pootie tang asked:


With everything in the news lately about the mortgage and credit crisis, it got me to wondering - when is the blame going to fall where it belongs? Why is it so hard to understand that there are companies out there who are simply taking advantage of consumers? There are laws against usury, but there are always loopholes and these predatory lenders exploit them to the fullest. They hire lawyers that advise them of how to get around the laws.

Of course, the consumers are always partially at fault, either by not reading terms and conditions or ignoring important loan language that ends up with them not being able to pay their bills.

When will the government stand up and hold these companies accountable? They are ruining people’s lives.
I agree with you guys, I do. I don’t think it’s right for the government to be bailing people out of bad decisions by offering handouts. And it is definitely the consumers’ fault for putting themselves in these predicaments. My question is - when and how will somebody keep this from happening in the future? The law needs to be firm with lending practices so the consumer and the financier are working in harmony. Right now it seems to me that there are too many companies operating in the gray area between what is ethical and what is legal.

Mario

Sharyn asked:


Credit card companies are allowed to increase interest rates to over 30% if they want. They also determine that the consumer is a poor credit risk if they have high balances on loans without looking at the fact that payments have been made in excess of amount billed and on a timely basis. It also seems that when a person nears retirement age, most companies increase the interest rate to the extent that it cannot be paid by a person on a reduced budget. This forces the older person to either go to a debt consolidation company (which charges for their services also) or quit paying, with the risk of loosing any assets that they have accumulated. Either way, embarrassing, harrassing phone calls have to be dealt with. A younger person with no home can file bankruptcy and they have no permanent consequence to this action. I am 62, have paid my bills all my life and now all interest rates increased and I can’t make payments, even with debt consolidation. HELP-PUT LIMITS ON CREDIT CO.

Dawn

irobot10 asked:


I missed two consecutive months on “one” of my consumer credit cards in 2004. I had total five credit accounts open at that time. I was out of country and this particular card’s website did not open for some reason and I could not make the payments. It can be noted that I made payments to all other cards in the same months. I had significant debt back then. So this negative entry along with the volume of other CC debt made my scroe sink very low. Now, I have a good job and have paid off every single penny of my debt. But this one bad remark in my credit file wont allow me good rates anywhere I apply. Insurance, car loan, new credit card to start afresh… everybody seems to just hang on to that one bad remark. I want to buy a house but am afraid of even going to the bank for a mortgage. Do 5 years worth of timely payments and all paid-off debts mean nothing against one missed payment?

Could someone please help me find an answer? Thanks.

Don

T asked:


(*`*`WARNING*`*`: PLEASE DO NOT USE THIS QUESTION FOR SOLICITING OR GIVING E-MAIL ADDRESSES TO LOAN SHARKS. YOU !!WILL!! BE REPORTED TO YAHOO)

Here are the details to my situation: I have a credit score of about 706, but I only have about $1100 worth of credit (from credit cards) and about $21,000 worth from an auto loan. All have been paid on time for about 9 months now. After applying for a personal loan with a company that works with bankruptcy consumers, they denied me stating that I do not have enough credit AFTER bankruptcy (which was discharged 8 1/2 years ago). How much more credit do I need to get approved????

Again- -DIRECT answers to my question (above) only please! Otherwise it will be reported as abuse and can result in deletion of your yahoo account.
The Chapter type I filed for bankruptcy comes off after 10 years only.

Rodney

Kimberly G asked:


I’m planning on going through a consumer credit counseling agency to get help with my overburdening debt. However, two that I checked into will not, or cannot, work with payday lenders. Are there any out there that will?

James

mary007 asked:


It was weird that there are many credit companies which make loans available to people with bad credit scores. It’s still possible to get a loan even if you have a bankruptcy on your record. The reason behind this fact is that typical “bad credit loans” have very high interest rates. You are forced to take responsibility for high monthly payments. That’s the secret of bad credit loans.

Try to improve your credit score before you need the loan, if you have the time. Simply reducing your use of credit cards in the month prior to taking out a loan can help, as long as you continue making payments as normal. If your credit score is low, most lenders will only offer you high interest loans. Not only will you be making higher monthly payments, but the loan will also cost you significantly more in the long run. Even getting your score up by only a few points can be worthwhile. The credit score plays a vital role in the bad credit loans. You should improve your credit score.

It’s time for you to use your human resources. You should find out a lender. There is one thing you should be sure and that is you are getting your loan from a legitimate lender. There are numerous lending scams that specifically target desperate individuals with bad credit scores. You should consider borrowing from a source other than a bank or other commercial lender if you can. Friends and relatives are less likely to charge high interest, although you should consider a personal loan just as important and pay it off as quickly as you can manage.

You could ask a relative or friend with a good credit score to co-sign for a loan with you. A co-signer is responsible for paying off the loan if you can’t or don’t for any reason. If their credit score is higher than yours, you will be able to get a lower interest rate on your loan. You should take out a secured bad credit loan. A secured loan will require you to put up some kind of collateral prior to receiving any money, but will offer lower interest rates than an unsecured loan. If you get a loan and take care to meet all payments on time and in full, the loan can actually help your credit score. However, you will be forced to give up your collateral if you cannot make your payments. You should get an unsecured bad credit loan if you cannot qualify for a secured loan.



WALLACE

E7e7e7 asked:


Need a quick 60 day loan of $1000 but I have very poor credit.

IRWIN

tropicjones asked:


I’ve tried alot of these speedy loans and bad credit loans and citibank and am coming up with nothing. I don’t want to have to pay for anymore loanfinders and I’ve even ran into a scam or two. Somebody please give me some advice. And no payday loans either! Please!

EMORY

toni s asked:


I am in debt and want to pay it off. I am debating on filing for bankruptcy or possibly getting a loan for bad credit so i can pay off my credit. Are there any finanical institution that is legitamite and isn’t a scam that can possibly loan me a loan ?

RUDOLPH

Rosanne R asked:


Credit rating of cosigner, or current debt of prior cosigner,-does it show up when the car buyer, who has now paid off car, applies for credit for home loan or other credit or loan?

SEAN