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    7 Replies Latest reply on Feb 27, 2009 12:39 AM by bmt2008

    I have bad credit, but I still deserve a loan!

    NoBullFunding Scout
      Just to respond to the subject line: NO, YOU DON'T. People who don't repay their obligations once are very likely to do it again. That's a fact.

      I see this theme in so many posts on here, and feel the need to vent for a moment. I realize people come here looking for answers, but maybe a dose of harsh truth is what people need to hear. If your credit is bad, it's bad for a reason. You need to be accountable for your past actions. The fact that you didn't pay someone back in the past is a great indication that you'll do it again in the future. That's why you can't find a lender who will loan you money.

      If you have bad credit, its not the end of the world. At the same time, the tendency in this country is to try and circumvent the system rather than face the reality that you are in fact a bad credit risk, and doing something to remedy the situation. Perhaps thats why these credit building and shelf corps threads proliferate non-stop on this forum.

      There are truly no shortcuts in life. Honor your committments, and your credit will be good. Don't do what you promised to do and your credit will be bad. We live in a world where everyone has an excuse for everything but the bottom line is that when you prove that you'll honor your committments NO MATTER WHAT HAPPENS, you'll have good credit. If you are the type who likes to blame the world for your poor misfortune, you'll have bad credit and lots of excuses.

      And yes, I know there are situations where bad credit is unavoidable, like medical situations, death in a family, or something like that. But in my experience, its most often simply because someone would rather take the easy route and not make a payment because its that much easier than working hard.
        • Re: I have bad credit, but I still deserve a loan!
          DomainDiva Ranger
          Well NoBull it sounds as if you had just reached your limit after that last phone call.

          I have one almost better....the really slow pay (and I mean slow here....like a dead turtle slow pay)....client that wants you to give him a great credit reference so he can purchase things from other vendors. No, they DO NOT GET A CREDIT REFERENCE!

          Hang in there. DD
            • Re: I have bad credit, but I still deserve a loan!
              NoBullFunding Scout
              Yes, Diva you are correct....I've heard one too many sob stories. The funny thing is that when I first started in the business, I believed the stories I heard and said "oh this person just had circumstances beyond their control". 10 years and hundreds of stories later, I now see that there are mainly 2 kinds of people: Those will honor their obligations under any circumstances, and those who do what they please and then try to explain it away when I ask them why their credit stinks.

              As far as the banks turning away their clients, one important thing to note is that many banks are doing it not because they want to, but because they HAVE to. For example, some banks made so many bad loans, they literally cannot spare the capital. Its like if you loaned your best buddy $100, he stiffed you and then your other buddy comes asking for $100. Its not that you don't like your second buddy, you simply don't have it to lend. In other cases, lenders sell their loans to investors and with the credit markets shut down, they don't have the ability to sell loans, and therefore don't have ability to lend.

              So the economy stinks and I really do feel for people. There really is not much one can do when their customers stop buying. That's why anyone on this forum that needs help can contact me and I'll try to help FREE OF CHARGE. No strings attached. I happen to be very lucky, and would like to help those who have fallen on hard times. You can contact me at nobullfunding@gmail.com.
                • Re: I have bad credit, but I still deserve a loan!
                  bmt2008 Adventurer
                  Would like to add that banks are usually not playing with their own money. They lend out - for the most part - their depositors money - your money. Would you want the bank to lend your money to you if you are such a bad credit risk.

                  NoBull - I feel your pain - the twenty something with very bad credit has the greatest business idea (at least in his mind) and wants $2 million to get it started. Gets frustrating and wastes a lot of time.
              • Re: I have bad credit, but I still deserve a loan!
                corporateclas Newbie
                What you are saying is true. If you can't pay past obligations, no one is going to want to help you. The only problem I see with this post is that it makes you feel like there is no help once you mess up. When I was younger, I established credit way before I knew the importance of it. My mother was a single mother with 5 kids and we were very poor. When I got my first credit card it was for $300. I paid it on time and then I got another credit card for $250. After that, I purchased a car. Everything was fine, until I lost my job. I was only 24. I would call to make payment arrangements, but it still put a negative mark on my credit. I eventually was able to pay off the smaller credit cards, only to get two new credit cards with the same amount of limits. Then the cycle repeated itself. I lost my job and my credit went into jeopardy. At that point, I became tired of going through the same credit cycle. I began to learn what credit was and how it was extremely important. I called a couple of credit counseling services, but they would not help me because my credit did not consist of just credit cards. I tried to make arrangements with creditors, but I was working paycheck to paycheck so it was hard to keep up with the obligations. I decided not to apply for credit unless it was needed. I returned to college and I stayed at my current job. My paycheck became better, but my credit has not changed. The major things on there are my student loans, which are not owed yet and a car. It is easy to get a car, but nothing else. I got myself into my own mess by being ignorant and now there is no one out there to help me. I want to own a home someday, but I guess it will take more discipline and credit knowledge to do that. I can honestly say that is hard to get help and you do find out the hard way. I can't get credit based on the little credit I had and now I am trying to save my own money and pray that I will be able to establish myself this way. If I do get myself in a position to be debt free, there are a few banks that I would not put my money in. It seems like everyone falls into a credit crisis at some point in time, but there are only a few who the banks will be willing to work with to help them out. That should raise some eyebrows.
                • Re: I have bad credit, but I still deserve a loan!
                  amspcs Ranger
                  I agree with everything you say, and I often feel the same frustrations you do.

                  I would like to add one more thing, though. I feel strongly that there should be some
                  sort of different criteria and reporting mechanism for people experiencing financial
                  problems due to circumstances beyond their control, most notably health issues
                  and job loss. I have a really hard time lumping these unfortunates in the same
                  credit loop as grossly irresponsible individuals who live well beyond their means
                  then walk away from their debts. You know the kind of talking about---those folks
                  who take lavish vacations and drive luxury import autos they obviously and clearly
                  can't afford. Those people have lousy credit and deserve it, along with deserving
                  the consequences of same. People who suffer medical catastrophes or lose their jobs
                  do NOT deserve the consequences.

                  AMSPCS
                  amspcs@juno.com
                  www.MerchantServices-help.com
                  Merchant Services Credit Card Processing Agents