Lets all slow down a bit shall we...

smckaybiz

I can't help but to notice this same situation over and over again:

Great income(around $100K or more), low credit score(5-600), lots of debt($250K home and $20K+ cc debt).

Please everyone! Just because you make a lot of money doesn't mean you should live like a rock star! We all have to learn to live within our means. I'm sure that most people who find themselves in this kind of situation drive a fancy car, probably has an expensive flat screen TV, and all of the new electronic gizmos that are on the market.

Sorry, just had to get that off my chest.

Any thoughts on this...

helping_user · Posted: Mon Aug 11, 2008 1:42 am Post subject: RE: planned budget is required

Yeah agreed! great income does lure one into getting credit and loans. But one needs to think why he's taking the loan and does he really need it. One has to understand his needs and make future plans and savings and then spend accordingly. That's why a planned budget is required.

Thanks.

gmakerley · Posted: Fri Aug 22, 2008 9:47 am Post subject:

it would be foolish to disagree with you, scott. you're right - we see all too many folk with outlandish lifestyles resulting from their income - many of these are based on temporary situations and declining income puts them in a tailspin.

of course, once you make a princely sum of money, you're tempted to own all the mercedes, etc and all the other amenities that the rockefellers of the world (or should i say the inhabitants of dubai?) have.

yes, it is time to cut back - for all of us.

It's a known fact that many people think their lives will get better if only for more MONEY.
Fact is for many, the more money they have the more they spend. Living life still under the stress of making ends meet.
The pit falls of " Got to have it NOW and Spend till you drop "
It's our thinking process of money that dig these pits. Some go to their graves never learning. No matter how many times they land in bankruptcy court and collection. I just sit and listen, often amazed at the thinking of some folks.
I have learned, watch and know what NOT to do.

Guest

I agree 100% with all comments. I read about the high incomers in these forums with low credit and I hear it numerous of times over the radio talk shows. I know many who would love to have this high income BUT would take care of their bills etc.... vs indulging in material goods, ignoring obligations. Great post.

Missy12342008 · Joined: 24 Feb 2009 Posts: 19 10.57 Dollars($)

I agree with everyone. I wish I could make the income some of you make if I had money I would pay off all my debts not spend my money to get me back in to debt.

gmakerley · Posted: Wed Mar 18, 2009 11:43 am Post subject:

"some of you" make....haha missy - i wish i did too

smckaybiz · Posted: Wed Mar 18, 2009 3:14 pm Post subject:

Ha! started in Aug 08' and still rollin' on.

It's very true though Missy that if you made more money you would also feel like you deserve some of the nicer material things that you've never been able to afford before. It's the same trap that lures most with high incomes.

It's funny, here I am the measly little ol' banker and i can pay my bills on time while my older brother, the docter, has to still go to our mom for help when he can't pay his bills! It's really quite simple though, I buy used cars, I don't have a laptop or blackberry, and I spend an hour cutting coupons just to save 10-20 bucks at the grociery store.

Come on now George... we all know you're loaded! Just look at all of that loot sitting there in community dollars!!! Laughing

gmakerley · Posted: Thu Mar 19, 2009 6:32 am Post subject:

and watch how quickly that community dollar loot will disappear, too, scott.

and, what's a blackberry other than a delicious-tasting fruit?

and, having been a banker for far more years than i'd want to admit, i realize how little you get paid. unless, of course, you're a ceo, cfo, etc. then the salaries are huge and don't even equate to the bonuses that get tossed around.

what a world.

Guest

I make good income make over 115k/yr have only a car payment and it's modest, a nissan altima hybrid, in a divorce situation where I have been living on my own paying rent, supporting my child on my own without spousal support or child support. Where my ex husband let our home go into foreclosure without notifying me nor my attorney and has now ruined my credit. I was in the high 700's now rock bottom. I have more in my savings account than my ex and I ever did as a married couple. I have been saving so that I can in the end keep our home. But now it's lost. Does anyone know if a lender would consider my credit independent of my ex's in qualifying for a loan. Or if anyone has ever heard of a Foreclosure being removed for situations as this?

jameshogg · Posted: Sun Mar 22, 2009 9:43 pm Post subject:

Hi det,

I don't think the foreclosure would be removed from your credit report due to such a situation. However, if you want to take a loan now, you can get it on your own credit score. The lender would check your credit score and income history in order to approve a loan in your name.

Thanks

Guest

but the foreclosure shows up on my credit report already, all 3 reports. Would a lender look at my credit without the foreclosure and see what it was before my ex ruined it? Has anyone ever heard of a loan being granted in a situation as this?

smithsussane · Posted: Mon Mar 23, 2009 9:14 pm Post subject:

Hi det!

Welcome back to forums!

I don't think that the lenders would consider your situation and grant you a loan. As a foreclosure is showing up in your credit report, you'll face difficulty in getting a loan right now. You will have to wait for 3-4 years in order to get a loan.

Sussane

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