Corona Virus

[Wolfcop]

Well, now Fauci "the genius" is saying places who can should reopen. Maybe the media (and others) can stop using him as an excuse to bash governors who are trying to get their economies going. 

[jfra78]

43 minutes ago, Ja Rhule said:

Literally just posted 2 articles hours ago.

Dude we just got approved for a loan with less than a 740.  Certain programs, like USDA, want you to have at least 680. But you can get a loan in the low 600s

[Ja Rhule]

6 minutes ago, jfra78 said:

Dude we just got approved for a loan with less than a 740.  Certain programs, like USDA, want you to have at least 680. But you can get a loan in the low 600s

Not from the bank.  Likely from an extremely desperate mortgage company.  Many banks do not even offer HELOC right now no matter what your credit score is.

Edited May 23, 2020 by Ja Rhule

[LinvilleGorge]

As of May 4th...

https://loans.usnews.com/reviews/bankofamerica-mortgage

Qualifying for a Bank of America Mortgage

You'll need a FICO credit score of at least 620 and a maximum debt-to-income ratio of 55% to qualify for a conventional mortgage with Bank of America.

[LinvilleGorge]

How in the hell do you end up with a credit score in the low 600s anyway? I've always been in the high 700s and I don't do anything to try to manage my credit score, just live within my means and pay my bills and it takes care of itself.

[Bytes]

2 minutes ago, LinvilleGorge said:

How in the hell do you end up with a credit score in the low 600s anyway? I've always been in the high 700s and I don't do anything to try to manage my credit score, just live within my means and pay my bills and it takes care of itself.

Ilness....layoffs...etc.....think of all the people who are dealing with just those 2 now. I read yesterday mortgage deferments are up 80% in april.

[332nd]

6 minutes ago, LinvilleGorge said:

How in the hell do you end up with a credit score in the low 600s anyway? I've always been in the high 700s and I don't do anything to try to manage my credit score, just live within my means and pay my bills and it takes care of itself.

Divorce, illness, lose your job, etc...

It's surprising how quickly things can snowball.

[Ja Rhule]

18 minutes ago, LinvilleGorge said:

As of May 4th...

https://loans.usnews.com/reviews/bankofamerica-mortgage

Qualifying for a Bank of America Mortgage

You'll need a FICO credit score of at least 620 and a maximum debt-to-income ratio of 55% to qualify for a conventional mortgage with Bank of America.

Trust me.  Not current.

[Paa Langfart]

4 hours ago, LinvilleGorge said:

Okay.

I'm betting strongly otherwise. The vast majority of people are completely blind to the reality that the worst of this pandemic and it's economic effects are still ahead of us.

And if you have any money left in the stock market now is the time to sell.

[LinvilleGorge]

5 minutes ago, Paa Langfart said:

And if you have any money left in the stock market now is the time to sell.

I think I'd probably hold off on stocks. I think there will be a sucker's rally over much of the summer.

[TheRumGone]

30 minutes ago, 332nd said:

Divorce, illness, lose your job, etc...

It's surprising how quickly things can snowball.

It’s crazy people don’t know this. Part of the reason why health insurance tied to your job is awful. You can do the right thing, live within your means, pay your bills and still get fuged.

[Paa Langfart]

3 minutes ago, LinvilleGorge said:

I think I'd probably hold off on stocks. I think there will be a sucker's rally over much of the summer.

I think the suckers have been sucked in at this point.  When the bodies start really piling up around July 4, and it becomes clear major industries can not function any more And make money it will not be pretty.

[LinvilleGorge]

I think my wife and I have been laid off a total of five times combined over the last 13 years. It sucks. It's why I'm bound and determined to get my business up and running to the point that it can sustain us. I'm tired of relying on others for a paycheck 

[332nd]

21 minutes ago, LinvilleGorge said:

I think my wife and I have been laid off a total of five times combined over the last 13 years. It sucks. It's why I'm bound and determined to get my business up and running to the point that it can sustain us. I'm tired of relying on others for a paycheck 

I couldn't list all of the things my dad taught me that saved my ass if you gave me to the end of the month, but number one would be when I first started my business & he told me "You aren't ready to live off of of your business until you have enough saved to survive 3-6 months of rainy days without sweating."

Granted, this thing as shown that not that many people did so, but still.