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Valued Contributor
Posts: 1,920
Registered: ‎10-24-2013

SARCASM?

BANKS.....a place that will loan you money, if you can prove you don't need it

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Senior Contributor
Posts: 5,410
Registered: ‎11-13-2012

Re: SARCASM?

Smiley Tongue

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New Visitor
Posts: 2,794
Registered: ‎06-05-2008

Re: SARCASM?


juggalo9er wrote:

BANKS.....a place that will loan you money, if you can prove you don't need it 


'll pay it back

3-26-15: FICO EXP: 828 - EQU:820 - TRAN: 828 - AVG: 825 +275 points from JUN 2008 - MY CREDIT JOURNAL

Established Contributor
Posts: 795
Registered: ‎07-01-2013

Re: SARCASM?


p- wrote:

juggalo9er wrote:

BANKS.....a place that will loan you money, if you can prove you don't need it 


'll pay it back


^ This.

 

That's all they want to do... Make sure you're good enough to pay it back. Which in turn usually means you don't need it, But not necessarily.

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Posts: 2,794
Registered: ‎06-05-2008

Re: SARCASM?


RushXTC wrote:...That's all they want to do... Make sure you're good enough to pay it back. Which in turn usually means you don't need it, But not necessarily.

I really started to understand credit when I thought about it in terms of my own money.  I am seriously looking into some of the lending sites where you can put up a few grand and let people borrow it.  When I think about this, I'm not interested in whether they need the money, or helping someone with an emergency.  My top priority is making sure my money comes back to me.

I'm not interested in taking big risks on a borrower that has a poor history of repaying obligations.  So how can I fault a bank for judging me the same way?

3-26-15: FICO EXP: 828 - EQU:820 - TRAN: 828 - AVG: 825 +275 points from JUN 2008 - MY CREDIT JOURNAL

Super Contributor
Posts: 6,178
Registered: ‎02-23-2011

Re: SARCASM?

One of my favorite banking analogies has always been, "A bank is like person who lends you an umbrella when it's sunny, and wants it back the moment it rains."

Valued Contributor
Posts: 1,920
Registered: ‎10-24-2013

Re: SARCASM?


p- wrote:

RushXTC wrote:...That's all they want to do... Make sure you're good enough to pay it back. Which in turn usually means you don't need it, But not necessarily.

I really started to understand credit when I thought about it in terms of my own money.  I am seriously looking into some of the lending sites where you can put up a few grand and let people borrow it.  When I think about this, I'm not interested in whether they need the money, or helping someone with an emergency.  My top priority is making sure my money comes back to me.

I'm not interested in taking big risks on a borrower that has a poor history of repaying obligations.  So how can I fault a bank for judging me the same way?


because sometimes things happen that are completely beyond someone's personal control. Such as in my case where i ruptured three disks in my back working for a cable company, took me two years to heal with very diminished income. btw an l/3,l/4,l5-s1 ruptured disk hurts really badly

p-
New Visitor
Posts: 2,794
Registered: ‎06-05-2008

Re: SARCASM?


juggalo9er wrote:

because sometimes things happen that are completely beyond someone's personal control. Such as in my case where i ruptured three disks in my back working for a cable company, took me two years to heal with very diminished income. btw an l/3,l/4,l5-s1 ruptured disk hurts really badly


That's rough, sorry to hear that.  But truthfully, it sounds like your ability to repay loans is less that it used to be, so the report is correct in predicting additional risk, heh heh.

 

(picture boss hogg saying that)

3-26-15: FICO EXP: 828 - EQU:820 - TRAN: 828 - AVG: 825 +275 points from JUN 2008 - MY CREDIT JOURNAL

Valued Contributor
Posts: 3,001
Registered: ‎02-09-2012

Re: SARCASM?


p- wrote:

RushXTC wrote:...That's all they want to do... Make sure you're good enough to pay it back. Which in turn usually means you don't need it, But not necessarily.

I really started to understand credit when I thought about it in terms of my own money.  I am seriously looking into some of the lending sites where you can put up a few grand and let people borrow it.  When I think about this, I'm not interested in whether they need the money, or helping someone with an emergency.  My top priority is making sure my money comes back to me.

I'm not interested in taking big risks on a borrower that has a poor history of repaying obligations.  So how can I fault a bank for judging me the same way?


I'm looking into peer-to-peer lending right now too.

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Valued Contributor
Posts: 1,920
Registered: ‎10-24-2013

Re: SARCASM?

i guess my arguement back is that some people are destined to have less than stellar credit right from the get go. my point in case is that someone who comes from a middle to upper class family may be able to add their son or daughter as an authorized user to their credit thus boosting their score. now keeping your "model is perfect" theory in mind, this person who has been an au may show perfect history but could careless about paying back the sum borrowed. in comparision someone who grew up in a less than stellar income model may have never been informed about credit thus has to build fromt he bottom up never being given that "boost". i would more less compare the credit system in the nation to that of the educational system ...a failure.

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