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Because "severe rent burden" (defined as paying at least half your income on shelter) is associated with indicators of financial distress - indicators which apply to the narrow 11 million but not to the broader 300 million.
Dont spend what you dont have. Stop making excuses.
No one can explain your particular situation. It is a result of decades of bad choices (at least that is what I have read in your posts).
Two kids right out of college qualified for their mortgage. I am sure there are good reasons why you cannot.
My high school gf inherited $1 million on her 18th birthday and the first thing she did was buy with cash a house on the Jersey Shore, three blocks from the water and at what later turned out to be ground zero for Sandy. (And she socked away the remaining $900K.)
1) Rent is too damn high --> can't save up down payment
2) No inheritance, my father died penniless.
3) Graduates who walk into six-figure jobs can quickly qualify for mortgages, burger flippers can't.
Dont spend what you dont have. Stop making excuses.
What does "severe rent burden" have to do with "don't spend what you don't have"? People with severe rent burden can't spend what they don't have, so they live in perpetual privation.
I messed up my credit in college by maxing 3 credit cards. So for 10 years I lived life with no credit cards and allowed all the maxed out credit cards to fall off my report after 7 years. So in 2006 I decided to apply for my credit card in 13 years and was approved. After I maintained the American Express for 6 years, I was able to get another credit card in 2012. And doing all this while paying my bills on time
I was also able to get a 3rd credit card which is for a Mattress store inb 2015. So today I have 3 credit cards and a 720 credit score
I messed up my credit in college by maxing 3 credit cards. So for 10 years I lived life with no credit cards and allowed all the maxed out credit cards to fall off my report after 7 years. So in 2006 I decided to apply for my credit card in 13 years and was approved. After I maintained the American Express for 6 years, I was able to get another credit card in 2012. And doing all this while paying my bills on time
I was also able to get a 3rd credit card which is for a Mattress store inb 2015. So today I have 3 credit cards and a 720 credit score
Be grateful those credit cards let your debt drop off your credit record, rather than getting a judgment against you. Judgments tend to never go away until you pay them.
Be grateful those credit cards let your debt drop off your credit record, rather than getting a judgment against you. Judgments tend to never go away until you pay them.
Really? It was always said if you never pay the credit card balance it just falls after 7 years.
My high school gf inherited $1 million on her 18th birthday and the first thing she did was buy with cash a house on the Jersey Shore, three blocks from the water and at what later turned out to be ground zero for Sandy. (And she socked away the remaining $900K.)
1) Rent is too damn high --> can't save up down payment
2) No inheritance, my father died penniless.
3) Graduates who walk into six-figure jobs can quickly qualify for mortgages, burger flippers can't.
Good for her!
But that story has nothing relevant to my son's situation (or my post you quoted, really).
The two of them combined aren't close to six figures (and likely never will be)... and no inheritances.
What does "severe rent burden" have to do with "don't spend what you don't have"? People with severe rent burden can't spend what they don't have, so they live in perpetual privation.
This whole thread is about credit and you're on my back about rent. I dont care about anyone rent, its you that brung that up. Pay your credit card BILLS and you will be ok.
Really? It was always said if you never pay the credit card balance it just falls after 7 years.
If you owe them enough - the amount varies widely - they will sue you in order to get a judgment. Once they have a judgment, they can garnish your wages and your bank account, or drag you into court where you have to disclose your assets. While judgments last a finite length of time - often 5-6 years - in many states they can be renewed multiple times and therefore do not go away until you pay them or you die.
Generally they won't sue until you owe them about $3K or so, and $1,000 debts generally won't sue you, as small debts are seen as not cost-effective in pursuing.
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