08-03-2009 12:37 AM
My FICO scores are 593 577 594, but I have 3 CCs that went to collecitons all of which are paid off and have been for a year, as well as one other collection that is was just recently paid off.... Unfortunately I guess not enough time has passed since I messed up my credit to get a loan of any sort.
You've come to the correct realization. You're not ready for the responsibility of a car payment or a house payment. It's wonderful that banks are no longer lending money to anyone who walks in with a pulse, since that's what got us into this housing bubble and economic crisis in the first place.
If this were 2006, you'd be able to walk in to a bank or an unscrupulous mortgage broker (who only cared about his commission/yield spread premium) who'd get you into a subprime loan with a teaser rate, that you'd later wouldn't be able to afford when it resets to the true 13% someone with your high risk of default should pay.
You win by not being led into a situation where you're foreclosed/repossessed in the future.
The good thing is that you've realized your past mistakes and understand that it takes time to fix them. It appears you've already begun to learn from others on here and will gain good habits as you rebuild your credit from the mess its in right now. Congratulations on taking responsibility for your past mistakes.
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