Question For AZ People With Bad Credit (short sale, loans)

[dbean]

I wish more creditors would garnish wages, it would teach people to quite applying/maxing out credit cards who can't afford them...just to get the big screen TV, or new rims for their lifted truck.

Along w/ the people who could never afford the 4br house that the bank was willing finance, the aforementioned people are who got us in this mess.

Buy things you can AFFORD and stop living like $ grows on trees.

[Bummer]

Agree, dbean.

Tough Love teaches responsibility and respect.

Too much "help" perpetuates the problem and solves nothing.

! ! ! !

[Rick Lee]

Originally Posted by Bummer

Another great point, Rick.

Many years ago I attempted The Landlord Business and swore NEVER AGAIN. Unfortunately, far too many Deadbeat Tenants have discovered how easy it is to pay the required rent for a month or two and then live for many many months more (upwards to a year) RENT FREE.

As with welfare . . . far too many have turned The System into a Free Ride Lifestyle at the expense of others.

Sadly, SHAME and/or RESPECT are not even remotely in their vocabulary.

I didn't want to become a landlord, but knew it would take forever to sell my house and it would hold up my move to here. My tenants' FICO's are in the high 700's and they both have 10 yrs. at the same job. I do get worried when the rent arrives a few days late, but they surely don't want to have their credit ruined by me. Last time they FedEx'ed the rent, but had my name misspelled and the house number off by a digit. So FedEx couldn't find me. It took eight days to straighten it out and I was really, really worried they had skipped on me. I hate being a landlord, but I didn't have a lot of options at the time. I guess it'll be good for my taxes this year.

[shiphead]

Originally Posted by Rick Lee

You consider the system to be against someone when they actually expect you to keep your end of your agreement? What a world.

In a world of robots, these things could happen. We live in a world of human's, not robots.

Against me because they expect me to keep my end of the agreement? No, that's not what i said. In the situation i was in, i had no option but to miss 2 months of payment on my car. The first month i would spent 8 hrs a day looking for work, even two jobs to afford my payments. No luck. First month it was either eat or make the car payment. I guess i should have chosen death because then they wouldn't need to worry about missing a payment from me. Why is it hard to understand people in difficult situations.

They are against me because they aren't willing to come down to a human level. They are willing to default my loan, take my car and give me debt for years to come. In this case they would make MORE money off of me by the giant jump in interest. It's like free money for these companies. Person defaults on a loan, the car company takes the car back sells it to someone else, the person that defaulted get to make additional payments making it a win/win for the company. This wasn't me gambling with money, this wasn't me using my money irresponsible, it was me being laid off from living paycheck to paycheck. I should have never gotten into that situation in the first place, i would image you saying. Again, read my first rebuttle. I had no choice.

Yourself even claimed to have "tough times" and yet you can't understand or see my side of the argument ?

[TurcoLoco]

Originally Posted by dbean

I wish more creditors would garnish wages, it would teach people to quite applying/maxing out credit cards who can't afford them...just to get the big screen TV, or new rims for their lifted truck.

Along w/ the people who could never afford the 4br house that the bank was willing finance, the aforementioned people are who got us in this mess.

Buy things you can AFFORD and stop living like $ grows on trees.

I hate getting into this debate but people often with financial stability and good credit rating who will be this harsh and unforgiving. Yes, there are A LOT of low lives who do not even deserve to have any type of credit line to begin with and I strongly believe that is where the problem lies.

They should never have such high credit line if they have not proven to be worthy of it but credit card and some other creditors, do this to bait weak-willed ones into spending before letting them establish a reputable credit history first. So, creditors are at fault too.

They did jack my rate up simply because I had high balances on a few of my cards. The account with the creditor, that jacked my rate up to a ridiculous 22.99%, had les than 40% of the credit line used yet they still increase my rate from 12.99% to 22.99% using the excuse that 2 other accounts had over 70% and my overall credit debt was high. Granted, I had not used any of the cards for over a year and mainly, making minimum payments on them which is all I could afford without being late. How would that interest rate increase help me get out of the mess I got in due to continuous car and health problems (no insurance coverage due to sucky job at the time)? Was it entirely my fault to have bad luck and no cash and end up using -against my better judgement- a few of my cards to pay for the critical expenses that I otherwise could not have? Does it justify the sinister rate jack some of the creditors applied to their accounts because I simply had too much debt and not a single late payment? Surely enough, after a few creditors doing this, I unwillingly missed a couple of payments.
Was I really that irresponsible?

Also, amplify this scenario with bigger debt and over a longer period of time with other personal and professional issues and you could end up with a jacked up credit, not to mention those who got their credit ruined simply because they united their credit with someone (marriage) who was far from responsible. What was the fault of those who married or co-signed for the wrong people? Yes, they took a big risk and get punished for it but I think you could spare them your 'Hollier than Thou' attitude and lectures about how to be financially responsible. Everyone can go from a mansion to a mobile home, it could happen to anyone and with the current event, it probably will happen to quite a few of us.

Also, isn't a line of credit basically $$ you are given yet do not have?
So by having a credit line and using it, you are spending $$ you don't have to begin with, if that was not the case then why not pay with cash, check or better yet ATM/debit card? This is not the 70s or 80s after all, ever bank has a credit logo on their ATM/debit card making it virtually usable anywhere.

Make no mistake, this society is and always will be in a bigger credit debt than the previous generations, we are becoming a more 'cash-less' nation in general while bigger, worse financial troubles awaits in the future.

PS. I currently have 2 credit accounts active, with around 807 FICO but I could care less if it was less, as long as people just don't think better or worse of me according to a number.

[Rick Lee]

Originally Posted by TurcoLoco

I hate getting into this debate but people often with financial stability and good credit rating who will be this harsh and unforgiving.

That's because most of us with good credit have at one time had bad credit, been in trouble and worked our way out of it. Declaring bankruptcy or crying that life is unfair does not garner a lot of sympathy.

[TurcoLoco]

Originally Posted by Rick Lee

That's because most of us with good credit have at one time had bad credit, been in trouble and worked our way out of it. Declaring bankruptcy or crying that life is unfair does not garner a lot of sympathy.

...and that is why people come here and ask for other help or at least their opinion.
If someone is trying to change and recognized their fault or the problem, then all I am saying is 'let's move past this unnecessary lectures and bashing'.
The OP was not your target, but those who ticked you off are quite possibly younger people with little or no knowledge (and also experience) who will surely find out the facts for themselves, eventually. If they don't make the same mistakes, great, more power to them but if they do, let's hope they learn from it as we have.

If they ask for help, regardless of what they have done, let's help them out with no preaching, judging or lecturing (arghh, I feel I am preaching too right now!), that was the point I was trying to make.

Ok, Rick, you win I am not in the mood to continue this any further (hangover), let them burn in financial hell...

I am going to finish my apple and go back to work, if not, I might get fired then who is going to pay my bills? Rick Lee?

[Rick Lee]

Pay your bills? I'm so poor I can't afford to pay attention. Wanna trade commission checks this month?

Anyway, as someone who has read countless credit reports, just take it from me - don't run from your problems. Yes, you actually can make your credit card problems go away if you can ignore them for 7-10 yrs. But if you had the cash to live like that, then you could also repair your credit. There are a lot of consumer credit counseling places out there and not all of them are legit. Find the best one, get in it and knock out all your debt within two years. You'll be surprised how fast it goes by. I did it. My FICO went from sub-500 to mid-700's in a pretty short time too. Having that kind of score can really help when you're in a short-term bind and need a loan.

[TurcoLoco]

Originally Posted by Rick Lee

Pay your bills? I'm so poor I can't afford to pay attention. Wanna trade commission checks this month?

Sounds like you are working for 'presumed paycheck'! In sales? If so, then sorry, comes with the job buddy! When you were making big bucks were you sharing the wealth with others? Btw, how big is your house and what kind of car(s) are you driving?
You are a fellow motorcycle rider so I will give you a break by stopping here. Hehe...

Anyway, as someone who has read countless credit reports, just take it from me - don't run from your problems. Yes, you actually can make your credit card problems go away if you can ignore them for 7-10 yrs. But if you had the cash to live like that, then you could also repair your credit. There are a lot of consumer credit counseling places out there and not all of them are legit. Find the best one, get in it and knock out all your debt within two years. You'll be surprised how fast it goes by. I did it. My FICO went from sub-500 to mid-700's in a pretty short time too. Having that kind of score can really help when you're in a short-term bind and need a loan.

Benn there, done that! Congrats to you as well, now here is a cookie for you. I promise, by the time you are done eating it, you will feel a lot better!

[omle]

Originally Posted by Rick Lee

What do you mean by a bad loan? I've gotten lots of mortgages, car loans and credit cards and don't recall one of them ever being "bad". If you pay as agreed, it works out just fine. I did once get into credit card trouble after college. All of them cut me a great deal, once I contacted the appropriate departments.

I also had a problem after college. I had a $350 bill at a dept. store that I did not pay on time, every month. I was a flake.

They called my NEIGHBOR. I was mortified and paid it off quickly.

I've never used credit poorly since then. I feel for people that are in debt and are facing the harsh consequences. However, I think they need to get a grip and face their responsibilities. You enjoyed your purchases and you have to pay.

We in America are getting a big wake up call. Don't buy things you can't afford.

Buying a house is not a right.

If you are poor, you should not live beyond your means.

I've been very poor and am pretty well off now. I don't abuse credit now. I could have gotten a 2 mil/no down payment loan when I was looking for a house a few years back. Easy pickings. I instead put 20% down on a modest home in a very good area.

I learned my lesson with credit after that 1 humiliating situation, after college. I don't feel much sympathy for those who don't learn their lessons. And I certainly don't want to pay for their continued greed and stupidity.