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How do people trash their credit so bad?

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I was comparing you to college professors.

I already mentioned this, but those percentiles are not national. They are my rankings to others that took the PCAT so really good...also if you notice this was my first examination, I also took no practice tests or read up on it. I also took this as a freshman in college. So scoring higher than 75% was really high.

I was accepted to Pharmacy school prior even to my AA degree.

Even if I put down 20%, that wouldn't have helped any right now. This again is probably why you teach at the kid level and not in a real college. If I put 20% down on a $275k loan and the house is worth 80K now, that still $212k I'd be upside down and even in worst shape.

I know one couple that has $100k in their home and it's worth $200k now, but they owe $400k. They did the 20% down when EVERYONE was telling them just do the 0% you could do then. At the time it really made no sense to put money down if they didn't require it. Throwing out 3% or so got you the best deal.

My first home I lost money on due to the divorce. I put $40k down on a $115k house. I put another $20k into it improving things (new kitchen, repaint, etc)...

Sold it for a little over $100k to her relatives, the only people she'd agree to sell too. At least they still own it and have a ton of equity now.

Many in Palm Beach county are 50% upside down...again this wouldn't be a problem for me, except that without an HOA now the neighborhood is falling apart.
 
Neither was the builders fraud. Least none you can prove. They had every intention making up spend thrift on sales and later builds but something happened to RE.
 
Even if I put down 20%, that wouldn't have helped any right now. This again is probably why you teach at the kid level and not in a real college. If I put 20% down on a $275k loan and the house is worth 80K now, that still $212k I'd be upside down and even in worst shape.
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I think they goofed on your reading comprehension percentile. But again, perhaps it's just your poor math skills. My point was that it's very simple to figure out that you put down almost 0% when you purchased a house. Despite being as successful as you claim on these forums, you didn't have anything to put down on your house.

Had you put down 20%, (which you didn't), that means that the original purchase price would have been MORE than $270k, since you currently owe $270k. Had you put 20% down, that means the original price would have been around $335k, meaning it lost an additional $65k in value in addition to the $190k in value that it lost since you purchased it.

You point out that many are more than 50% upside down. I would suspect that the majority of those were purchased pre-bubble burst. But, despite purchasing after the housing bubble burst, it seems that you're far beyond that. You used an example of a 500k house, and again, yours has lost a far greater percentage of value by your claims. It's amazing that you could put down $40k, on your first house, but had nothing to put down on your current house.
 
alkemyst said:
You are indeed naive if you think everyone uses their credit cards properly and pays their bills.
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LOL, I never said that at all. You were the one who said ALL App-o-rama folks took the money, spent it and didn't pay it back. I disagreed with the assessment and now you are saying that I'm saying that all credit card folks uses them properly? Not even close, lol.
 
Engineer said:
LOL, I never said that at all. You were the one who said ALL App-o-rama folks took the money, spent it and didn't pay it back. I disagreed with the assessment and now you are saying that I'm saying that all credit card folks uses them properly? Not even close, lol.
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I never said ALL, you got defensive thinking I was talking about your FW friends.
 
alkemyst said:
I never said ALL, you got defensive thinking I was talking about your FW friends.
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OK, we'll call it quits here. You never said all and I never said that some people didn't abuse credit cards (as I know damn well they do). End of discussion.
 
alkemyst said:
Anything about not reporting this was verbal. Anything written doesn't mention it.
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Ouch. This should be a lesson to anyone who doesn't already know this. ALWAYS get everything in writing and ALWAYS read the fine print

(I am surprised - having worked in the mortgage industry - that you would accept something not in writing)
 
Exterous said:
Ouch. This should be a lesson to anyone who doesn't already know this. ALWAYS get everything in writing and ALWAYS read the fine print

(I am surprised - having worked in the mortgage industry - that you would accept something not in writing)
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It's not like I had a choice...they made the changes to my account. It's all screwed up.
 
DrPizza said:
I think they goofed on your reading comprehension percentile. But again, perhaps it's just your poor math skills. My point was that it's very simple to figure out that you put down almost 0% when you purchased a house. Despite being as successful as you claim on these forums, you didn't have anything to put down on your house.

Had you put down 20%, (which you didn't), that means that the original purchase price would have been MORE than $270k, since you currently owe $270k. Had you put 20% down, that means the original price would have been around $335k, meaning it lost an additional $65k in value in addition to the $190k in value that it lost since you purchased it.

You point out that many are more than 50% upside down. I would suspect that the majority of those were purchased pre-bubble burst. But, despite purchasing after the housing bubble burst, it seems that you're far beyond that. You used an example of a 500k house, and again, yours has lost a far greater percentage of value by your claims. It's amazing that you could put down $40k, on your first house, but had nothing to put down on your current house.
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Where was it stated I had nothing to put down on my current house though? Also like I said, if I had I'd have been in worse shape. I already did the math for you, you are not paying attention.

The house was $270k, 20% down would have put me about $212k. It's worth $80k at most in the market here. So I'd still be far upside down and now have my own skin in the game.

I am far beyond 50%. I am also getting crushed by the neighborhood. A $500k house being sold at $250k brings a lot different clientele than a $250k house selling for $125k...and I am almost half that. Without the HOA here now there are tons that don't believe in cutting their grass or trees. They had to send a tree company through to clear all the streets and power lines as too many owners were not complying.

BTW, almost no one puts 20% down anymore unless they are looking at Jumbo loans or investment properties.

I seriously don't think you are understanding what you are arguing.
 
I've tried to play Devil's advocate and find some usefulness to this guy's act, but as far as I can tell his only purpose on this earth is to test our patience. If we're Job he's a one-man plague.
 
wheresmybacon said:
I've tried to play Devil's advocate and find some usefulness to this guy's act, but as far as I can tell his only purpose on this earth is to test our patience. If we're Job he's a one-man plague.
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My act?

I am indeed curious how some people get their credit scores so jacked up yet try to claim it's only a few lates or 'not their fault'.

What's your great claim to fame?
 
alkemyst said:
My act?

I am indeed curious how some people get their credit scores so jacked up yet try to claim it's only a few lates or 'not their fault'.

What's your great claim to fame?
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Actually I'm pretty sure it is no more complicated than buying more than your income can sustain. It is not really rocket science to trash your credit rating, takes nothing more than habitually late/missed payments. The "not my fault" is just so much crap most likely.
 
Linflas said:
Actually I'm pretty sure it is no more complicated than buying more than your income can sustain. It is not really rocket science to trash your credit rating, takes nothing more than habitually late/missed payments. The "not my fault" is just so much crap most likely.
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Well that's the thing, how many missed payments are they doing...how many collections?

I am being reported as over a year late on my mortgage and still have a pretty decent score by today's standards.
 
Have you talked to your bank about a short sale? Man 270K on a place worth 80K screw paying on that.. especially if the hood has gone to hell.
 
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