A common thread among a lot of these posts

Discussion in 'Lease Purchase Trucking Forum' started by morongobill, Jul 11, 2015.

  1. morongobill

    morongobill Bobtail Member

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    Either from the original poster or folks commenting are credit issues.

    Now I am not a truck driver but on this subject I think I may have a little more experience than the average Joe, having been a finance company manager, bank loan officer, foreign currency dealer in my work life and having went through 2 Chapter 7 bankruptcies personally, now debt free and having FICO scores right at 800 at all 3 bureaus. Those came after years "in the lack of credit wilderness" and never ever missing a payment again.

    If you are thinking about buying a truck or leasing one, you better have a better than average credit score, I would say an excellent score would be the best, to avoid being lumped in with the EZ credit crowd, You always get what you pay for, if your credit is poor, that's what you'll get. Basically you will be buying your job as some here call it, an excellent description.

    To those reading this with credit issues, here is the best advice that I can give you. Get a handle on it by first trying to solve the problem. One way to do that is by gaining the knowledge about credit and how to begin solving the problem. My suggestion is for you to start hanging out in credit forums such as over at myfico(they invented the credit score system) or at https://creditboards.com/forums/

    Both of these sites are free, free to join and participate in, and a wealth of information and help is available there for the asking. You will learn how to rebuild your credit and how to attempt to clean up your credit reports from folks who have done it, all for free.

    Now here comes the hard part. You have to ask yourself the question- just how bad do you want to fix your credit situation and how much sacrifice are you willing to do to achieve your goal? There will be no quick fix.

    There will be no magical waking up the next day to a perfect credit report and score. It will take time, something evidently a lot of readers here do not have, judging by all the folks with bad credit looking to jump in on a lease purchase. In my case, it took a decade of work on making payments, I personally never tried disputing the reports- just let Father Time heal all the wounds.

    To be quite honest, some of the stories are heart wrenching. And it so obvious to me that some of the folks are going to jump in unprepared and really lose everything, maybe even the roof over their and their family's heads.

    I am not qualified to say whether lease purchasing is good or bad, though I have an opinion on it, but I can say without hesitation, that someone with no knowledge of business and with poor credit definitely will be starting off on the wrong foot, in fact starting off as a double amputee even; hopefully my post here will provide them a little help in learning how to resolve their credit situation for the better.
     

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  3. Trckdrvr

    Trckdrvr Heavy Load Member

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    Stopped reading when I got to the part about your 2 Bankruptcies..and then the bragging about your current 800 score..

    Its not hard to show a profit after filing BK..

    Just ask Obama how well GM is now doing after NOT paying the debts they had obligated..
    I wont apologize for my attitude either,i have had several people I loaned monies too turn around and file BK(1 guy actually gave me a sob story about just needing $500 more and borrowed the money from ME to file BK on ME!!)

    I wont say what I actually think because im trying to be polite..but someone w 2 BK giving financial advice would be like me giving marital advice,i have married 5 times I guess that makes a expert?
     
  4. flyingmusician

    flyingmusician Road Train Member

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    Just think of it as gaining experience in what works and what doesn't so you can eventually call yourself an expert and a professional and be able to give sound marital advice lol

    After trying and succeeding in fixing my own ruined credit WITHOUT a bankruptcy, and knowing how long it takes and how hard it is even never missing a payment...... the OP must be 110 years old to now have an 800 fico after not one but two bankruptcies.
     
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  5. Mr.X

    Mr.X Heavy Load Member

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    I agree that creditboards.com is a great place to educate yourself about credit and financing!
     
  6. JaxT

    JaxT Bobtail Member

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    Not trying to hijack this thread, I just signed up for this forum but can someone tell me how to start a new thread? Or should I wait certain period of time? Thanks.
     
  7. Mudguppy

    Mudguppy Degenerate Immoralist

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    Click on the particular form area you want to post in, and there should be somewhere near the top that says "start a new topic" or thread or similar...

    ETA-.Actually it says "Post new Thread"....LOL
     
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  8. morongobill

    morongobill Bobtail Member

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    Actually I am an expert in credit, 61 years old, 2nd bk 10 years ago. I know how the system works. I also don't care if you believe me or not. If you have bad credit and would like to improve it, don't believe me, but still check out those two forums as there are a multitude of success stories.

    As far as getting turned off by my 2 bk's, ask yourself who would have better knowledge as it relates to your personal bad credit situation, someone who has been there and done that, or someone who got the info out of a book or from tv?

    I am trying to help total strangers that I see are about to commit total financial and/or personal self destruction.

    Bankruptcy is a way to get out of a bad financial situation, recognized by the law and even in the Bible. It is a tool like any other, same with credit. Use it wisely is all I am saying.

    Good luck to all, stay safe. On the road and with your finances.
     
  9. MysticHZ

    MysticHZ Road Train Member

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    Actually the two are exclusive from each other ... If you have a solid complete understanding of business - everything from ROI, building a solid business model, deriving a business plan, institute a cash management system, knowledge of taxes and the flexibility to manage and adjust resource allocation ... you can succeed and likely will, in a leasing situation regardless of your personal credit situation.

    On the other have you can have absolutely sterling credit, but if you have no clue about what a business is, how to manage it, no understanding of taxes and nothing more than a level 1 arithmetic understanding of money ... you will go down in flames.
     
  10. morongobill

    morongobill Bobtail Member

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    I believe that is the second common thread, failing to run and grow a business, a subject you certainly have a handle on. Combine the two, and it is a disaster just bound to happen.

    As what seems like hundreds of threads here attest to.
     
  11. Trckdrvr

    Trckdrvr Heavy Load Member

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    Call it a "tool"..or a "system"..if you want to, but after the first BK and then when you went out and acquired other peoples property with a promise of repayment and then filed BK on the debt(again) then in my opinion that's "Theft"...
    .
    .
    Done with this.
     
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