Detroit Real Estate

As a real estate agent and previous loan officer I have heard just about every excuse for bad credit.  Having bad credit is easy to do.  I myself had horrible credit as a young man.  My excuse was that I was arrogant.  I owned a small business and when somebody didn't perform a service right, I simply refused to pay them.  My motto was sue me.  I never went through the right process.  One of my bad credit stories was with Gardner White.  Gardner White delivered a table set that I ordered.  The problem was that they only delivered three chairs with the table.  Well they wanted me to wait another 4 hours to deliver the chair on another day.  They had the 4 hour window for delivery.  Well I refused to wait.  I told them to make me first and deliver at a specific time because they made me wait once already.

Well they refused, and I refused to wait again and I never paid them.  So I started down the road of bad credit.  Everybody with bad credit has a story and an excuse.  But I hate to say it, the only ones that I think are credible are loss of job, and medical issues.  The rest of the excuses are laziness, arrogance, and living above your means.

Anybody can spend more money than they make.  Anybody can make late payments.  I have heard so many excuses.  I have heard so many people complain that the banks won't give them a chance.  That the banks won't do a refinance for them.   They get so mad at the bank because they won't give them money to get out of the hole.  That they won't give them a better rate.

The banks make a financial decision for their shareholder to make a loan.  The bank is in it to make money.  They want people that will pay them back.  They don't want dead beats.  They only want to make a profit on lending money.  They don't have a sign on the front of their business that says "CHARITY".  They aren't in the business of giving second chances.  They are in the business of loaning money to qualified borrowers. They have their guidelines and why should they change them for you.  They know the chance of getting repaid.

So it is up to you in 2010 to meet the bank's standards.  Gone are the days of easy loans to poor credit people.  So if you want a loan, now is the time to start rebuilding your credit.  There is no excuse, nobody going to bend the rules to get you money.  So do like I did 25 years ago.  Start rebuilding your credit.  You will be glad you did.  Sure it takes time but it will go by quickly.  Then you will have good credit and good credit scores.  

My quote of the day:

Mankind must put an end to war before war puts an end to mankind.

                                                                                    John F Kennedy