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> It sounds like you're rich? Not necessarily. He doesnt have to be rich, all he has to be is mediocre smart. Not apply for credit cards everywhere, burn whole
by joering2 15y ago
> It sounds like you're rich?
Not necessarily. He doesnt have to be rich, all he has to be is mediocre smart. Not apply for credit cards everywhere, burn wholes in his credit, drive recklessly, get in trouble with law, change job like gloves, etc; in other words: be a normal, decent citizen. Then his credit will keep building itself up, and yes every bank will be begging him to take the loan with them, knowing that at the end of the day the mortgage is bank's property until last penny is paid off, so there are limited ways he can "steal" it.
- Aushin 15y agoI do not drive recklessly, get in trouble with the law, or change jobs like gloves. I am, by most accounts I would think, a normal, decent citizen. My credit is still pretty shot because I hurt my leg before I had health insurance or a job. Life isn't so easy to summarize. Bad things happen to good people (whether I am one or not is another question). Time and chance happeneth to them all, in short.
- pbhjpbhj 15y agoI'm not normal but none of your claims for where we've gone wrong fit my situation. Both in business and privately we pay on time and have assets exceeding our credit. Ergo the only risk of lending to us for premises is that the mortgaged asset will fail to retain the value of the credit extended. At 25% deposit thats a serious piece of risk avoidance in anyone's books. What's left is that we can't provide a sufficient up side to get any of the banks out of bed. Near zero risk isn't good enough, they want bigger fish. Of course we'd need credit to grow ...