Best Life Plan

campgottagopee wrote

LMFAO!! Underground sales tactic?? No. It's a well known fact. Ask your local banker and they'll tell you the same thing.

Yeah, I know it's the law.

I was just interested in how you, as a salesman, use that law to try to close sales. You just seemed super quick to jump in with the information when we were talking about discharging debts. Like it's something you deal with a lot?

Also, if we still had the political forum, I'd talk about how this is the "Two Americas" issue that John Edwards brought up. There's one America concerned with education, credit scores, and startup capital, and another America that rents rooms on other people's leases, doesn't pay their debts, and has to run up huge credit card bills in emergencies.

It has to do with the original thread, I guess. If you're living in the 2nd America, be a ski bum, why the fuck not?!?! If you're living in the first America, ya gotta be responsible.

Well, actual sales isn't what I do anymore and haven't since 1999. One of the departments I oversee helps arrange for financing for our customers, so I'm very familiar with personal credit as well as credit bureau agencies and their policies.  

Sorry, camp. I must have gotten confused because you always talk about sales and you were just talking about training salesmen.

No worries!!! Sales is what got me where I am today and part of me misses it every single day. I still do all the hiring and training of my guys

Camp what percentage of people can't get credit? How low is too low, score wise?

I remember my first boss at this company said to me: "Bankers suck, they only lend you money when you don't need it."

I've only ever had two cards, one personal, one business, both are from 1988 when I was 29. That business card is in my name, and used to have all the google advertising on it, big numbers and paid off every month.

You can run up the score that way. Probably doesn't matter, my current loan is the last one I'll have, knock wood.

Banks are still aggressively loaning money. As far as score goes anyone in the mid 500's has a shot, but they'll be sub-prime. With that customer he/she will need a few thousand dollars down to entice the bank to loan them money, the bank will want to be in an immediate equitable position. Customers with mid 600's and up will go to prime lending. There they'll be tiered (rate wise) depending on score and DTI. DTI is really bigger than score for prime lending. What I mean is some peeps in biz for themselves like to hide cash, so on paper it looks like they can't pay their bills so they'll come back a higher tier.

It's a low percentage of customers we can't provide financing for, like 5%ish. Some don't like the approvals they get but that ain't my fault

Yes, paying off CC monthly will raise a score quickly. Having cards with zero balance is something the bank likes to see. That said, they still take into consideration (DTI reasons) what you payments would be if they were maxed out.

MC2 5678F589 wrote

But he won't say that about them because... reasons.

I, like the Lannisters, always pay my debts....

I do respect your Lannister ways.

As to the other thing, he doesn’t give me shit the way you do, so....

Camp - never pegged you for one of these guys

Maybe I should have added a 6th option:

Graduate high school, spend 2 years traveling the world, running up tens of thousands of dollars in credit card debt, while using your parents health insurance to pay for medical expenses. Spend 6 years bumming in a ski town, taking cash jobs, renting rooms (still on your parents health insurance). When you turn 27, all the debt just goes away, and you get an actual job with health benefits after a decade of living "the life" with no consequences.

Not bad advice, I guess, according to some of the people on here?

There are some holes in your new plan

How does one get a credit card without a credit score?

Right out of HS you'll be a zero score

Can only stay on parent’s insurance (through employer) if a full time student, under 24 I think.

campgottagopee wrote

There are some holes in your new plan
How does one get a credit card without a credit score?
Right out of HS you'll be a zero score

Yeah, they'd have to establish good credit from the ages of 16-18... High credit card use, multiple cards, on time payments, etc. But, as you said, banks still want to loan money so there are always sources.

JTG4eva! wrote

Can only stay on parent’s insurance (through employer) if a full time student, under 24 I think.

https://www.hhs.gov/healthcare/about-the-aca/young-adult-coverage/index.html

You can't establish credit as a minor

Believe it or not it's easier to borrow money with bad credit than no credit.

Like I said there are some holes in your new plan

JTG4eva! wrote

Can only stay on parent’s insurance (through employer) if a full time student, under 24 I think.

It's 26...
my youngest is 22
that's what's keeping us working

Has that recently changed Jason? For some reason I feel like it used to be much younger than that.

Haven't read the whole thread, but, I have to say, I'm kinda happy I didn't learn to ski until my thirties. Of course, I didn't learn to ski until my thirties because I never had a job good enough to afford the sport before that, a job that also had a great schedule that allowed mid week trips to Vermont. But, if I knew about skiing early in life, no doubt I'd be one of those old guys in some ski town out west, bad knees and other injuries, no money, no woman, shitty shared apartment, and either cleaned up after rehab, or still drinking and drugging way too much. If I wasn't in jail.

campgottagopee wrote

Has that recently changed Jason? For some reason I feel like it used to be much younger than that.

 It changed with the ACA. Both my kids were on my insurance until they turned 27.

campgottagopee wrote

You can't establish credit as a minor

No? What if a kid gets a joint credit card with their parents & pays it off every month? What if they take out a small ($500) loan (co-signed if needed) and pays it off quickly? If the kid has a job and shows income, banks will loan him money, no?

Seems like it could work.

No

You can't legally sign a bank contract being a minor

Listen, I'm hearing you, but it seems like there are ways to build credit as a teenager:

https://www.creditcards.com/credit-card-news/what-is-the-minimum-age-to-be-an-authorized-user.php

But you're the expert I guess, so maybe everything I'm reading is wrong.