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(The Consumerist)   In a bizarre twist, a two-year study shows that people with good credit and steady income have a slightly easier time getting a mortgage than people who have neither. Shocking   (consumerist.com) divider line 39
    More: Obvious, cameo appearance, mortgages  
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1091 clicks; posted to Business » on 07 May 2013 at 8:34 AM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-05-07 08:44:20 AM  
BUT THE GOVERNMENT FORCES BANKS TO LEND MONEY TO PEOPLE WITH BAD CREDIT!!!!!
 
2013-05-07 08:46:37 AM  
pfff, only a slightly' easier time.
 
2013-05-07 09:10:32 AM  
Must be the principle of the thing.
 
2013-05-07 09:10:46 AM  
Ten years ago, a potential home buyer could walk into a Countrywide office and get pre-approved for a half-million dollar home loan based on a bank statement written in crayon on a restaurant place mat and a pinky swear that the loan could be paid back.

Put yourself in Countrywide's shoes.  Would you deny a loan to a "minority" knowing that Barney Frank's jackbooted thugs would destroy everything you hold dear if you did?   Think about that...

You need to get The Truth from the Dick Power Radio Hour.
 
2013-05-07 09:19:18 AM  
i51.photobucket.com
 
2013-05-07 09:24:49 AM  

graeth: pfff, only a slightly' easier time.




Back in 2009 I, with a steady job and good credit, was able to get a mortgage without breaking a sweat.

If the bank turns you down for a mortgage, take it as a hint that you shouldn't be buying that house. Rent while looking for something cheaper or saving up more money.
 
2013-05-07 09:38:48 AM  
My boyfriend has terrible credit and loads of student loans but he's going to have a good (steady, high-paying) job when he is done with graduate school.  I have great credit but I don't make a ton of money.  Do you think banks will be optimistic or pessimistic when looking at us together?
 
2013-05-07 09:40:45 AM  

pivazena: My boyfriend has terrible credit and loads of student loans but he's going to have a good (steady, high-paying) job when he is done with graduate school.  I have great credit but I don't make a ton of money.  Do you think banks will be optimistic or pessimistic when looking at us together?


don't buy a house with anyone until you're married.
 
2013-05-07 09:42:25 AM  

Katie98_KT: pivazena: My boyfriend has terrible credit and loads of student loans but he's going to have a good (steady, high-paying) job when he is done with graduate school.  I have great credit but I don't make a ton of money.  Do you think banks will be optimistic or pessimistic when looking at us together?

don't buy a house with anyone until you're married.


Don't ever get married.
 
2013-05-07 09:44:43 AM  
Well it's a good thing then that personal credit ratings are overseen by a fair and impartial government agency that ensures that damaging items cannot be arbitrarily placed on the report and then left for the reported party to try to resolve on their own.
 
2013-05-07 09:50:02 AM  

max_pooper: Don't ever get married.


Don't marry someone with bad credit.
 
2013-05-07 09:53:53 AM  

The_Gallant_Gallstone: max_pooper: Don't ever get married.

Don't marry someone with bad credit.


seriously, what did he do to get bad credit? If he's in grad school, and has student loans, you'd have to work hard to have "terrible" credit.
 
RJB
2013-05-07 10:18:56 AM  

pivazena: My boyfriend has terrible credit and loads of student loans but he's going to have a good (steady, high-paying) job when he is done with graduate school.  I have great credit but I don't make a ton of money.  Do you think banks will be optimistic or pessimistic when looking at us together?


Seconding Katie98_KT, what's terrible in his credit history, and how long ago did the derogatory incidents happen? If you apply for a loan jointly, they will pool your income and debts together, but look at your credit records separately. If he's a mess, make sure he gets started now on taking steps to amend his report. Also, it will be helpful for him to have at least a year at his job to show that his income is stable, so count me as another vote for not rushing into a purchase here.

(Credibility: I work for a credit bureau and got a mortgage last year, so I'm really getting a kick...)
 
2013-05-07 10:21:42 AM  
The thing is, the 'boom' was so recent that most of it is still on the web.  You don't even have to go through dusty microfilms to learn about history.

http://money.cnn.com/2005/08/17/real_estate/investment_prop/cuckoo_c on dos_0509/

http://money.cnn.com/magazines/fortune/fortune_archive/2005/05/30/82 61 260/

Yeah, sure... it was minorities buying crack-houses that was the problem...
 
2013-05-07 10:38:26 AM  

Katie98_KT: The_Gallant_Gallstone: max_pooper: Don't ever get married.

Don't marry someone with bad credit.

seriously, what did he do to get bad credit? If he's in grad school, and has student loans, you'd have to work hard to have "terrible" credit.


Not paying a few bills on time is actually pretty much the easiest thing possible. It actually takes no steps. You just don't pay. Do that for 90 days a couple of times and you might as well declare bankruptcy.
 
2013-05-07 10:50:08 AM  
The only bad thing on my credit was my ex fiance car loan. I should've done more research into her background before I did that but I was blinded by love. One good thing though it saved me from buying a house when I would have gotten farked over during the crash. Guess thats the one silver lining to it.
 
2013-05-07 10:58:04 AM  
Back in 2003, when I bought a house, I had horrible credit and just started working a new job.  But don't worry, the loan officer thought I could make twice as much as I was in two months when the loan funded, he also knew I had actually been working a job for several years longer than I had (to a huge surprise to myself) and I only had one bad asset.

I was young and naive (I'm still naive) and thought, "Sure, no problem.  We're in a hurry and I'm sure he'll fill out the rest honestly; he has my information."

I didn't know all that other stuff (naive...didn't read when I signed it) had changed to his fantasy of me until quite a while later.
 
2013-05-07 11:10:31 AM  

thurstonxhowell: Katie98_KT: The_Gallant_Gallstone: max_pooper: Don't ever get married.

Don't marry someone with bad credit.

seriously, what did he do to get bad credit? If he's in grad school, and has student loans, you'd have to work hard to have "terrible" credit.

Not paying a few bills on time is actually pretty much the easiest thing possible. It actually takes no steps. You just don't pay. Do that for 90 days a couple of times and you might as well declare bankruptcy.


so, basically, pay multiple bills at least 3 months late without having worked out a payment plan or made partial payments? When student loans for graduate students are plentiful and you don't have to make payments until you graduate?
 
2013-05-07 11:14:36 AM  

Katie98_KT: so, basically, pay multiple bills at least 3 months late without having worked out a payment plan or made partial payments? When student loans for graduate students are plentiful and you don't have to make payments until you graduate?


Are you suggesting someone take out student loans to pay off their bills?
 
2013-05-07 11:26:10 AM  
Meh, so what? How about you Credit Card Companies lower your dam APR to something less than prime + 10%? All new offers I've received have been that high or higher. I was looking at maybe transferring some of my balances, but even my highest APR is lower than that.
 
2013-05-07 11:28:15 AM  

pivazena: My boyfriend has terrible credit and loads of student loans but he's going to have a good (steady, high-paying) job when he is done with graduate school.  I have great credit but I don't make a ton of money.  Do you think banks will be optimistic or pessimistic when looking at us together?


Pessimistic.
 
2013-05-07 11:32:01 AM  

LouDobbsAwaaaay: Katie98_KT: so, basically, pay multiple bills at least 3 months late without having worked out a payment plan or made partial payments? When student loans for graduate students are plentiful and you don't have to make payments until you graduate?

Are you suggesting someone take out student loans to pay off their bills?


no, I would suggest that your bills not exceed your income. especially if you're working on your PHD, you should be getting paid enough to go to grad school to survive. but, given that they apparently do, a 0% interest while in school (subsidized loan), no payments due loan until you graduate is smarter than defaulting on some bills.
 
2013-05-07 11:33:11 AM  

Katie98_KT: LouDobbsAwaaaay: Katie98_KT: so, basically, pay multiple bills at least 3 months late without having worked out a payment plan or made partial payments? When student loans for graduate students are plentiful and you don't have to make payments until you graduate?

Are you suggesting someone take out student loans to pay off their bills?

no, I would suggest that your bills not exceed your income. especially if you're working on your PHD, you should be getting paid enough to go to grad school to survive. but, given that they apparently do, a 0% interest while in school (subsidized loan), no payments due loan until you graduate is smarter than defaulting on some bills.


How does a student loan help the situation, if you aren't suggesting that they pay their bills with a student loan?
 
2013-05-07 11:35:02 AM  

pivazena: My boyfriend has terrible credit and loads of student loans but he's going to have a good (steady, high-paying) job when he is done with graduate school.  I have great credit but I don't make a ton of money.  Do you think banks will be optimistic or pessimistic when looking at us together?


You will be able to get loans but at a much higher rate than you could get own your own with a good job.

You have to decide what is best for yourself and I am no judge of your life.

My ex had the credit and I had the money.  At the end, we both had bad credit and good jobs and that was with me trying for years to get my credit fixed.  It's not easy at all once you have bad stuff on it, stolen ID, etc., it's almost impossible to get off.  Bankruptcy is a last resort.
 
2013-05-07 11:45:13 AM  

thurstonxhowell: Katie98_KT: The_Gallant_Gallstone: max_pooper: Don't ever get married.

Don't marry someone with bad credit.

seriously, what did he do to get bad credit? If he's in grad school, and has student loans, you'd have to work hard to have "terrible" credit.

Not paying a few bills on time is actually pretty much the easiest thing possible. It actually takes no steps. You just don't pay. Do that for 90 days a couple of times and you might as well declare bankruptcy.


He has private student loans and his (now ex-) wife refused to work (or something) so on just his salary, bills were regularly late.  I think for the most part they didn't get to the point of collections, but from what I can gather it's pretty bad.  I think we'll just not buy a house for a while
 
2013-05-07 12:04:17 PM  

graeth: pfff, only a slightly' easier time.


Very true.
 
2013-05-07 12:05:14 PM  
My last fico score was 800 something. I sincerely don't remember paying a single bill late and I often estimate how much they will be and pay them early because I am really weird about bills. I can't stand owing money.
 
2013-05-07 12:09:08 PM  

Katie98_KT: LouDobbsAwaaaay: Katie98_KT: so, basically, pay multiple bills at least 3 months late without having worked out a payment plan or made partial payments? When student loans for graduate students are plentiful and you don't have to make payments until you graduate?

Are you suggesting someone take out student loans to pay off their bills?

no, I would suggest that your bills not exceed your income. especially if you're working on your PHD, you should be getting paid enough to go to grad school to survive. but, given that they apparently do, a 0% interest while in school (subsidized loan), no payments due loan until you graduate is smarter than defaulting on some bills.


Subsidized loans are now only available for undergrads.  Grad students can still defer payments so they don't owe anything until they're done, but the interest starts immediately.
 
2013-05-07 12:27:17 PM  

graeth: pfff, only a slightly' easier time.


They're trying to reflate the housing bubble.  They can't be picky.
 
2013-05-07 12:46:24 PM  
Lawnchair:
Yeah, sure... it was minorities buying crack-houses that was the problem...

Finally!  It's what we've all been thinking
 
2013-05-07 12:49:25 PM  

Dafatone: Subsidized loans are now only available for undergrads. Grad students can still defer payments so they don't owe anything until they're done, but the interest starts immediately.


hah. dicks. I knew they were talking changing, but wasn't sure exactly what they had changed. I only graduated a couple years ago.
 
2013-05-07 12:58:44 PM  

pivazena: thurstonxhowell: Katie98_KT: The_Gallant_Gallstone: max_pooper: Don't ever get married.

Don't marry someone with bad credit.

seriously, what did he do to get bad credit? If he's in grad school, and has student loans, you'd have to work hard to have "terrible" credit.

Not paying a few bills on time is actually pretty much the easiest thing possible. It actually takes no steps. You just don't pay. Do that for 90 days a couple of times and you might as well declare bankruptcy.

He has private student loans and his (now ex-) wife refused to work (or something) so on just his salary, bills were regularly late.  I think for the most part they didn't get to the point of collections, but from what I can gather it's pretty bad.  I think we'll just not buy a house for a while


You should buy the house now, because if you wait until he graduates, he may not be able to find a job.
 
2013-05-07 04:07:02 PM  

pivazena: thurstonxhowell: Katie98_KT: The_Gallant_Gallstone: max_pooper: Don't ever get married.

Don't marry someone with bad credit.

seriously, what did he do to get bad credit? If he's in grad school, and has student loans, you'd have to work hard to have "terrible" credit.

Not paying a few bills on time is actually pretty much the easiest thing possible. It actually takes no steps. You just don't pay. Do that for 90 days a couple of times and you might as well declare bankruptcy.

He has private student loans and his (now ex-) wife refused to work (or something) so on just his salary, bills were regularly late.  I think for the most part they didn't get to the point of collections, but from what I can gather it's pretty bad.  I think we'll just not buy a house for a while


If he pays every bill on his credit report on time for, say, a year straight, his credit will measurably improve (assuming it's not just like one piddly little $15 minimum payment on a credit card type thing.)  Make it two years and specifics about the late payments start to fall off - there will be a counter on the account saying how often it's been 30, 60, 90 days late, but lenders will have no idea how recent the black marks were.  At that point the late payments can _technically_ bring down your credit but operationally they won't.
 
2013-05-07 04:43:02 PM  
The key words here are "slightly easier".  It should be WAY MORE easier if you have a good income and pay your bills.
 
2013-05-07 05:06:57 PM  

The_Gallant_Gallstone: max_pooper: Don't ever get married.

Don't marry someone with bad credit.


I cannot agree more strongly with this statement. Seriously, if you have to get married, do not marry someone with bad credit.

I don't have the option to marry in my state because of my sexuality (and the fact that I live in an ass-backward state), but I have seen way too many of my friends marry someone with bad credit. You know what happens to them? They end up with bad credit themselves. People who have bad credit always have excuses for it, and sometimes they're legitimate (medical emergencies, etc.) But most of the time they're BS. If your fiance hasn't already done so, you should ask to see his credit report so you know EXACTLY what you're getting into. His mess will become yours.

My partner has horrible credit. She blames it on her ex, and I guess that's possible. But when I found out how bad her credit was, I knew she and I would never buy anything jointly. I still love her and could see myself spending the rest of my life with her. But until she straightens out her credit, I want no financial ties to her... not even a bank account.
 
2013-05-07 07:23:36 PM  

Katie98_KT: Dafatone: Subsidized loans are now only available for undergrads. Grad students can still defer payments so they don't owe anything until they're done, but the interest starts immediately.

hah. dicks. I knew they were talking changing, but wasn't sure exactly what they had changed. I only graduated a couple years ago.


I wanted to take a $3000 loan out.  I have three more years left on my degree.  Paying off the interest so that it's still a $3000 loan while I'm in school would cost me about $600.

Weirdly, this puts a disincentive on taking out loans early, and therefore incentivizes taking loans out late.
 
2013-05-07 09:52:27 PM  

max_pooper: Katie98_KT: pivazena: My boyfriend has terrible credit and loads of student loans but he's going to have a good (steady, high-paying) job when he is done with graduate school.  I have great credit but I don't make a ton of money.  Do you think banks will be optimistic or pessimistic when looking at us together?

don't buy a house with anyone until you're married.

Don't ever get married.


and whatever you do, don't marry a house!
 
2013-05-07 10:26:38 PM  

BumpInTheNight: max_pooper: Katie98_KT: pivazena: My boyfriend has terrible credit and loads of student loans but he's going to have a good (steady, high-paying) job when he is done with graduate school.  I have great credit but I don't make a ton of money.  Do you think banks will be optimistic or pessimistic when looking at us together?

don't buy a house with anyone until you're married.

Don't ever get married.

and whatever you do, don't marry a house!


What about turtles?
 
2013-05-08 06:49:56 PM  

StrandedInAZ: I cannot agree more strongly with this statement. Seriously, if you have to get married, do not marry someone with bad credit.


I did. It was so bad she had to sign a quit claim deed in order for me to buy the house solo. Ten years later it has worked out fine and she contributes just as much as I do. Sometimes, not always but sometimes, people grow up and get on with it after bad credit history in their youth.
 
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