I think the credit score discussion might have led somewhere not anticipated. I believe there are events in live that are not foreseen, leaving you in the dark and helpless. And many times, leaving you to make decisions, like running up a credit card, that you would not normally do. This is not in anybody's defense, but thats just what I feel. So to call somebody who had to live off their VISA for a minute, then got a divorce because the stress was to much to handle, then their credit score dropped to a 619, I think is a little out of line. Once again, not defending or attacking anybody, just throwing it out there.

 

If you are a vet go to Navy Federal Credit Union. They will hook you up I guarantee it. That is where I get all my loans and their interest rates are very competitive...

 

I have worked and paid bills one time and steadily for 17 years. I was laid off last may almost a year now from my company of 6 years and my work field. I have not been able to find anything in my career field nor switch to anything remotly close to my income I have found many jobs parttime and work when and where I can. This came in hand with a two year marriage separation going on, childsupport very ugly situation life altering all the typicals an much more there I wish to forget left to cover 90% sold what I could some at a loss no choice. Point is life can happen just like that. I've paid been responsible but through both my credit has taken a drastic hit score has dropped sig. I have lost my job, health insc., house, toys and years of things worked for, held on to 'ole red my truck is simply the only thing I had left. (an my bulldog he stinks no body wants him lol) Credit is bull**** it will take me years to fix what the economy a woman and crumbling infastructure have done in a short time.

I am furious at our govenment for the auto makers fat cat policys and other major financial conglomerants for that matter living it up while the getting was good from our purchases ( yours and mine all of us) and now asking for fed tax money again and again when we cant purchase now + the 2 trillion they have handed out they refuse to give details as to who and where. In short I dont give a damn cry me a river you reeled it in from us and lived to large sure we'll pay for it again (3 fold always in 3's) with layoffs and wage cuts and reorg. but thats what we do as sheep for these bastards it's our money, words, our govenment....our power. But we have given them all to much of it now we are subject to kneel.

To turn away for 700 and that would mean the new ladder is in effect if thats considered medium we for the most part will play hell getting financed....more good news lol

 

Actually, some of us are untouchable.

 

Umm, no. That just means that anyone who does end up like that is living to rich for their blood!!! Having 2 or 3 months of late payments on let's say....Everything will not drop your score 100 points! I used to be a Finance manager and seen it all and know how things work behind the scenes.
So, for someone to say that this economy wiped out their credit yet they still have a job is blaming their ownb personal problems on someone else.
I have always kept my finances at 60% or under of my income coming in. That means i always have 40% extra money each and every month. There's no way possible that you can go under like that even if you lose your job!
Hell, i haven't had a job in 6 months and I'm still able to pay all my bills!

Ohh, 2/3rds of Americans you speak of spend much more than they make. it's well, the American way. it's also the irresponsible way. Most are bad with budgeting too and is what causes half these problems.
I am jobless and if i get divorced I CAN STILL PAY ALL OF MY BILLS so yes, I'd say i'm near untouchable BECAUSE i put myself in that position.
To blame the economy on Everyone's bad credit is immature and is not taking actions for faults of their own.

back when i was Finance Manager, a score of 619 was very ugly looking on paper. Not just 2 or 3 late payments. Nope, like a repo say 4 years back and about 3/4's credit card debt and 12-15 late payments!

Two things I want to say: Always, Always pay your Mortgage and car. You need a place to live and a ride to get to work. Let the credit cards be late if need be. Most Car companies or Auto Loan lenders will for the most part look past the late credit cards. They will beat you up if your mortgage or auto loan is late.

My sister and Brother-in-law both have scores in the upper 500's to lower 600's and let me just say they have been total scumbags when it comes to paying their bills. They are late all the time and their history goes back a ways. So a 600 is pretty low.

Too bad you don't like the facts and my Opinion combined.

 

I don't wish anyone any hardships, but it's up to them to secure their future as much as possible for events like this where the economy takes a dive.

 

Challenger SRT12, complete with 12 cylinder Ferrari engine. Jeep Grand Cherokee SRT12, Dodge Ram SRT12, etc etc...A Ram with a Ferrari V12 scream...I can dig it!

Dirtydog -

While I agree with you for the most part, I have to say it does not take much to get in the low 600 realm. When I was younger, I was dumb and irresponsible with my money. I always paid my car loan on time, but I got up to 120 days delinquent on one card, and 90 days on another. My debt/income was way lopsided, and all of these factors combined dragged my score down.

I learned my lesson and have totally turned my finances around, but the point is that it doesn't always take a repo or a year's worth of late payments to have the bottom fall out of your credit score.

 

like bill gates for sure

 

Two years ago I had a credit score of 585 due to a divorce, 4 late credit card payments due to the divorce, and all of my cards maxed out. I was still able to walk into the dealer and get financed on a new Charger through Chrysler Financial at 7.9%. In the two years since, I have bought and financed 3 more vehicles with my credit score never going above 660. I have never cared what my credit score is because I have always gotten the loans I needed/wanted and I have never missed a vehicle payment in 17 years. Active duty guaranteed paycheck probably plays a big part in that.....LOL

 

Its the big banks that are tight and screwing everyone, and they need to go under. The small banks and credit unions are better off but there at the mercy of the big ones decisions. I dont know anyone around here that would be out of a job if aig or other big banks went under, but I know alot of people out of jobs here if GM or chrysler went under. Thats here in utah. But hell if I new what I was talking about I could get a bailout too.