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  • oldag

    TGT Addict
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    7   0   0
    Feb 19, 2015
    17,429
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    They do what's called "manual underwriting". It's where a human actually looks at a person's financial resources and net worth, etc., and makes an informed decision rather than basing it on a credit score. Funny thing is, those kinds of underwriters have FAR fewer non-performing loans than the "punch in the numbers" folks do, because they actually LOOK at someone's credit worthiness.
    The three C's.

    Software can only evaluate two of them.
     

    mamboloco

    Active Member
    Rating - 0%
    0   0   0
    Aug 14, 2019
    282
    26
    DFW
    I sounds like these corporations have us all dancing around like a bunch on Kansas City faggots trying to have high scores in their reports
    Looks like they are controlling our behavior pretty good

    Do this
    Dont do that
    Pay this now...not then
    Keep this card even if you dont want or need it

    We are all hamsters on their wheel
    Sad
    wait until they start using the google social scoring algorithm they developed for China.

    Buying a gun would zero you out, no plane tickets for you!
     

    TheDan

    deplorable malcontent scofflaw
    Rating - 100%
    8   0   0
    Nov 11, 2008
    27,551
    96
    Austin - Rockdale
    Have you ever noticed the less you need credit the more you have? If you don't need a loan everyone will give you one. If you do need a loan although your repayment history is perfect you can't get one.
    That's because if you really need a loan something has gone wrong.
     

    F350-6

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    2   0   0
    May 25, 2009
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    That's because if you really need a loan something has gone wrong.

    I don't agree. If a young couple gets married and starts a family, the odds are, they don't have the cash to go buy a new house for said family without a loan. Especially with the cost of homes these days.
     

    Brains

    One of the idiots
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    3   0   0
    Apr 9, 2013
    6,904
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    Spring
    Sometimes a loan is the only way, F350's example being the glaring example. Pretty tough in today's world to get into your own home without a mortgage.

    The mindset of "never take out a loan" or "only buy what you can afford now" is sometimes not the best financially. I routinely take loans for things I could technically write a check for. Cars, for instance, I have two car notes at 0% interest for 72 months. When I did the math on loan vs. $3k off the price, it worked out in favor of financing. Taking the total of the loan and averaging out what I typically earn in a year with the money sitting in a brokerage account, I'm actually ahead before the end of year one. Use their money, at no cost to me? Ok :)
     

    TheDan

    deplorable malcontent scofflaw
    Rating - 100%
    8   0   0
    Nov 11, 2008
    27,551
    96
    Austin - Rockdale
    I don't agree. If a young couple gets married and starts a family, the odds are, they don't have the cash to go buy a new house for said family without a loan. Especially with the cost of homes these days.
    No, they just want a nice house in a nice area. They could keep living with family until they had money, or buy unimproved property and build a shed to live in to start off with.
     

    TheDan

    deplorable malcontent scofflaw
    Rating - 100%
    8   0   0
    Nov 11, 2008
    27,551
    96
    Austin - Rockdale
    The mindset of "never take out a loan" or "only buy what you can afford now" is sometimes not the best financially. I routinely take loans for things I could technically write a check for. Cars, for instance, I have two car notes at 0% interest for 72 months. When I did the math on loan vs. $3k off the price, it worked out in favor of financing. Taking the total of the loan and averaging out what I typically earn in a year with the money sitting in a brokerage account, I'm actually ahead before the end of year one. Use their money, at no cost to me? Ok :)
    Yeah same here. Any APR that is below inflation is just free money. I've got loans on all sorts of stupid shit :laughing:
    The thing is, I could only get that super low interest rate because I don't actually need any of it.
     

    F350-6

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    2   0   0
    May 25, 2009
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    No, they just want a nice house in a nice area. They could keep living with family until they had money, or buy unimproved property and build a shed to live in to start off with.

    I thought one of the hits on the younger generation was not moving out of their folks house soon enough? You're saying they should continue to live there, or go live in a shed?

    I'm not sure if you've ever lived in a shed before, but assuming they went with that approach, how long do they live in the shed? Long enough until they can afford something better? Or long enough until they can afford what most would consider a reasonable house for a family?

    if they keep upgrading every year or so as they save, how much money are they losing in closing costs, etc? If they buy a run down shack and want to fix it up little by little, that sounds nice, but if you're not doing the work yourself, then piecing it out, paying for additional permits and inspections, paying additional for work to start and stop, etc. isn't exactly a wise use of money either.
     

    Brains

    One of the idiots
    Rating - 100%
    3   0   0
    Apr 9, 2013
    6,904
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    Spring
    No, they just want a nice house in a nice area. They could keep living with family until they had money, or buy unimproved property and build a shed to live in to start off with.
    Not always an option. When I started out on my own (@ 14 y/o), I was ... well I'll save the sob story, but lets just say options were limited to say the least. Thankfully I caught a few breaks with friends helping me out BIG time, and I rented until I had enough saved and enough credit history built to get a mortgage (@ 20 y/o). Those early years were pretty ugly though.

    Yeah same here. Any APR that is below inflation is just free money. I've got loans on all sorts of stupid shit :laughing:
    The thing is, I could only get that super low interest rate because I don't actually need any of it.
    This is the stuff we need to educate the most. Many folks have no idea what really separates the haves from the have nots. Once the cycle of living paycheck to paycheck is broken, things really do change. You can look at credit for how it works for you, rather than as a means to and end.

    I think it would be best if people learned to suffer. Really suffer, not be poor on government assistance. When you're hungry and "out of options" and not willing to do things the wrong way, it teaches you to see options you never knew existed. That sticks with you, and it teaches you how to work through adversity. Unfortunately we've bred a society that thinks it's ok to steal if you "need" it. I don't care who you are or what your skills are, there is something you're capable of doing that someone is willing to pay you for.
     

    TheDan

    deplorable malcontent scofflaw
    Rating - 100%
    8   0   0
    Nov 11, 2008
    27,551
    96
    Austin - Rockdale
    I'm not sure if you've ever lived in a shed before, but assuming they went with that approach, how long do they live in the shed? Long enough until they can afford something better? Or long enough until they can afford what most would consider a reasonable house for a family?

    if they keep upgrading every year or so as they save, how much money are they losing in closing costs, etc? If they buy a run down shack and want to fix it up little by little, that sounds nice, but if you're not doing the work yourself, then piecing it out, paying for additional permits and inspections, paying additional for work to start and stop, etc. isn't exactly a wise use of money either.
    With this being the prevailing attitude today, it's hard to imagine how America was settled.

    Not always an option. When I started out on my own (@ 14 y/o), I was ... well I'll save the sob story, but lets just say options were limited to say the least.
    Unfortunately broken families are becoming more common, but stories like that are still the minority.

    I moved out when I turned 17. Had a part time job plus was self employed so I was able to just barely rent a trailer and pay all my bills on my own. I joined the military right out of high school, though. It's a great way to jump start a young person's life when they don't have any good options.
     

    Brains

    One of the idiots
    Rating - 100%
    3   0   0
    Apr 9, 2013
    6,904
    96
    Spring
    I joined the military right out of high school, though. It's a great way to jump start a young person's life when they don't have any good options.
    That right there is probably my biggest regret. I should have joined up, and still to this day wish I had. By the time I graduated high school, I was doing well enough to not need it and was too young to understand how it would have benefited me.
     

    avvidclif

    TGT Addict
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    3   0   0
    Aug 30, 2017
    5,794
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    Van Zandt County
    I unwillingly joined the military, didn't like it. BUT it taught me that I was not a street smart as I thought I was. Now I'm glad I did it and recommend it to anyone wondering what to do after HS. It's the fastest growing up course available and it's free. They even pay you for it.
     

    WT_Foxtrot

    Well-Known
    Rating - 100%
    1   0   0
    Jan 23, 2019
    1,305
    96
    North Texas
    Not always an option. When I started out on my own (@ 14 y/o), I was ... well I'll save the sob story, but lets just say options were limited to say the least. Thankfully I caught a few breaks with friends helping me out BIG time, and I rented until I had enough saved and enough credit history built to get a mortgage (@ 20 y/o). Those early years were pretty ugly though.


    This is the stuff we need to educate the most. Many folks have no idea what really separates the haves from the have nots. Once the cycle of living paycheck to paycheck is broken, things really do change. You can look at credit for how it works for you, rather than as a means to and end.

    I think it would be best if people learned to suffer. Really suffer, not be poor on government assistance. When you're hungry and "out of options" and not willing to do things the wrong way, it teaches you to see options you never knew existed. That sticks with you, and it teaches you how to work through adversity. Unfortunately we've bred a society that thinks it's ok to steal if you "need" it. I don't care who you are or what your skills are, there is something you're capable of doing that someone is willing to pay you for.

    Great post and observation......been in both places over many years. Been poor and used credit as a means to an end (to my detriment). Proudly got out of it and went without for years. Now have learned to use credit as a tool/benefit to build wealth, responsibly of course and only as such. Not for boats, jet skis, ATVs or fifth wheels.

    And your last sentence is spot freaking on......people are begging to pay for skills and/or help in so many areas. If you find a niche and are willing to work hard, it's easy to find. See it every day.
     
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