What chaps my butt...

[Plinker]

5 years ago my wife and I got ourselves in over our head with debt. We have worked very hard over the last five years and have gone without many of the same luxuries that even those on welfare even enjoy, like cable tv, eating out, etc...

Fast forward 5 years, and we have finally paid everything back that we borrowed. But because of our credit history, I do not qualify to get a loan for a car. And I'm fine (for the most part) with that... it's going to take time for my credit to recover. But I was told that if I had simply filed bankruptcy 5 years ago, I could buy what I want. That was not an option for my wife and I, we borrowed the money, we felt we had to pay it back. And we wonder what is wrong with this country...

Thanks for reading, had to vent. I feel better already.

 

[SmileDocHill]

+1 I couldn't agree more.

 

[henktermaat]

You don't need a loan to get a car, and you don't need a new car.
There's a way forward without debt (or credit), so don't lose hope!

 

[Scutter01]

You don't need a loan to get a car, and you don't need a new car.
There's a way forward without debt (or credit), so don't lose hope!

 

[iMac]

another messed up part of the system...
Car dealerships bend you over anyways.

 

[Ricnzak]

I hear ya. My neighbors wife won't look for a job because it would prevent them from getting free health insurance from the county. I about fell over when they told me that.

But congrats to you and the misses for being stand up and going the right path. +1

 

[redneckmedic]

I think this feller might be able to help you out...

Tutwiler Automotive - INGunOwners

 

[Mr Evilwrench]

After my wife got done with us, I couldn't qualify for 90 days same as cash for a happy meal. I finally got myself dug out, then waited a few years, and my credit score is well into the 800s. I don't even make much money, and I could get basically anything I want. Not gonna do it, it's just interesting. We have everything we need and a good bit of what we want. What more can you really ask?

 

[henktermaat]

There are ways to live a good life without a credit score, or even health insurance.

My score goes down every day because I stopped using credit years ago. (it used to be perfect.)
I'll throw a party when it hits zero

 

[superjoe76]

We have been taught that debt is good and you need it to achieve a higher credit score. Well, when you get in over your head, just file bankruptcy and all is well. Sure it ruins your credit score for 5-7 years, but if you're debt free who cares. Its a shame.

As far as the car, wait save and pay cash. No one cares about your credit score if you pay in cash! for doing it the way you are supposed to, paying back what you borrowed.

Anyway, hows that mosin?

 

[DaveL]

There are ways to live a good life without a credit score, or even health insurance.

I totally agree about living well without a credit score, but I'm curious what your thoughts are on the health insurance. You can PM me if this is a thread jack.

And Huge Congrats to the OP ...

 

[DeadeyeChrista'sdad]

A buddy's wife had totally buried them in credit cards many years ago, and mine had been trying. (with a little help from me, to be honest.) I was working my way out, and it took years. They filed chap 13, and were getting actual cards in the mail every day. Just activate 'em, and spend away, American! Made me sick. He wasn't too impressed either.

 

[Classic]

Good for you for stickin it out and payin it off. You are an honorable man and you would think doing the right thing would carry some weight on your "score". Hope things go better.

 

[shooter1054]

Don't have a credit card and I don't want one anymore. I'd rather get a loan from the mafia, they are more forgiving than credit cards. I bought a new to me truck in April. Asking was $5500. I got it for $4300 cash. Dealers are a lot more accommodating when you have $100 dollar bills on the counter.

 

[mcolford]

My wife and I are in the same boat... We got stupid with the almighty credit cards (21 and stupid), then had a kid, and next year we will have all but the house paid off, and I cant wait. Our plan is to save cash, go buy a plot of land, and prepare to build our new house.

Props for payin what ya owe! I know a guy thats filed bankruptcy a couple times, and he racks up the debt knowing that he will file. I just want to punch him in the face every time I see him, but Im better than that.

-MColford

 

[LockStocksAndBarrel]

BK stays with your credit report for 10 years.

Good job for doing the right thing.

 

[woowoo2]

Get a copy of your credit report and start disputing old trade lines.

 

[jblomenberg16]

We have been taught that debt is good and you need it to achieve a higher credit score. Well, when you get in over your head, just file bankruptcy and all is well. Sure it ruins your credit score for 5-7 years, but if you're debt free who cares. Its a shame.

As far as the car, wait save and pay cash. No one cares about your credit score if you pay in cash! for doing it the way you are supposed to, paying back what you borrowed.

Anyway, hows that mosin?

But man, they sure do look at you funny when you do! We paid cash for our last vehicle and they looked at us with the...you mean you don't want to finance it...you have great credit.


It took them 1/2 hour to realize that I was serious, and I was writing them a check, on the spot, for the full amount, and taking the car with me when I left.



OP...kudos to you for digging your way out!

 

[223 Gunner]

I've always done the right thing, and I have always felt screwed, and taken advantage of. When I see people "working" the system. It seems if you're crooked you get ahead in life, and if you do the right thing you feel like a chump. Glad you did the right thing.

 

[jason765]

2 years ago my son was born 8 weeks premature via emergency c-section and spent a month in NICU at St Francis and my wife spent a week In recovery. AFTER INS. our part was $338,000. I called the hospital and asked what kind of payment plan they could offer me, $1800 / month. Our combined household income after taxes $2600 / month. and have never received money from the state. We didnt even qualify for WIC. At the time I had about 1500 in credit card debt, and a credit score in the 790s. we were forced into bankruptcy, but we managed to keep our house, and cars, since we have always paid our bills on time and filed whatever chapter that was. moral of the story is I have have always payed my bills on time and was forced into bankruptcy by medical bills and we have ins. Anthem Blue Cross Blue Shield. I applied for a 16,000 loan a couple of months ago to go with my 4000 down on a 20,000 2007 gmc acadia (3 growing kids fighting over back seat of car) $550 a month, had to pass on that one, thats more than my mortgage. But that's what I get for being a lazy american, just looking for a way to screw my creditors.