He wants the govt. to bail him out of a bad decision, then crys when the truth shows up on his credit report.
http://money.cnn.com/2009/12/2...it_history/index.htm
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Yea. I saw that story earlier. What did he EXPECT to happen when he, in effect, notified creditors he was having trouble meeting his obligations?
quote:Originally posted by Surreal Justice:
He wants the govt. to bail him out of a bad decision, then crys when the truth shows up on his credit report.
http://money.cnn.com/2009/12/2...it_history/index.htm
Hmmm what was "His" bad decision? Sounded like he had made some really good decisions in his credit history to have a credit score of 750 to begin with. Losing hours at work due to cut backs and property tax increases are not his fault. It even said he wasn't behind on his mortgage but was having a hard time making ends meet. It sounds like to me he was trying to avoid getting behind and ruining his good credit. I ask again, where did he make a bad decision? Sounds like he was not informed by his lender as he should have been.
quote:Originally posted by Jankinonya:quote:Originally posted by Surreal Justice:
He wants the govt. to bail him out of a bad decision, then crys when the truth shows up on his credit report.
http://money.cnn.com/2009/12/2...it_history/index.htm
Hmmm what was "His" bad decision? Sounded like he had made some really good decisions in his credit history to have a credit score of 750 to begin with. Losing hours at work due to cut backs and property tax increases are not his fault. It even said he wasn't behind on his mortgage but was having a hard time making ends meet. It sounds like to me he was trying to avoid getting behind and ruining his good credit. I ask again, where did he make a bad decision? Sounds like he was not informed by his lender as he should have been.
His bad decision...not living within his means.
Too many people think you can spend all available income on large houses, new cars ect, never thinking of the rainy days that may come.
A good example is within the story itself. The guy was already seeking the govt.s help because he was in over his head, then he decides to buy a new car. Not on my dime buddy! I don't like my govt. giving my money to someone that has made bad decisions and continues to do so.
Jankinova...do you live on the edge like this guy?
My wife was recently off work for over a year, we suffered no adverse effects (except about $800.00 per month income loss) because we live within our means. Now if I was paying that $800.00 on a new motorcycle/boat/car ect. There would have been a problem.
The shame of it is, it is people like me that have to pay for the irresponsible ones because of this democratic president we have now..,
Yeah...go ACORN!
Last time I checked, it was Congress that made laws, not the President.
Actually, it's not that he made bad decisions it's just that he isn't as bright as he thought. You can't take a "bail out" and not expect it to hit your credit report. Just like refinancing or going into foreclosure or getting behind on payments -- anything that you do financially can affect your credit report positively or negatively. Just because "Obama said it is ok" doesn't give one freedom from consequences. It's not bad decisions -- it is ignorance...he should have read the fine print more closely and thought it through and gotten more advice before he made the deal. It sounds to me like he got a good deal regardless even with the hit to his score...had he not made the deal he might would have lost his home...so take the good with the bad and do the best you can -- that is what the rest of us do...
If you can 'live within your means' without her pay, then you never counted your wife's income as living expenses. If it was just for the 'fun' stuff, good for you.
Some people are not so lucky and have to spend every dime on bills; if you have ever been in debt for hospital bills, car repairs, college expenses, then you would understand.
He should have been informed that the trial period would affect his credit score, and he should NOT have tried to buy a new car. That was stupid.
Some people are not so lucky and have to spend every dime on bills; if you have ever been in debt for hospital bills, car repairs, college expenses, then you would understand.
He should have been informed that the trial period would affect his credit score, and he should NOT have tried to buy a new car. That was stupid.
Exactly!quote:Originally posted by DixieChik:
Actually, it's not that he made bad decisions it's just that he isn't as bright as he thought. You can't take a "bail out" and not expect it to hit your credit report. Just like refinancing or going into foreclosure or getting behind on payments -- anything that you do financially can affect your credit report positively or negatively. Just because "Obama said it is ok" doesn't give one freedom from consequences. It's not bad decisions -- it is ignorance...he should have read the fine print more closely and thought it through and gotten more advice before he made the deal. It sounds to me like he got a good deal regardless even with the hit to his score...had he not made the deal he might would have lost his home...so take the good with the bad and do the best you can -- that is what the rest of us do...
I just wonder why he THOUGHT it would have no impact on his credit.
quote:Originally posted by Surreal Justice:
A good example is within the story itself. The guy was already seeking the govt.s help because he was in over his head, then he decides to buy a new car. Not on my dime buddy! I don't like my govt. giving my money to someone that has made bad decisions and continues to do so.
Crap, as much as I hate to admit it, I have to agree with SJ on this one.
However, I take it a bit further than blaming Obama for this. The US Govt (both democrat and republican) have gone out of their way over the years to 'keep their thumb on the citizens.' Do you honestly think, as important as his credit was to him, this guy would have taken the bailout had he known the effects on his credit score? I don't. And its impressive that he had a score that high, most Americans do not. Not because they dont want a good credit score, but because they are not educated on how to get one early enough in life.
Think of it like this, the govt mandates what is taught in high school. 4 years of english, 3-4 years of math, science until it comes out your ears. But Economics? One Semester. The one thing everyone will need all their lives is taught for one semester. Does this not sound strange to anyone else? Why is it that credit card companies give away tshirts with cards at colleges around the US? Because they know those folks know little about economics. Get them hooked and in debt early and ride their interest for the next 20 years. So what if some go bankrupt, they make sooooo much money in interest they can absorb that.
Why does the govt not want us to learn economics? Because both parties know that, if the American people understood basic economics, they would rise up against politicians and they would all be voted out (at least). They dont want us to understand it, then they cant manipulate numbers as easily and hide their pet projects. And we sit here, under their thumbs....
Kirk
quote:Originally posted by Surreal Justice:
Jankinova...do you live on the edge like this guy?
My wife was recently off work for over a year, we suffered no adverse effects (except about $800.00 per month income loss) because we live within our means. Now if I was paying that $800.00 on a new motorcycle/boat/car ect. There would have been a problem.
The shame of it is, it is people like me that have to pay for the irresponsible ones because of this democratic president we have now..,
Yeah...go ACORN!
Well if by "living on the edge" you mean having 3 kids in college, loosing half of my 401k and being out of work for most of the past year due to cut backs. Then yes maybe I do.
I have no idea how in todays world a family can make it on 1 income unless that one income is quite substantial. Is that the case with you and the wife? Seeing as how she was only bringing in 800 dollars a month (and that loss meant nothing to you financially) I am guessing your income alone is either fairly large or you don't have the same responsibilities as me and my Husband.
What does ACORN have to do with any of this?
As for people like you carrying the weight of the irresponsible I have to say that you are not alone. As for me I work and pay taxes like most all Americans. The ones that have done their best and worked to have what they need only to loose everything due to the recent economic meltdown, I bear no hard feelings to them when they need help. If you do then thats your problem.
Did you understand that he was actually trying to keep his bills down by getting the new car at a lessor finance rate? Did you understand that he was not behind on his mortgage at the time but saw that he was headed in that direction and didn't want to not pay his bill? It sounded to me like he was trying to do the right thing. Do you know what a loan modification is?
quote:Originally posted by Jankinonya:
Did you understand that he was actually trying to keep his bills down by getting the new car at a lessor finance rate? Did you understand that he was not behind on his mortgage at the time but saw that he was headed in that direction and didn't want to not pay his bill? It sounded to me like he was trying to do the right thing. Do you know what a loan modification is?
The way I read it, it sounded like he was trying to 'lower' his mortgage payment through one of the new loan modification programs. Those programs are for those in need, and there are many in need. The way I look at it, one of two things happened:
(1) He found a way to use a govt program to his advantage (so he thought) and took it - or -
(2) He inquired about it and someone (probably someone who gets paid for referring folks to these programs) told him that it was a FREE program that the govt offers without giving him all the facts.
Thing is, nothing is free. EVER. Too many people in this world cannot (or will not) understand that. If it seems to good to be true, believe me it is.
For this guy to apply for this and then go out and try to buy a new car, in my eyes, is the equivalent of someone accepting food stamps then selling the stamps for cigarette money. Even if he 'qualified' for the reduction, he apparently didnt need it yet (he was trying to head it off) and may have cost someone else who is about to be foreclosed on a chance at it. I'm sorry, I have to agree with SJ on this one, shame on him for (1) not knowing the full extent of what the program would do to his credit and (2) applying for it when he really didnt seem to need it yet.
Kirk
P.S. I've got to find my way back to the other side of the fence soon!
Just so we all are on the same page, from the article:
"It's completely destroyed my credit," said Axelrod. "If I had known it would affect my score, I would have never entered the program."
Now, if he were in need, there would be no question at all about entering the program. These programs are designed to keep people in their homes (and prevent foreclosure), not make it a little easier on those that are already able to make their payments. If he was unable to make his payments, then his credit score would have been shot anyway. From his own statement above, he was not too awful worried about that.
These programs are for people worried about having a place to sleep, not for people worried about keeping a perfect credit score.....
Kirk
"It's completely destroyed my credit," said Axelrod. "If I had known it would affect my score, I would have never entered the program."
Now, if he were in need, there would be no question at all about entering the program. These programs are designed to keep people in their homes (and prevent foreclosure), not make it a little easier on those that are already able to make their payments. If he was unable to make his payments, then his credit score would have been shot anyway. From his own statement above, he was not too awful worried about that.
These programs are for people worried about having a place to sleep, not for people worried about keeping a perfect credit score.....
Kirk