go, but because they pay the small debts once they pop on the credit report, it gets erased and their score is high.
From my personal experience, the second person is far more likely to be an employment risk because their general irresponsibility towards fiscal accountability is very likely to be reflected in their work. Yet, you can't vet that person out based on their credit because that behavior is not reflected in the final number.
Ideally, each potential employer would sit down and try to figure out why your credit score is so bad. But they simply don't have time and there are many people waiting in the same line who's credit score is better. In a rush, and knowing that everyone is replaceable, it makes sense to hire the person with a higher score.
I sort of support the ban on using credit scores as a hiring tool. But I think it's just that. I don't think it should be the sole basis of a hiring decision unless that score reveals an ongoing pattern of irresponsibility.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Quote:
Originally Posted by FBJ
what if you are forced to live off credit due to a unexpected layoff since you are not eligible for unemployment compensation since you don't have enough quarters?
That was y situation, because I was self employed for 16 years, no unemployment. We exhausted savings by the time I found a good job, but we did have savings and while it was a difficult couple of years in 2008-09 we made it through and are now building the savings back up again. Our credit never got too bad despite some late payments but that too has been built back up now.
That was y situation, because I was self employed for 16 years, no unemployment. We exhausted savings by the time I found a good job, but we did have savings and while it was a difficult couple of years in 2008-09 we made it through and are now building the savings back up again. Our credit never got too bad despite some late payments but that too has been built back up now.
I just feel some posters on here have to realized not everything goes as planned when it comes to finances and you may have to use the money off your credit card to pay rent.
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