UPDATE - Six months progress

[wLAer]

I agree with Bill. Sure there are people who legitimately go through financial crisis that are out of their control. However, for most, it is just an issue of irresponsibility and spending way more than they can afford! This seems to have become part of our culture. Do wrong and refuse to accept responsibility. Hence the financial meltdown we are in. Greedy banks are now dropping like flies and getting bailed by the gov't, although in fairness I see the point of why the gov't does it (to stem a serious collapse of the capital markets), but nonetheless wrong out of principle. Trying to legally get away with not paying your bills is like stealing. Working at a bankruptcy law firm at one point, I have seen how people abuse the system and claim bankruptcy multiple times..disgusting! Similar to how obese people have sued McDonald's and blame them for making them fat!! Take responsibility for your actions people. Learn from your mistakes.

[shawnette]

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bott6698 wrote:

Watchnerd, I just needed a house for my family and was tired of renting and getting nowhere, Also  Banks told me if I got a mortgage my credit would soar but they were full of crap. With that said the interest rates I pay have nothing to do with the homes value. The home doesn't depreciate because of my interest rate. Just the balance never seems to come down lol. My credit is what is keeping me back to refinance at a good fixed rate. The value of my home is right where I need it to be for a refinance and pay off my home equity at the same time. ALTHOUGH it does suck to pay on a house for 3 years and the balance not change hardly at all!

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Have you looked into FHA refinancing?  They don't go buy your credit score and your interest rate definitely qualifies you, but I don't know about your other circumstances.  You should check into it.  Last I heard, the rate was at 6%.

[bott6698]

Shawnette is FHA really that easy?

[shawnette]

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bott6698 wrote:

Shawnette is FHA really that easy?

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I haven't done it yet because I'm still within my prepay penalty and FHA won't waive, but my mortgage company sure made it seem that way.  And they also said that their rates can't compete with the FHA rates for lower end credit scores, since FHA doesn't even go by the FICO score.

[demi]

Regarding the ethics of what people do....I had similar issues (and still do) with a small number of posters, particularly some in the "Credit Card" forum, where for some its a game.   I was irresponsible, and have and am paying the price.  However, this is an educational site, and part of educating is knowing your rights.  No one is advocating anything illegal...if you look again what the original poster did, many of these bills were paid off in agreement with the creditors..she used tools available to help repair her credit at the same time. 

I also posted a few times about my concerns.  However, my concerns mainly were with people who were looking at obtaining credit as a game..and I could see future slipperly slopes down where I had been.  People replied similar to how many here (not quite as harsh, but I wasn't quite as harsh either) replying.  Face it , the industry is covered with a lot of scum, and you need to know your rights.

Every dime I have ever owed anyone I have paid.  I was in over my head, and realized it, and took corrective action.  If this site had been available 3 years ago, I still would have paid every dime, but I would been able to do things like PFD's, etc...that would have helped my scores, Instead of taking three years to pay off a collection that will now still be on my reports for years.

I don't need anyone judging me...I am my own worst critic. 

Oh, an as far as it being a game... the whole industry is a game....why is my worth judged on a three didgit number ?  This forum helps you on the ins ands out and helps you understand.  Who would ever think, for example, if you have no debt, you have a lousy credit score ?

Message Edited by demi on 03-21-2008 04:03 PM

[Anonymous]

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wLAer wrote:

I agree with Bill. Sure there are people who legitimately go through financial crisis that are out of their control. However, for most, it is just an issue of irresponsibility and spending way more than they can afford! This seems to have become part of our culture. Do wrong and refuse to accept responsibility. Hence the financial meltdown we are in. Greedy banks are now dropping like flies and getting bailed by the gov't, although in fairness I see the point of why the gov't does it (to stem a serious collapse of the capital markets), but nonetheless wrong out of principle. Trying to legally get away with not paying your bills is like stealing. Working at a bankruptcy law firm at one point, I have seen how people abuse the system and claim bankruptcy multiple times..disgusting! Similar to how obese people have sued McDonald's and blame them for making them fat!! Take responsibility for your actions people. Learn from your mistakes.

I disagree.  I think the system is too harsh.  One late payment and you have to suffer 7 years.  Many credit card companies are joyfully marking us as over-risk.  I had a car payment with a 23% interest rate. I think I more than paid for my misfortune over the years.  Now I want my citizenship back as a credit  worthy person.  Do you have a 850 credit score?  If not,  you are a victim of the system also.  No one is perfect,  And why are you on this website unless you have concerns about you credit anyway.

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[Anonymous]

Congratulations!  You should post in the Success Stories and Ecouragement section.  This give hope to those of us who are still learning how to clean up our credit history, but do not always know how and/or just plain feel overwhelmed by the task ahead of us.

Continued good luck!

RML