Who else is sick of your being judged by your credit score?

Question

The Housing market is in a mess with all the foreclosures now, and since all of this has happened numerous mortgage companies have had to fill bankruptcy! Now, no one with less than a perfect credit score, and no, not even a cent in outstanding debts can be approved for a loan, unless it is one of those super high interest loans that has caused all the problems in the first place! We just lost our pre approved loan because of all the new changes and because we owe a small amount of medical bills. Who ever came up with this stupid thing called a credit score took away all the fairness in everything!!! No, I don't believe people should not pay their bills, but sometimes you have situations in your life beyond your control(like medical). We should all have the right to own a home, the American dream. As long as we make the payments it should be our right! Not be judged by a score only without looking at the situations! What are your opinions on this subject?

Emily Dew, We didn't just pick and choose who we were going to pay. Yes, you do have to make a choice whether to EAT, PUT GAS IN YOUR CAR AND KEEP THE LIGHTS ON over other bills that were an emergency to begin with. I did not say that we were not paying them, they would not work with us and wanted all of the $ up front! As far as a cruise that is different than a home and yes I would take into consideration their problems and act accordingly. Thanks for your opinion.

Skip G
I didn't go out for a loan for a home beyond my means!!! I applied for a loan with a monthly payment I knew we could manage!!! So, stop jumping to conclusions!! And I hope and pray, nothing ever happens to you, that makes you a little late on a doctor bill and your precious credit score drops and then you will see what I am talking about! But, maybe that would be the best thing to happen to you and you could live in the real world and out of your rich little life! Thanks for your answer because people like you prove my point, it is insensitive, narrow minded individuals such as yourself that that do not see any further than the numbers on a piece of paper or a computer screen!

We did just want to start out with a starter home, but still no go. I agree everybody needs to pay their bills they owe! But, one late payment can lower your credit score! My dad always said never judge a man until you have walked a mile in his shoes.
We don't have the choice to wait and hope things will turn out for the best, we have to move in less than three months, because where we rent now, the lady is no longer renting, but deciding to sale because of her old age! We have never missed a payment to her in the 7 yrs we have rented. We are not no account people who don't pay their bills! We don't go out and buy things just for fun. We buy only what we need and pay cash! Medical care is a neccesity unless you want to die! I have a chronic disease I suffer with daily and my husband has bad health, but works a job daily and works hard like everyone else! Thanks to all who answered kindly! To those who didn't, well, maybe one day you will be in our shoes and see what I am talking about!

Answer 1

that is the way this country operates, why else is everything made in japan and there are more chinese restraunts than macdonalds. we enjoy beating each other up based on a score that no one can figure out. the amazing thing about it you don't need a good credit score to die for your country, the same country that will not give you 5 dollars for a loan. hang in there when it hits the right people the credit score will be obselete

Answer 2

Did any of you who gave insensitive judgmental answers even read what this person was saying? They did not want an expensive "dream home" From what I see they have been through a bit of bad luck and now they are having to pay for because of the outrageous attitudes and blanket policies of those who are in the capacity to loan monies, etc. Oh, and the first guy with the 800+ credit score...how did you ever get credit in the first place? You do know that you have to fill out paperwork for that. I just wondered because to do that you have to be able to SPELL you insensitive twit. I apologize to the asker, I did not mean to take your question and use it as a sounding board against the foolish attitudes of others. In answer to your question, yes, I agree. My credit could use improvement but it is not bad per se. I can see how it could go that way quickly though. Most people do not realize that they are only a paycheck away from being homeless. If an emergency comes up that is just what it is AN EMERGENCY. Hear that people? (ok one more to one of the answerers out there) What if you were unconscious? Would medical care be a choice then?) Anyway, I can see how hard some people have it. I think the problem is that nobody takes the time to learn the background or stories from individuals anymore. We are all just numbers now. Good luck, I hope you find a home.

Answer 3

since I'm a real estate agent I'd love to see the figures on that to determine if you really can afford a home or not before I make any determination on whether I would think a mortgage company would approve your request or not. If the mortgage company said yes, but after everyone elses foreclosures they said no to you, then it's clear that you didn't meet the requirements.

I think that in good economic times everyone tries to get in on making money from other people, and this clearly was the time scammers took advantage of people. I feel they were wrong in offering ARMs and knowing that people could not pay the balloon payment, and that they were looking out for themselves to keep themselves employed and able to support their own families. Sometimes that's life. But in past years that same kind of thing transpired and people were hurt, but this is a new generation who all they could see in their eyes was the "American dream". Let's say that you and your husband earned $35,000 apiece. Then safely you could afford a home worth $70,000. The cost of an average home though was $120,000 and increased to $200,000 over the past five years. So that would have meant that you couldn't safely afford a home until somebody (one of the two of you) earned $165,000 a year. That was just a "scenario" I provided to you. I have no idea what your finances are.

When a realtor has a home for sale and they are looking for a buyer, or a buyer comes along to buy a home, the very first thing a realtor does is to send them to the bank or mortgage company "of their choice" to determine what their creditworthiness is. So you see, the problem was the bank or mortgage company allowing people to think they could afford a home when they could not.

Renting an apartment is not a bad thing.
The government isn't going to bend over backwards for those who are being foreclosed on. However they are trying to give people time to get another mortgage to be able to "save" their home (whether or not in the future they really can afford it or not).

PS...people aren't coming back to your question to see your response (if you have one then email it), so voicing your opinion of their opinion doesn't reach them or solve anything. It only allows you to vent. Venting isn't for the Q&A board. Asking and answering is.

Answer 4

I am in the same boat as you and mine seems to be taking on more water than I can handle. Due to a medical illness last spring we ended up getting 2 months behind in our mortgage and our mortgage company won't give us any assistance despite the fact we have over $30,000 in equity. We had to renege on paying our credit cards and try to keep up the house payments but are still 2 months behind. Our credit rating is below 500 so no other company will touch us. Our mortgage company keeps sending us notices that they are going to foreclose even with the forbearance request we submitted last month. I can never get a real person to to talk to there, I am always being sent to a voice mail box. Anyway, was hoping you got some advice from someone else that may help me. I didn't read anything in these answers. If you did get something please email me at [e-mail]. Thanks very much.

Answer 5

some people are just huge ******* lol. anyways, yeah i get sick of the credit score thing. My credit is pretty much perfect. I have a good job that i use to pay for my school and my medical bills. I am also a big spender. My credit limits on my credit cards are about 2000 for one and 2500 for the other. Every month i put about 1500+ on my credit cards but i always pay the balance in full. Ive had my cards for a long time and they still wont raise my credit limits. I need them raised for my medical bills. They always say i dont have enough credit history! Give me a break! Im someone that always pays my balance off and its always way early, but people that just pay the minimum balance get way more of a credit limit and their limits are always being increased. I feel like im being punished for being smart with my money and paying my bills!

Although i am not in your shoes with buying a house and all, i do understand how unfair it is anymore. Its a shame that your pre-approved loan was cancelled on you. I know how it is to have to pay medical bills and such.

If i were you, not sure if this is what you want to do, but just stay where you are if possible and wait for all this housing mess clears up. Atleast you wont sign a loan with a high interest rate and get in more money trouble. Just my opinion.

Hope i helped your venting

Answer 6

Welcome to the real WORLD. The great thing about America is if you don't like something you can change it. A long time ago a person could walk into a store or a car dealership, speak with a knowledgeable sales person shake hands and leave with product on credit. This process required building a relationship with local retailers which is code for everyone being in your business. One day someone decided that they didn't want their neighbors to know everything about them and wanted the freedom to buy from anyone. Thus they developed the credit rating system. Later it was determined the system wasn't very fair and revised the system to the current one today. The point is if you don't like it, change it. The problem is that know one has a better idea. They only want to complain about how unfair it is.

I recently filed bankruptcy. It was the hardest thing in my life to do and I will pay for it for the rest of my life. Most importantly it FORCED me to take an honest look at my finances and myself. I made very bad decisions regarding money and thought it was the system out to get me. If you really look at it you will see the problem is not the system, but you. Everyday millions of people apply for credit. Many with less than perfect credit are approved, why because they arrived at the realization that credit is a privilege and not a right. They reviewed their budgets, they tracked their spending and they were honest with themselves about the current state of their finances. They made the necessary changes to FIX the problem, corrected their spending habits, reviewed their histories regularly for errors, and set a goal for what they wanted in life. No one said it would be easy or fair, but today it is the only system that we have and until it is changed you have to work within it. Take advantage of the tools you have. If you are being denied credit by one source then it is a system problem. If you are being denied credit by all sources, then it is your problem. I advise speaking with your local loan officers and bankers and asking what you can do to improve your credit situation in the short term. Review your report for errors and speak with everyone you owe money to. The key is to address the problem and not complain about it. Once you have a plan in place, go back to you local bankers and speak with them again. You may need to downsize you dream house to a starter home to show you can make a mortgage payment and then UPGRADE. Keep the starter home for additional income, and you will be well on your way to building wealth.

In the long term, PAY YOUR BILLS, and I mean all your bills important or important. Even a small payment is an attempt to pay your debt and shows good faith. Keep your head up and faith in God and all will be ok when the time is right for you. Hope this helps and good luck.

Answer 7

Sorry to hear that, but credit carries with it the history of payments. It's cold, relenting, and contractual. It's sad that pity is not a factor, it's quid pro quo. and a business. Good business is rewarded with more business.

So too with your personal life despite issues such as health or (gasp) luck. Be that as it may, besides the mortgage there is insurance AND taxes. Whoever backs you will need a profit for their business. It is really nothing personal.

I suggest keeping a cool head and not think that anybody owes you. Money is a medium of exchange. So I suggest you ask your bank for advice, and do it with a curiosity requisite for a solution

Answer 8

I do believe that the American Dream is Gone With The Wind. Thank you President Bush. I also do not like being judged on only your credit score. When kids graduate from college and are ready to go out into the world, a lot of these kids do not have credit. End of getting your own apartment. You need good credit to get an apartment also. How about a good job? There to you are judged on you credit. Hard to believe, but this happens. I am not sure where all of this started, but I don't like it at all. And yes there are situations in a persons life where you can not afford to pay the whole medical bill and have to pay in payments. My husband was in-between jobs and my daughter was in the hospital. Huge bill and no insurance. You can't pay for $30,000 right then and there. We had to make payments. But of course we were constantly being buged about paying the whole thing off. There went our credit score out the window. Oh Well! I don't like any better than you do. I really believe we will end up having the very rich and the very poor. No more middle class. What a dirty shame. Americas dirty little secret is coming out little by little though. Somewhere it has to stop. There will be no one in there own homes at this rate. This country is going to hell in a hand basket. I love this country, but we need get things back to the way they were.

Answer 9

It's currently the fairest system available. There was a time when "the company" owned and rented you your home and you purchased all your "goods" at the company store. Turn your anger into determination, and get your credit score improved. You may not realize it but your credit score effects the price you pay for insurance, job opportunities, and whether you can be "bonded" for employment. I understand that people have unexpected expenses that mess up their credit. You did have control over your medical expenses. You made the choice to get the medical treatment you needed. I'll get numerous thumbs down....but staying alive by (extremely expensive) medical advances is a choice. I would probably make the same choice as you though. Most important is turn your "sick of being judged" into determination. We often feel we have no choice, but we always have a choice. Even not making a decision is a choice. Your determination will get you your "American dream"...Good Luck!

Answer 10

Yes, sick of it!!! I'm sure it is also based on gender. My bf has a great score and pays bills late, didn't have credit until he was 30 years old. Myself, I've been a responsible credit card holder for the last 10 years, sucessfully paid off five cars, and paid three bills late during that whole time and more than 4 years ago and his score is better than mine. It's all crap! Some man is sitting in an office somewhere just pulling number out of a hat.

(For all the people who say, you shouldn't try to buy something without paying off what you owe; true, but you have to have a place to live, so you are paying rent, if you could buy your house pay the same amount you rent for, then next year you can refinance and pay off all your bills. Moral of the story, people can't live on the street because they have a few bills they can't afford, but it is better for the economy if we buy homes and are able to pay bills.)