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Originally posted by violet
Seems they want to keep people in debt, but it's mostly likely the banks can make some extra money on the way to the grand scheme being accomplished.
I really don't think the banks care if you make regular credit card payments, as long as you are making them money. They need you more than you need them. They used to be strict but aren't anymore.
Originally posted by nightstalker78
reply to post by Kangaruex4Ewe
"My husband’s salary was small to begin with topping out at around $52,000 a year. Really decent money for my area. Enough money that I was able to stay at home and we were comfortable. We paid our bills on time. The only loans we had were for 2 vehicles and a mortgage. We did have 3 credit cards as well as out utilities. Water, Electricity, Telephones, etc. One day out of the blue my husband’s salary is cut to less than $25,000 a year. In one fell swoop we lost over half of our original take home pay. With the recession, came the need for a lot less lumber to build houses that weren’t selling. It was either shut their saw mill down...or take the cut.
So we weren’t “living above our means” or partying like rock stars and thus unable to pay debts as easily as before. We were just like so many other people struggling to do what we could do."
Right.So you were living beyond your means on one salary.So it's got to be the banks fault! Really,that's what you're saying here.Lose the credit cards. And also,your husbands salary didn't get cut to that much for no reason.You want us to believe it did.And $52,000 isnt a small salary these days. If you worked you'd probably easily double that.
Originally posted by Petriclivicus
reply to post by Kangaruex4Ewe
Credit scores are analogous to statistics. They can be interpreted in a number of ways. As for what those numbers means to a bank differs from one bank to another.
4-5 years ago I was downsized from a fortune 500 company. I was making very good money and doing quite well. Then suddenly, it was all gone. On a personal note, You can never save enough for that scenario. Long story short, I called the bank and talk to the president of the bank and told him that my funds were running out and it wouldn’t be long before I was unable to make the mortgage payment. I then asked for any viable options. He said “ Don’t worry about it just send what you can “. So I did anything I could to make money. I worked at McDonalds and collected scrap and did some free lance graphical stuff. Every cent I could get went straight to the bank, minus the $3.00 a day food allowance of course. It was almost 9 months before I found a good tangible job that paid good money. At that point I was 6 months behind on my mortgage. It took nearly a year before I finally got it caught up. Since then the mortgage payment is always sent early.
Then about a month ago, my car broke down and I needed another car. I went to a car lot picked one out and applied for the loan. It was rejected. So, I figured it was because of being behind on my mortgage for that long. So, I called my bank and talked to the president and asked if there was any chance I could get a loan. Without hesitation he said “ Sure!!, how much and who do I make the check out to”. I was really dumbfounded and nearly in shock as that was not the answer I was expecting.
He then told me that the banks like people who communicate with them. He then said that I communicated well with them and that in itself merited credit. So basically he gave me the loan based on my character Not credit score. Though I did ask him to run a credit report so I could see what was on it. The score was 699, which is not too hateful. There was only one item on there, which was my mortgage and the number of months it was behind.
So, one bank looks at it and one bank doesn’t. I say, get to know your local neighborhood bank president and communicate regularly with him.
As far as the late fees, both banks and businesses don’t mind you bouncing checks, and paying your bills late. After all who complains about free income. Although, reporting it on your credit score, is just an unpleasant byproduct.
Is it really an outlandish idea?
Originally posted by rebellender
reply to post by Kangaruex4Ewe
Is it really an outlandish idea?
the concept of paying cash, ,,,what a concept indeed