Credit score system, unfair and way too strict (taxes, garnishment, payroll)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I know people on both sides, working poor and at the $250K range. Believe it or not I do understand the working poor. I know one guy who expects everyone else to help him and always has his hand out and another guy who although poor has a credit score above 700.
Now the people at the $250K range... they paid off their own school loans, they pay for everything, house, kids education, no help from anybody. Yet Obama promotes this class warfare which is not right.
I am reselling things online. A digital camera and a scanner would dramatically improve sales volume and prices. I have $10K inventory and with the above items I could sell more realize higher prices, make larger student loan payments, and buy more inventory for resale. My inability to move inventory fast enough is a problem.
And I'm doing this out of a 10 x 12 room, if I had more living space I'd be able to increase volume further.
In other words, creditors and credit scores don't care whether events beyond your control prevented you from paying as agreed, or you are a deadbeat in the true sense of the word. And as long as you are paying as agreed, they also don't care if you are living and spending frugally or you are a wasteful profligate spender. Which is how they enable the wasteful to get over their heads in debt.
If you put $10,000 in a savings account at a bank, and a year later you went to take it out and the bank said that they can't give it to you right now because they had some unexpected expenses come up during the year, but they will try to catch up some time soon what would you do? Wouldn't you be upset? After all, they are not living up to their side of the bargain!
It is the same in reverse. When you borrow money from any institution for any purpose you do so with the promise of paying it back with interest. If you fail to do so you are in default. It isn't the bank's or credit card company's fault if you spent more than you could pay, and there is no reason that they should cut you a break if you have a sad story. That is just how life, and business, work.
But the person made a negotiated effort to honestly pay it back and he/she gets penalized for making those negotiated payments?! That is one reason why this industry is nuts and out of control
Ofcourse you get penalised for not paying off when it was dur.Why would the perosn not get penalised and other not know perosn does keep promise in contracts.A late payment is different than not payig it at all and note o the reprot. What other lender think is upto them.
If you put $10,000 in a savings account at a bank, and a year later you went to take it out and the bank said that they can't give it to you right now because they had some unexpected expenses come up during the year, but they will try to catch up some time soon what would you do? Wouldn't you be upset? After all, they are not living up to their side of the bargain!
It is the same in reverse. When you borrow money from any institution for any purpose you do so with the promise of paying it back with interest. If you fail to do so you are in default. It isn't the bank's or credit card company's fault if you spent more than you could pay, and there is no reason that they should cut you a break if you have a sad story. That is just how life, and business, work.
Well banks have insurance and the Fed to handle that sort of problem - pretty good deal if you can borrow freely at rates barely above zero. Burger flippers don't have the ability to insure and to hedge against those risks.
Student loan programs now have "reasonable and affordable" repayment programs which work with borrowers with income issues. I made the mistake of defaulting before those programs existed. You gonna say that a borrower in income based repayment (IBR) with $15K income and a monthly payment of zero is responsible and I with $12K income and a monthly payment of $120 am irresponsible?
I am reselling things online. A digital camera and a scanner would dramatically improve sales volume and prices. I have $10K inventory and with the above items I could sell more realize higher prices, make larger student loan payments, and buy more inventory for resale. My inability to move inventory fast enough is a problem.
And I'm doing this out of a 10 x 12 room, if I had more living space I'd be able to increase volume further.
It can be done out of a 10 x 12 room. Why do you need bigger? what are you selling? I just sent a question.
How are you getting images online now? You don't need a scanner either.
H no, someone who walks should not have good credit today. I NEVER EVER said that gaming the system is ok. Where did I say that? If you read my post I say the exact opposite. In fact it is those types that we all are paying for.
If I had BK'd my debt away 10 or 15 years ago, I could have great credit today. The debt that is weighing me down today is precisely the same debt (plus interest and fees - they are making a TON of money on the fees - minus payments) from which I decided to not run away. I am not costing the government money; the government is making money off me. They have made as much money off me in fees as the money I borrowed and the money keeps rolling in every month.
Now I understand that in the long run, it is never in your best interest to affirm debt you can not resolve with reasonable speed, and usually in your best interest to neutralize it through BK or SOL.
It can be done out of a 10 x 12 room. Why do you need bigger? what are you selling? I just sent a question.
How are you getting images online now? You don't need a scanner either.
Because the stuff (books, comics) takes up space. I'm pulling images off websites (stock photos etc) but that doesn't show the condition of YOUR item which of course is what buyers want to know.
I have a question for anyone who thinks the system is fair. Why does your score drop faster and farther than it rises up? Also why is it necessary to have bad credit issues on record for 7 years even after you have settled the debt. It would seem like the system penalizes you heavier than it rewards you which is unfair.
I ended up in the middle of this thread, so maybe this has been said.
Some people feel that never having been arrested, or not beating their wives and kids, are some sort of worthy accomplishment. I view it as one of many things that are part of a social contract that should be necessary to enjoy the benefits of a society like ours. Paying one's bills on time is another. That should be the minimum expectation, without any 'bonus" given for doing what is expected. We don't get bonuses at work for simply performing the tasks we were hired to do. We don't get added benefits for not speeding, stealing or killing. No one thanks you for not slapping them on the street. We're just allowed to keep on with our lives, as all of those are things that should be assumed.
The same goes for credit. The assumption is that people should pay their bills on time. Anything less, and they deserve punishment. Sure, there are exceptions, as many have posted, but the baseline of paying one's bills as agreed to is not a cause for celebration.
Because the stuff (books, comics) takes up space. I'm pulling images off websites (stock photos etc) but that doesn't show the condition of YOUR item which of course is what buyers want to know.
So I am going to have to guess. First you must be selling items on eBay. You are right, stock photo's do not work especially with comic books because condition is important especially when it comes to collectibles. Books? is there a market for books?
You do know if you start a business officially and dedicate an area to your business only you could write that area off which you should do anyway. It makes it easier to handle.
Did you try buying a second hand camera? You do not have to have the top of the line camera either since even older camera's work just fine.
Get 2 presentation boards from Staples, one for the backdrop another for the base.
What makes you value your inventory at 10K? Do you have excellent feedback?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
