ST Alpha - "If you're a creditor, do you care? " (Reading a Post)

SlickerTalk
Search Archives
The Leaderboard
The FAQ

Down to Post

Backboards:

Posts: 153

In response to "Dude two fell behind two payments on one debt. Dude one filed bankruptcy thus killing basically all his debts. -- nm" by ty97

If you're a creditor, do you care?

Posted by spamlet Apr 13 '12, 12:26

you have to remember what credit scores are there for. To predict your behavior. If you default, you default no matter how much you default on.

Responses:

Absolutely. Person two was two months late but paid me. Person one didn't pay anybody. - ty97 Apr 13, 12:28 2
- [deleted] 1
  - The calcs on these are maddening. People's scores oftentimes drop when they pay off auto loans early. - David Apr 13, 12:35
Two months late is not a default, though. They got their money plus interest and late charges. - David Apr 13, 12:27 18
- but, conversely, if someone can't keep up with smaller payments, why would you trust them with anything larger? -- nm - Andie Apr 13, 12:40 1
  - If I make the assumption that they have made all of their payments over the last two years, I would, yes. - David Apr 13, 12:43
- It's a warning sign. - spamlet Apr 13, 12:29 15
  - 1. Do you work in lending. 2. If #1 is yes, can you name your employer so I can sell my stock? - ty97 Apr 13, 12:38 4
    - You'd rather lend to someone falling behind on their payments rather than someone who has cleared their debts? - spamlet Apr 13, 12:39 3
      - I'd rather lend to someone who feel behind on one payment than someone who proved a willingness to screw over all their lenders, yes. - ty97 Apr 13, 12:44
      - would you lend your own $100 to someone after a friend told you they borrowed from them and then were blown off when it was time to pay it back? - zork Apr 13, 12:42
      - The manner through which they clear their debts matters a lot. - David Apr 13, 12:40
  - To me, this is the difference between a teenager stealing a CD and Walter White in season four of Breaking Bad. -- nm - David Apr 13, 12:32 1
    - Again, I doubt that the car was the only issue. - spamlet Apr 13, 12:35
  - worked through? no, he's abandoned. nobody will make money from him now but will actually lose. people will still make plenty off #2 -- nm - zork Apr 13, 12:30 7
    - The bankruptcy was 2009. It's already in the past. -- nm - spamlet Apr 13, 12:31 6
      - it won't be in the past until 2016 or so. -- nm - zork Apr 13, 12:32 5
        
        On the credit report, yes. But from a lending standpoint it is. -- nm - spamlet Apr 13, 12:33 4
        
        we *are* talking about credit in this thread. you're moving the yardstick. -- nm - zork Apr 13, 12:34 2
        
        I'm trying to explain *why* the credit score would be what it is. - spamlet Apr 13, 12:37 1
        
        You are? -- nm - zork Apr 13, 12:40
        
        From a lending standpoint, he's the guy who never paid what he owed. -- nm - David Apr 13, 12:34
i'd think they'd care far more about a bankruptcy and discharged debts than they would about a slow pay. -- nm - TFox Apr 13, 12:27

Post a message top

If you're a creditor, do you care?

Replies are disabled on threads older than 7 days.