Posted on 12/20/2013 6:02:15 PM PST by SMGFan
People are laughing coast to coast..
Folks don't get the concept that you can actually be poor, but have a high credit score.
How, you may ask?
By not buying stupid $hit that they can't afford, and when they do buy something on credit, they make the payments faithfully.
My mom is a good example of this.
She never made much money during her working career, yet has stellar credit scores (better than mine, even and I'm well into the 700s) for this reason.
She always made payments and never missed one, even if it "hurt".
Contrasted with my sister who makes 90K/yr. who buys things she can't afford, gambles away her paycheck, then wonders just WHY she has to use a check-cashing place because she can't get a checking account.
Even after having several cars repossessed, and being kicked out of many apartments, she still engages in this stupid behavior.
Despite her high salary, she probably has a credit score in the 400s.
Any bank STUPID enough to give her a checking or savings account would likely find it overdrawn in a matter of weeks.
No surprise that banks would ask her to pay exorbitant interest rates, because she is at high risk of actually costing them money.
We're not talking about someone who is just "down on their luck".
We're talking about a very irresponsible person.
Race has absolutely no factor in this equation.
I have been in commercial banking for 43 years. Reading your comments tells that either you are mischief making on this thread or are profoundly ignorant of anything that has to do with the banking industry
Just ignorant.
I always thought that higher interest rates went hand-in-hand with riskier loans based on a person’s credit history. I never knew that, when I was still young and hadn’t established a good credit history, that the higher rates were because of my light skin color, a trace of Mohawk Indian, and roots from Poland. Dang them creditors to heck!
Ain’t amerika great.
Good point.
Uncle sugar owns GM.
GMAC is part of GM.
GMAC changed only their name to a friendly sounding name, Ally.
What foolishness is all this. The feds gave GM piles of our money and now they want it back through their finance company. Gee Wally, wonder where all that money will end up?
It must be great...Ya got people right here on this thread suggesting those who run the banks/lenders are honorable and trustworthy..In fact post after post implied the interest rates they charge for credit cards, lending fees, loans etc are credible and legitimate....Tase me now bro...
In a world gone mad...
Well sure...Those running the financial industry, the world bankers, the fed reserve are not about total control, wealth and power..There is no criminal manipulation...They would never think of stuffing their pockets full from the unsuspecting...There are not endless layers of industry corruption...
In fact, the banking industry insiders are known for their high moral standards and honesty..You bet Jimmy...
Well, it worked out well for me.
I was able to work hard, save my money, move up the Corporate Ladder from my first position as a lowly $2.00 an hour Mail Clerk to a Regional Vice President when I retired.
I had the opportunity, I worked hard and I succeeded.
You know, the American Dream.
I don’t share the thought process that people who willingly sign a Contract can just decide they don’t like the Deal and blame the people who took the risk and lent them Money. It appears from your original Post that you disagree, so be it.
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