| List of intelligent lenders |
|
|
|
|
|
smart-investor
Full Member
Cash: $ 3.50
Posts: 60
Joined: 16 Apr 2011
Location: San Diego
|
| List of intelligent lenders |
 |
|
Okay. This pisses me off. Are typical lenders like banks as stupid as they seem? I've seen first hand them turn away essentially "perfect" opportunities. If only I knew more about banking. It seems like there is opportunity to make a much better one.
It seems like a common problem pattern. A company following a system that doesn't have good systems in place to catch exceptional conditions. That pisses me off.
For this list, I'll make the requirement simple. The list should only include lenders who have the ability to consider all important information and not produce outcomes that are retarded (like turning away perfect opportunities).
I could put a list of ones that failed, but I don't feel like it. Let's see how many are intelligent.
|
Sat Apr 16, 2011 5:36 pm |
|
|
smart-investor
Full Member
Cash: $ 3.50
Posts: 60
Joined: 16 Apr 2011
Location: San Diego
|
lol. I just got a perfect visual.
I'm remembering a tv commercial with Bill Gates where he wanted to borrow a quarter for a soda machine. What if he went to a bank to get that quarter. Will no banks lend him one?
What if he asked for $100,000 and he was worth tons of billions of dollars but intentionally made his credit report look bad for the point of illustrating the stupidity of the way typical banks work?
|
|
Sat Apr 16, 2011 5:46 pm |
|
|
smart-investor
Full Member
Cash: $ 3.50
Posts: 60
Joined: 16 Apr 2011
Location: San Diego
|
|
|
|
I guess I should have posted this here.
Banks turn me down because of poor credit score. Is the truth maybe that my credit score should be higher than they think and theirs should be lower?
I just pulled up a webpage with a list of suicide hotline numbers. I'm curious if they will know any banks that aren't retarded.
Even if a bank wasn't smart enough to create policies to handle cases like mine, they should still have a responsibility to point someone in the right direction.
I question in reality how good / bad the credit reporting system is. In my case my score probably went down a lot for doing the right thing. If I filed bankruptcy I would be way better off and maybe live instead of die. Instead I avoided it and let debt sit because I knew if I got out of this hole the debt would be so easy to pay off even with interest. I even had it in mind to go as far as researching what intermediate collection agencies deserved money. So lame.
I'm kind of mathematical. I don't know a way to not see this as truth:
i have a bad credit score +
there is a reason it's bad that should cause it to be essentially invalidated +
i have a good job and make a lot +
i need a boost out of this hole and my income will double easy +
it's bad for my health to not get help +
i'm being kept from helping others while being in a hole
= retarded for a bank to turn me away.
the second item would have to be truly justified. if i had a bank, my bank would be able to handle that case and not turn the person away. my bank might have saved their life. my bank wouldn't be lame.
i'm still waiting to see if anyone posts knowing a bank that could handle that case.
|
|
Sun Apr 17, 2011 3:17 am |
|
|
oldguy
Senior Member
Cash: $ 751.85
Posts: 3656
Joined: 21 May 2006
Location: arizona
|
quote:
have a bad credit score
there is a reason it's bad that should cause it to be essentially invalidated
i have a good job and make a lot
i need a boost out of this hole and my income will double easy
it's bad for my health to not get help
i'm being kept from helping others while being in a hole
I doubt that your entitlement attitude will win favors with lenders. If you came to me for a loan, all of the 'boost', 'in a hole', 'bad for health', "can't help others" stories would be a negative. Lenders are not social workers. When a bank lends money, they are lending your neighbors savings accounts - the bank officer is responsible to make certain (with a reasonable risk) that those depositors money will be returned per the amortization schedule. So the officer selects the most qualified borrowers.
What is it that can be 'essentially invalidated'? Something that you can share? And if you already have too many loans, why do you want to borrow more money?
|
|
Sun Apr 17, 2011 4:41 pm |
|
|
smart-investor
Full Member
Cash: $ 3.50
Posts: 60
Joined: 16 Apr 2011
Location: San Diego
|
|
|
|
quote:
Originally posted by oldguy
quote:
have a bad credit score
there is a reason it's bad that should cause it to be essentially invalidated
i have a good job and make a lot
i need a boost out of this hole and my income will double easy
it's bad for my health to not get help
i'm being kept from helping others while being in a hole
I doubt that your entitlement attitude will win favors with lenders. If you came to me for a loan, all of the 'boost', 'in a hole', 'bad for health', "can't help others" stories would be a negative. Lenders are not social workers. When a bank lends money, they are lending your neighbors savings accounts - the bank officer is responsible to make certain (with a reasonable risk) that those depositors money will be returned per the amortization schedule. So the officer selects the most qualified borrowers.
What is it that can be 'essentially invalidated'? Something that you can share? And if you already have too many loans, why do you want to borrow more money?
It may not win favors with lenders, but it seems justified. It's that way simply because life makes it appear to have it be any other way is lame. I try to be a really good guy and am extremely honest. I'm in a position to comfortably accept a $100,000 loan at high APR and pay it off. I would not be even a little bit surprised to pay off a 5 yr loan within 2 and include a $1,000,000 bonus.
The 'essentially invalidated' statement comes from the unusual situation I'm in. I'm stuck in a hole with old debt in collections from years back when I went into severe depression. I've known for years if I get out of this hole, I will become a millionaire (unless the world ends or something like that). Because of that, my plan was always to pay off the debt when I got out of this hole. I figured I could pay it all at once, with interest, and even go as far as paying intermediate collection agencies some money for wasted time / resources. For smaller debts, I admit it's lame and I should have taken care of those. A lot of times though it just didn't come to mind when I had money and I let those get grouped into my collective "debt" as I thought of it in my mind.
At one point in time I got feeling like I should just file bankruptcy and get this dark cloud gone. I got as far as doing the required finance counseling and getting the bk forms. I wound up not going through with it, largely because it seemed not right given the fact it seemed only a countdown until either a) I got out of a hole and became wealthy or b) I died. In case b I admit my debts seem less of a concern.
It's a tricky situation. I'm not saying I should have great credit or anything. I know I've done wrong and my credit score should be hit for it. To have it be to the point it appears though is retarded. I feel like I should start a business + website to give businesses scores. If a bank turns me away, it seems like their credit score should go down.
I understand that a good lender would need a reasonable confidence level. I can't imagine being unable to give them confidence if I had a chance. So far though it seems like all the lenders are attached to only using the information on a form or credit report for decision making.
I need a lender that has a good system where I can explain the situation to a person who has authority to overlook a poor credit score.
|
|
Sun Apr 17, 2011 10:41 pm |
|
|
oldguy
Senior Member
Cash: $ 751.85
Posts: 3656
Joined: 21 May 2006
Location: arizona
|
quote:
I'm stuck in a hole with old debt in collections from years back when I went into severe depression. I've known for years if I get out of this hole, I will become a millionaire (unless the world ends or something like that). Because of that, my plan was always to pay off the debt when I got out of this hole. I figured I could pay it all at once, with interest, and even go as far as paying intermediate collection agencies some money for wasted time / resources. For smaller debts, I admit it's lame and I should have taken care of those. A lot of times though it just didn't come to mind when I had money
This story doesn't build confidence that you could/would repay a loan - it only adds questions to your ability to repay.
What 'hole' are you talking about? What were all of the past-due loans for? And why do you want a new $100,000 loan?
|
|
Sun Apr 17, 2011 11:32 pm |
|
|
smart-investor
Full Member
Cash: $ 3.50
Posts: 60
Joined: 16 Apr 2011
Location: San Diego
|
|
|
|
I actually wrote a lot more and then got feeling like I was going to say too much, so I changed what I posted to be more brief.
I don't have any old loans. The only loan I've ever had was an old auto loan and that got paid fully. I did have a few (3 I think) credit cards that went to collections. I have some medical bills on there. Some other small stuff to like a parking ticket and old cell phone bill. It's all pretty old debt. Like I said though, I felt the right thing to do was to avoid bankruptcy and pay it off later. I still plan to do that even if the statute of limitations date is passed, which may have been for the majority.
One big thing I got going for me right now is a good job. I've worked for my employer for about 8 years and they give me the flexibility to make my own hours, so I can work part time or full time. Currently I get paid $47/hr, but I would expect that to go up as I get feeling better. Also I'm sure with a loan I could get myself to work 40 hrs/wk, which would bring me to about $7500/month. I hardly have any expenses currently either.
A lot of the loan would go toward consolidating old debt. I would guess up to around $50,000. That would make my credit score go up a good bit hopefully.
|
|
Sun Apr 17, 2011 11:56 pm |
|
|
oldguy
Senior Member
Cash: $ 751.85
Posts: 3656
Joined: 21 May 2006
Location: arizona
|
quote:
I don't have any old loans.
quote:
A lot of the loan would go toward consolidating old debt. I would guess up to around $50,000.
It appears that you don't understand what a loan is - when you use a cc you are borrowing money, ie, getting a loan. Why do you say that you have no old loans - and then state later that you need $50,000 to consolidate old loans? Makes no sense. And that is probably why lenders won't talk to you, you need to present a viable reason on your loan application - and provide a plausible repayment method. Whn I say plausible - leave out the part where you plan to be a millionaire soon and will repay early.
|
|
Mon Apr 18, 2011 12:34 am |
|
|
smart-investor
Full Member
Cash: $ 3.50
Posts: 60
Joined: 16 Apr 2011
Location: San Diego
|
|
|
|
quote:
Originally posted by oldguy
quote:
I don't have any old loans.
quote:
A lot of the loan would go toward consolidating old debt. I would guess up to around $50,000.
It appears that you don't understand what a loan is - when you use a cc you are borrowing money, ie, getting a loan. Why do you say that you have no old loans - and then state later that you need $50,000 to consolidate old loans? Makes no sense. And that is probably why lenders won't talk to you, you need to present a viable reason on your loan application - and provide a plausible repayment method. Whn I say plausible - leave out the part where you plan to be a millionaire soon and will repay early.
I didn't hide anything, I was just being more specific. In my mind, one difference with getting a loan is that there is more value to the relationship with the lender. I give much higher priority to a person who looks at my situation to do what's right than I do some stupid computer that processes my credit report info.
The repayment plan sounds like a good idea maybe. All I did so far was search for a loan payment calculator. A $100,000 loan for 5 years at 10% would be under $2500/month if I remember right. I could manage that fine just from my income from my job and without considering side-business ventures. After taxes that would still leave me over $2000/month from job income. I would just plan to upgrade my living situation as my income increased. Potential is there with my job where I could add an extra $2000 if I work the hours.
I guess I'm still frustrated because I don't know what bank would handle my situation.
|
|
Mon Apr 18, 2011 1:28 am |
|
|
smart-investor
Full Member
Cash: $ 3.50
Posts: 60
Joined: 16 Apr 2011
Location: San Diego
|
|
|
|
quote:
Originally posted by coaster
Banks aren't stupid. Cold, impersonal, calculating, avaricious, greedy, ..... plus lots of other adjectives, maybe. But they aren't stupid. Banks look upon a loan (or a deposit, for that matter) as a potentially profitable transaction. To maximize the probability of a profit and to minimize the probability of a loss, they follow a set of criteria and a set of rules: their criteria; the government's rules. The criteria change based on experience; the rules change based on .... well, ..... often stupidity, but that's legislative stupidity. What banks DO NOT DO is take any personal factors into account to weight their decision one way or another. They've discovered, over time, that Jimmy Stewart days are long over, and they can best profit by just going by the numbers. And your numbers don't look too hot to a loan officer, so regardless of your potential or your best intentions, these carry zero weight in the decision.
You say you have a job that makes pretty good money. You'll just have to go on that for a few years until your numbers improve. Plenty of people do it; you can, too. In the meantime, open an account with a credit union, where the depositors are the owners, and where personal factors sometimes count, because the loan officer works for the owners. 
You may be right on a lot of that, but I'm pretty sure not all of it. I could design a better bank. They may take the easy route and turn a decent profit, but I could take the smarter route and have a much better bank that actually cares about people.
The retardedness quota has been exceeded to the point my days are numbered if I don't find a lender asap. I suppose maybe they would avoid loaning to me and let me die for the purpose of avoiding competition.
Is it not the case that the reason banks rely on their 'criteria' is because of difficulty doing otherwise? There are challenges in verifying personal details about people, but not that can't be overcome. The government could even assist in that area and collaborate with the lender.
Think about it. If all the information is available and equates to a person being a perfect candidate for a loan, isn't it stupid to turn them away? I guess they can play the numbers game though. Still, that should lower their business credit score. They put lives at risk and a lot at stake. I almost came to the point of flipping a quarter yesterday to see if I live or die. It would be so easy for me to get happy with a loan to.
I feel bad for getting so mad at all this, but it's retarded.
|
|
Mon Apr 18, 2011 3:26 pm |
|
|
oldguy
Senior Member
Cash: $ 751.85
Posts: 3656
Joined: 21 May 2006
Location: arizona
|
quote:
I could design a better bank. They may take the easy route and turn a decent profit, but I could take the smarter route and have a much better bank that actually cares about people.
You may be missing the point of the credit scoring system - it was designed to REMOVE the personal favors of lending - ie, to standardize the process so that lenders don't give big loans to their brother-in-law. The people who tend their business, carefully pay on time forever, have 850 point scores. And that streamines the lending industry, you no longer need to wit 2-weeks while the "loan committee" reviews your life's finances - instead you laon can be cut in minutes.
You list your occupation as 'engineer' - surely you understand the advantages of standardization, normalization, etc of metrics?
You have not yet explained what this loan is for - why do you want a $100,000 loan? And what is the emergency?
|
|
Mon Apr 18, 2011 4:43 pm |
|
|
smart-investor
Full Member
Cash: $ 3.50
Posts: 60
Joined: 16 Apr 2011
Location: San Diego
|
quote:
Originally posted by coaster
quote:
Originally posted by smart-investor
The government could even assist in that area and collaborate with the lender.
Oh, man, you don't want that. If you think it's bad now ...... 
It's hard for me to predict what would be good or bad. You never know with butterfly effect type stuff.
One area of thought I've wondered about though is, what if the government could give a quality character reference about a person or help in verifying life situation details? It could be done by credit reporting companies, but I've wondered if it would be good to tie into the government. Perhaps via optional services people only would participate in if they wanted. Things like volunteering of time could be considered as well.
I don't know how things should be. I've felt though like if I got healthier, I might come up with some cool ideas to share.
|
|
Mon Apr 18, 2011 4:48 pm |
|
|
smart-investor
Full Member
Cash: $ 3.50
Posts: 60
Joined: 16 Apr 2011
Location: San Diego
|
I suppose I can still file bankruptcy. It's just weird to do when wondering how many millions I will make in the near future. It seems not the right thing to do ideally, but with a retarded system maybe I should. Maybe go buy a Ferrari a few months later. That's what lenders are asking for it seems like.
|
|
Mon Apr 18, 2011 6:45 pm |
|
|
oldguy
Senior Member
Cash: $ 751.85
Posts: 3656
Joined: 21 May 2006
Location: arizona
|
quote:
It's just weird to do when wondering how many millions I will make in the near future.
Again - you haven't stated what you want the $100,000 for. No lender ('retarded' or otherwise) is going to give your loan application consideration.
|
|
Mon Apr 18, 2011 8:16 pm |
|
|
smart-investor
Full Member
Cash: $ 3.50
Posts: 60
Joined: 16 Apr 2011
Location: San Diego
|
|
|
|
quote:
Originally posted by oldguy
quote:
It's just weird to do when wondering how many millions I will make in the near future.
Again - you haven't stated what you want the $100,000 for. No lender ('retarded' or otherwise) is going to give your loan application consideration.
Well, wouldn't they ask me? I could tell them.
I guess I'm a bit slow and should have thought along the lines of what you mentioned before sooner. It seems good for me to prepare a few pages about my request / situation and bring it with me to a bank or lender.
About half of it would go to pay off old debts and taxes that have been hanging over me for years. I need to review paperwork, but I suppose I could bring details about that to a lender.
Then I would use some to probably get another secured loan and secured credit card. That seems like it would help my credit go up.
Some I would put toward getting a car. Maybe a used one and pay cash or a new one and put money toward a down payment.
Then some would go toward me getting my own place. I can make enough to cover monthly expenses easy, but it's just hard getting hit with too many expenses at once, like: car down payment, rent deposit (maybe double for bad credit), first months rent, and basic furnishings. I would like to get a nice home exercise setup to and I should probably get new clothes.
My education is lacking a lot and I could benefit a lot from putting money toward tutors / mentors. I would plan to do that.
I would also expect to have enough money to put toward hiring some freelancers to help me get some side business going. I have some projects in mind that are clearly positioned to make millions with relatively low costs. I may not have business plans written up, but the information not already in my head is less critical things that shouldn't pose risk. I admit though I need to do some research on things like patents.
|
|
Tue Apr 19, 2011 12:29 am |
|
|
|
