Can you get a loan from a bank with bad credit

I remember as if it was yesterday when social justice politicians started accusing banks of being racist. Loans were not being approved for a lot of minority applicants despite the fact that nowhere in the application was there a question about the applicants race. Also ignoring the fact that Asians were being approved at a higher rate than whites. As a result banks lowered their lending standards and began giving out house loans to people who could barely afford to pay for their kids diapers.

 

Oh, and by the way, now that the standards for getting house loans have been toughened up, social justice politicians are at it again with accusations because a lot of inner city minority applicants can’t get an easy loan anymore. So here we go again.

 

I"m wondering what would be the difference in a loan from a credit union.

Between $35,000 used semi and a brand new $35,000 car.

 

The problem with credit is that it can encourage impatience and bad habits. It allows people to get big ticket items without having to save for them. There are lot more irresponsible people using credit than those that are responsible. Regardless of credit score, cash trumps it all. If you dont have any money, then you have you no business even thinking about trying to go into business, getting loans, nothing. Get it out of your head right now

 

I watched a movie one time where aliens came down and destroyed the world. Just because there is a movie doesn’t make it true.

Like I said, just because a bank or CC company is willing to loan you a pile of money, doesn’t mean you should take it.

Unless the bank changes the terms and conditions of the original loan without your consent, the person responsible for default is the person who’s name is signed on the bottom.

 

This movie was a real documentary of the recession.

 

First time buyer is gonna have a crappy rate regardless of credit, if you have no credit its not going to hurt your no credit to run a credit app somewhere and see where you stand..Lone mountain is decent option for limited credit and so is arrow if the tradition financing tells you to take a hike or just gets to crazy with terms

Everyone needs credit and the only way to obtain credit is to have open accounts, since you have limited credit history I suggest you open some credit card accounts. the limits won’t be high do to no credit so I recommend spending 15% of the limit and then take two months to pay it off, when paid off repeat the cycle again, only spending 15% the interest is going to be minimal and Will be worth the history.. folks say to pay it off in full before it cycles but that won’t help your credit score, you need the payment history of on time payments since you have no history.. don’t spend over 20% and never be late . I also suggest you download credit karma to keep a eye on your progress, the scores on there are a joke but it is accurate on showing your history. This will help your credit but to have EXCELLENT credit you will need a diversified credit history, revolving, auto, home etc..

I wouldn’t let some of these posters get you down, I’ll bet half of them don’t have a pot to pizz in but get off on playing big dog on a dang trucking forum. Half of the haters who troll the oo section aren’t even oo

 

I have read many of stories about homeless people that chose to be homeless. In fact many enjoy the freedom. They were homeless before the recession and are still homeless. They refuse to accept any help because they don't perceive they need any. They feel they "did fine during the recession".

I read a story about a man that retired age 45 twenty years ago. He had a house paid for value high 200g's. Had a small company building pallets. Large corporation placed an order. He accepted a down payment, added 3 employees for additional demand. Contract called for payment 30 days from delivery.

SO 30 days after first delivery he requested payment. Of course with production costs already paid for by him. The corporation said they would pay in 15 days. He agreed.

TO shorten the story. The corporation filed bankrupt( so easy as someone previously suggested we all do to get out of debt) on the local factory. The national corporation is still functioning. They only closed the local factory because is was old and updating the equipment to meet EPA and OSHA was too expensive.

How do you fight to get your money when your liquid money has been stolen by your customer.
It is very expensive to fight for your money in a bankruptcy court. Even if you are awarded a judgement, you still have to spend money trying to collect.

Now this man closed his small company, he went to work for someone else. Few years later his wife gets cancer. Their health insurance caps cancer treatment at $90,000.00 in benefits. They had to spend their savings on medical bills. He had to take a job that requires a 3 hour drive each way, each day. He sleeps in his car during the week. He is 65. All the property he owns has liens on.
They could be homeless any day.

Not every one can be judged with the same criteria.
Good for you that you did just fine thru the recession. I truly hope your success continues.
Good luck.

 

Paying off your credit card balance before the cycle does 3 things.

NO minimum payment for next month. Except maybe some interest balance that adds on to the new cycle.
You get a on time check mark for the month. PAYMENT HISTORY.
Having a zero balance when that cycle reports to the agencies. HIGHEST SCORE POSSIBLE.

Paying that card off before the cycle ends. DOES help your credit.
Just because it's a zero balance. It still reports to the agencies as payment made. ON TIME.