Meya wrote: I saw on the news where they were talking about consumers will soon have to provided pay check stubs, tax returns, or W2's in order to get credit established with banks. I really cant argue with them on this because showing proof of the income that we state does open a better relationship for banks to grant consumers credit, and to show some trustworthy of our ability to pay. Then they can compare our current income-to-debt-to-credit line ratio. Can anyone else agree?:

I know this is an old thread but that was a really accurate prediction. The last time I talked credit with my bank, they asked for my employment contract and three paystubs. It was a problem because I'd only been working there four weeks! It seems like this is normal practice for some places now, as well getting credit reports and checking credit scores.

1/21/2010

Compliments to the FG Super Moderator, Finance Captains and Finance Leaders for the their ongoing patience and accuracy of information along with powerful insight.

You are included in this too Buddie, we love to read your post and value your info as well. Thanks, we need a blush smiley in here...lol:laugh:

Good info, and I can agree with what you are saying. I was just telling my friend (who is about to purchase her first house) that banks see beyond the 7 yr itch regardless if it has dropped from your Cr. Whatever tool they are provided with from the 3bb's, I will never know, but be aware of the relief that we get when all baddies has dropped from our reports because banks (mainly mortgages) can look deeper.

I saw on the news where they were talking about consumers will soon have to provided pay check stubs, tax returns, or W2's in order to get credit established with banks. I really cant argue with them on this because showing proof of the income that we state does open a better relationship for banks to grant consumers credit, and to show some trustworthy of our ability to pay. Then they can compare our current income-to-debt-to-credit line ratio. Can anyone else agree?:

Compliments to the FG Super Moderator, Finance Captains and Finance Leaders for the their ongoing patience and accuracy of information along with powerful insight.

Today, I had a telephone conversation with a BofA Credit Analyst. Our focus was bankruptcy and it's legacy. It seems that the big boy banks look at your credit record (no surprise) but then they do a deep internal search. In my case the bank was stuck with over $50K in losses with me. It seems that the big boys do keep records beyond seven years. They do remember and may never forget. I was told check back after the ten years is up on the actual BK 09/2001 (it must be off the record) and they will re-review my status internally but no guarantees.

You might wonder what the big deal is because you can go elsewhere? But, where as there are less and less credit card issuers. I am not the only one in this situation. So what do we do for credit in the future? Take your credit very seriously. In this automated world you can't hide. And, there may be no forgiveness.

Signed Concerned