Personal Finance …..?

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What are the signs of credit use? Do you think that credit has done more harm than good to the average consumer? How and who is to blame? (Or someone you know) What experience (good or bad) you had with your credit card? Do you think credit (credit cards, personal loans, mortgages) is too easy or too difficult to obtain? Do you agree that bad credit is better than no credit? Why? As a credit manager for a midsize company that would grant a $ 5,000 loan from Mr. Jones, who asked about his claim that he has a few credit problems were, but it is now a different person, or Mr. Brown, a police officer who is not a credit history? Explain.
Some years ago I tried to be approved for a mortgage with my wife to get. We had a credit card debt, but overall we were ok. Seeing my mortgage broker to 30k of debt, he said he could give us a personal loan through an investor. Having no options, we must pay our debts and loans approved for a mortgage to get. It turns out, a family member who also uses these mortgage brokers came into money would invest. The mortgage broker thought he had the ideal situation, the use by lending money to my family member interest. Basically, we were forced into business with family and do not tell us. member of the family did not know either. The plan was to refinance after 2 years if the loan is settled and paid for this personal loan with only 2 years are charged interest payments.With faltering economy, there was nothing left with no equity.So some payments (due to not receiving any statements or certify payments), both parties will put pressure on the mortgage broker to question if it was decided to inform the parties actually family. First question, what is even legal.Is use it?

  1. Reply
    February 18, 2011 at 8:30 am

    Being an officer is a precious livelihood

  2. Reply
    February 18, 2011 at 9:00 am

    I think credit is killing America…however we need it to keep the economy afloat so it is very tenuous, ie who could buy a new car for cash, no one or very few so we need credit. Tax advantaged credit ie student loans and mortgages are not so bad and at low rates, it is using the banks money to build wealth…but credit cards etc are evil.

    No credit is not bad and easily fixable bad credit is bad and should be avoided at all costs.

    As a credit manager I’d give it to the no credit guy as he has a solid job and has never shown any reason to doubt him, why make him guilty before he has done anything wrong, the bad credit guy has proven he will not pay at least one time in his life, so he has a track record.

    By the way, I have bad credit as part of trying to start a small business so you’ll see I am not prejudiced.

  3. Reply
    David M
    February 18, 2011 at 9:31 am

    When you have too much debt
    The credit card holder
    Not anymore

  4. Reply
    February 18, 2011 at 10:12 am

    The number on sign of using to much credit is owning ANYONE money. NO credit is better than bad credit because it forces you to live withing your means.

  5. Reply
    Johnson Bart
    February 18, 2011 at 10:24 am

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  6. Reply
    My Take on It
    February 18, 2011 at 10:33 am

    Why do you want some stranger from the internet to do your homework?

    I would charge you $ 500 to write your paper. LOL

  7. Reply
    Brandon S
    February 18, 2011 at 10:39 am


    I think that credit is grossly overused by the majority of the population. I know of someone who has roughly $ 60,000 in revolving credit debts. They were just approved for a $ 500 credit card. So yes, I’d say it’s too easy to apply for credit.

    Payment history and ability may explain your last question. The police officer has a stable job with relatively decent pay and, just like teachers they have, as a profession, a good history of paying debts.

    Mr. Jones, however, has proved already that he doesn’t respect his credit and has trouble paying off debts. Have you ever heard the expression ‘Your actions are speaking so loudly I can’t hear what you’re saying?’ Mr. Jones is going to have to start with actions that help build credit. Start small and ‘prove’ he’s a changed man.

    In general, I’d say credit has done more harm than good, ‘enslaving’ people and holding them back from reaching their goals.

    In some ways it is good however, fueling economy and allowing businesses the ability to keep afloat and keep people employed.

  8. Reply
    Julian Sark
    February 18, 2011 at 10:48 am

    I am Julian Sark i was in need of a loan s$ 450,000 and a friend introduce me to Roland Ken,and he lend me the loan without any can contact him via email

  9. Reply
    February 18, 2011 at 10:59 am

    False representation and if you signed a contract take that to an attorney outlining your rights. They have to have a business license to pursue, family or not. No business number, not legal. Take all documents you have and seek legal advice. You may even take to small claims court for retribution to protect your interests and your situation.

    When they stopped sending statements (was that intentional)? You have the rights to review your monthly account status without penalties. Was that ever provided and did you request?

    Mortgage brokers have regulations to follow. I dont know what they are, but this one seems to have overstepped his bounds. In additon you can file a formal complaint and have this mortgage broker audited or licensed revoked for fraud.

  10. Reply
    February 18, 2011 at 11:00 am

    probably not, you needed the money and they wanted to invest it this way… the fact that you are related… is just that… you are related… so you both own a home… it would be in the best interest for both of you to keep the mortgage paid until the market comes back…

  11. Reply
    February 18, 2011 at 11:03 am

    People use private investors to help with real estate all the time. It isn’t shady and nobody forced you to do anything. Like a lot of people, had you known the real estate market was going to collapse so rapidly, you wouldn’t have made the deal you made. At the time, it probably seemed like a good idea. If you accepted the loan, I don’t see how it’s the realtor’s fault. Are you thinking it would be easy to just default on the loan if the money had come from a stranger instead of a family member?

  12. Reply
    Expert Realtor
    February 18, 2011 at 11:13 am

    Ok…I hate to tell you this, but NOTHING that took place was illegal…except for the fact that if the mortgage company that did your loan did not know of this debt…then that is a case of loan fraud not only on YOUR part (b/c you knew of the debt and signed an application agreeing to disclose all debts) but also the mortgage broker.

    So you would be in just as much trouble as he is….so you are out of gas on that deal.

    Here is the problem:

    You have the contract with the investor…where the investor got the money from is NONE of your business. You DO NOT have a contract with the family member…the two are not related. You also don’t know for a fact that this is the source of the loan either.

    You obviously didn’t have a problem with getting your debts paid off. You obviously didn’t have a problem with defrauding the mortgage company (b/c the mortgage company already declined you because of DEBT which you conveniently hid)…and NOW you crying foul b/c your house didn’t appreciate like you thought it would?

    it’s not’s Karma.

    PS: No law requires ANY lender to send you acknowledgements of payments NOR monthly statements…all they have to get you to sign is a note….which you obviously did. If you paid cash you should have been given a receipt. If you paid with a check then you should be keeping records of cancelled checks.

    Marisa is also incorrect. If the family member put money with a 3rd party that does private loans…that requires a business license but the family member does not have to have one…the investment firm only has to have one (and most likely does). Also, a SINGLE loan between two parties DOES NOT require a business license…at all…in any state. You only need a business license if you are negotiating loans on the behalf of others.

    Your note should state WHO gave you the loan…did you not read it?

    Sorry, you are out of gas.

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