Drive fast, live hard, no regrets... Sorry Penske

[ltl/fb]

Originally posted by sebastian_dangerfield
Isn't credit scoring just a weighing of debts to income over the life of the loan? (gross oversimplification I'm sure).

Credit scoring has way, way more to do with whether you've ever made even one late payment, even on a $21 credit card bill. The debt to income ratio is another thing that they take into account, but a credit report doesn't care about your income. It cares whether you pay your debts on time.

ETA I don't think you had that "old days are over" part in your post when I wrote this, and I don't think that they are necessarily over. It depends to some extent how recent the nonpayment is, but they still fuck you if you have recent late payments. Possibly it just results in you paying an extra percentage or so on your mortgage or car loan or whatever.

[sebastian_dangerfield]

Originally posted by Pretty Little Flower
So what are the primary arguments in your legal arsenal to defeat the NY lenders' claims that NY law controls?

Oh, I lost those. A good NY lender will kill you. The NY firms write up soooo much tighter paper than the yahoos punching out loan docs in this cesspool. I plead duress last time under NY law. Try that if you want to get battered to shit and laughed out of court. But it kept us alive long enough to get the refi done, so all was well.

These days, I think a lot of lenders default iffy commercial creditors just so they can get the refi money and get the hell out of the loan. I don't think they actually intend on ever levying on the fucking assets, which are more often than not worthless anyway.

[baltassoc]

Originally posted by ltl/fb
Credit scoring has way, way more to do with whether you've ever made even one late payment, even on a $21 credit card bill. The debt to income ratio is another thing that they take into account, but a credit report doesn't care about your income. It cares whether you pay your debts on time.

ETA I don't think you had that "old days are over" part in your post when I wrote this, and I don't think that they are necessarily over. It depends to some extent how recent the nonpayment is, but they still fuck you if you have recent late payments. Possibly it just results in you paying an extra percentage or so on your mortgage or car loan or whatever.

True. My FICO score went up almost 100 points when a single stupid late payment report from in law school (loan company, despite specific instructions to the contrary, but unfortunately not in writing, failed to defer payment on a loan during school, and the first I received notice was the past due notice) finally slid off my credit report.

[Flinty_McFlint]

Originally posted by sebastian_dangerfield
Oh, I lost those. A good NY lender will kill you. The NY firms write up soooo much tighter paper than the yahoos punching out loan docs in this cesspool. I plead duress last time under NY law. Try that if you want to get battered to shit and laughed out of court. But it kept us alive long enough to get the refi done, so all was well.

These days, I think a lot of lenders default iffy commercial creditors just so they can get the refi money and get the hell out of the loan. I don't think they actually intend on ever levying on the fucking assets, which are more often than not worthless anyway.

Did anyone else pop a boner reading this? NFH?

[Pretty Little Flower]

Originally posted by sebastian_dangerfield
Oh, I lost those. A good NY lender will kill you. The NY firms write up soooo much tighter paper than the yahoos punching out loan docs in this cesspool. I plead duress last time under NY law. Try that if you want to get battered to shit and laughed out of court. But it kept us alive long enough to get the refi done, so all was well.

Hmmm, have you tried unconscionability?

These days, I think a lot of lenders default iffy commercial creditors just so they can get the refi money and get the hell out of the loan. I don't think they actually intend on ever levying on the fucking assets, which are more often than not worthless anyway.

Fascinating.

[notcasesensitive]

Originally posted by baltassoc
True. My FICO score went up almost 100 points when a single stupid late payment report from in law school (loan company, despite specific instructions to the contrary, but unfortunately not in writing, failed to defer payment on a loan during school, and the first I received notice was the past due notice) finally slid off my credit report.

So what is a good FICO score and what is a bad FICO score? I just got mine from Equifax and just on the basis of a $0 balance negative report by deadbeat's lender, I'm sure it has dropped. Otherwise my credit is perfect. Not a single late payment reported.

(I probably should have just PM'ed this to balt, but if others know, feel free to respond).

[Pretty Little Flower]

Originally posted by Flinty_McFlint
Did anyone else pop a boner reading this? NFH?

Let's just say that Sebby's commando advice backfired today. Leaky, leaky, crusty, crusty. But it was worth it for the sheer excitement.

[sebastian_dangerfield]

Originally posted by ltl/fb
Credit scoring has way, way more to do with whether you've ever made even one late payment, even on a $21 credit card bill. The debt to income ratio is another thing that they take into account, but a credit report doesn't care about your income. It cares whether you pay your debts on time.

ETA I don't think you had that "old days are over" part in your post when I wrote this, and I don't think that they are necessarily over. It depends to some extent how recent the nonpayment is, but they still fuck you if you have recent late payments. Possibly it just results in you paying an extra percentage or so on your mortgage or car loan or whatever.

I have to respectfully disagree. I think the debt/income ratio trumps late payments these days, considerably so. It may not "technically" trump it, but in the current market, where lenders are giving money away, most lenders are more focused on the ratio. I was concerned about this because I got tagged on some credit card where I owed $100 years ago. I forgot to forward it, forgot I had it and didn't know my credit was even blemished until I got a car loan a few years back. The lender looked at my salary and minimal debt load and said "whatever."

But you are absolutely on spot about making late payments on important loans in the recent past. You pay your mortagage or student loans 90-120 days late and you can hurt yourself. the lenders think you're in a cash crunch. But you can fuck over your gas company or the cable people or anyone else you might try to hit your credit with little negative effects. Just stay current on the mortgage, car and student loans.

I think credit scoring is scary. People are beginning to learn that they can game the system and not pay bills like they did in the old days. And the lenders sell off all their risk to other lenders, so there's no immediate relationship between default and pain to the bank. I don't know where it goes, but if people start thinking they don't have to pay shit, we'll have some troubles.

[baltassoc]

Originally posted by notcasesensitive
So what is a good FICO score and what is a bad FICO score? I just got mine from Equifax and just on the basis of a $0 balance negative report by deadbeat's lender, I'm sure it has dropped. Otherwise my credit is perfect. Not a single late payment reported.

(I probably should have just PM'ed this to balt, but if others know, feel free to respond).

Did you get the score power service I linked to? Because I think the explanation they give is way better than I could give you. I think anything over a 800 is considered excellent. I do know that getting above a certain level is essentially impossible for people under 50 (i.e. 850s require substantial flawless credit lines for 20+ years). Anything over 700 is perfectly adequate. Below that, and interest rates start going up.

[ET fix numbers, which I was off by 100)

[Pretty Little Flower]

Originally posted by sebastian_dangerfield
I have to respectfully disagree. I think the debt/income ratio trumps late payments these days, considerably so. It may not "technically" trump it, but in the current market, where lenders are giving money away, most lenders are more focused on the ratio. I was concerned about this because I got tagged on some credit card where I owed $100 years ago. I forgot to forward it, forgot I had it and didn't know my credit was even blemished until I got a car loan a few years back. The lender looked at my salary and minimal debt load and said "whatever."

But you are absolutely on spot about making late payments on important loans in the recent past. You pay your mortagage or student loans 90-120 days late and you can hurt yourself. the lenders think you're in a cash crunch. But you can fuck over your gas company or the cable people or anyone else you might try to hit your credit with little negative effects. Just stay current on the mortgage, car and student loans.

I think credit scoring is scary. People are beginning to learn that they can game the system and not pay bills like they did in the old days. And the lenders sell off all their risk to other lenders, so there's no immediate relationship between default and pain to the bank. I don't know where it goes, but if people start thinking they don't have to pay shit, we'll have some troubles.

O.K., in all seriousness, dude - you are freaking me out.

[sebastian_dangerfield]

Originally posted by Pretty Little Flower
Hmmm, have you tried unconscionability?

No. What is that?

[notcasesensitive]

Originally posted by baltassoc
Did you get the score power service I linked to? Because I think the explanation they give is way better than I could give you. I think anything over a 700 is considered excellent. I do know that getting above a certain level is essentially impossible for people under 50 (i.e. 800s require substantial flawless credit lines for 20+ years). Anything over 600 is perfectly adequate. Below that, and interest rates start going up.

I'm between 650 and 700 right now. With the negative report (but not including any amount owed). The negative report account notes that I am "co-maker" on that loan. I haven't been able to get anyone at Equifax to tell me what happens if it changes to "settled debt" or whatever. The internet thing didn't include that level of detail and their phone service sucks. Maybe I have leeway to settle instead of paying in full?

God, this is a pain in my ass.

[Penske_Account]

Originally posted by sebastian_dangerfield
I don't know where it goes, but if people start thinking they don't have to pay shit, we'll have some troubles.

Especially if they are Second Amendment people.

[sebastian_dangerfield]

Originally posted by baltassoc
True. My FICO score went up almost 100 points when a single stupid late payment report from in law school (loan company, despite specific instructions to the contrary, but unfortunately not in writing, failed to defer payment on a loan during school, and the first I received notice was the past due notice) finally slid off my credit report.

My God. How did I ever get a mortgage? And who loaned me the money for that damned german car?

I've paid just about everything imaginable late and I'm sitting in a house, with a car, with credit cards. Explain.

[Pretty Little Flower]

Originally posted by sebastian_dangerfield
No. What is that?

http://members.cox.net/terracereform...nContracts.htm