***Official Political Discussion Thread***

[junglejim]

DTI yes

I'll go ahead and tell my brother who has a 480 credit score who hasn't paid his student loans for a decade because he never graduated and cant afford them on a $13 an hour wage that they don't affect his credit score. I'm just going to tell him to go out and get a car loan or house loan to buy a new place like he has never tried that path before and act stupid when he tells me differently.

Fun fact, student loans are actually the only type of debt that you cannot discharge in bankruptcy. So not only do payments count against your credit score, they will do so for the rest of your life because you will never be able to start fresh unlike car, medical, and personal debt.

 

[noshoegame]

You have ZERO financial institutions approve your loan with large debt no matter what. This isn’t a car where they’ll just jack up the apr.

Not true at all it depends on your score and your income.

 

[noshoegame]

I'll go ahead and tell my brother who has a 480 credit score who hasn't paid his student loans for a decade because he never graduated and cant afford them on a $13 an hour wage that they don't affect his credit score. I'm just going to tell him to go out and get a car loan or house loan to buy a new place like he has never tried that path before and act stupid when he tells me differently.

Once again his DTI is more important so if he makes $13 hour his DTI will obviously hurt that.

 

[RustyShackleford]

For a dude that hasn't had student loans, ole sure acts like he knows about how people with loans live their lives.

 

[junglejim]

Not true at all it depends on your score and your income.

If you haven't made timely payments on your student loan you will not get a below 10% interest rate loan.

 

[dacomeup]

Also, those making $200K a year probably don't have a ton of loans.

Ehh, tons of lawyers and doctors are saddled with tons of debt. I don’t think this is true.

 

[noshoegame]

For a dude that hasn't had student loans, ole sure acts like he knows about how people with loans live their lives.

Working for eight years as a loan processor and mortgage underwriter you see a lot.

 

[frenchbreadbuilds]

For a dude that hasn't had student loans, ole sure acts like he knows about how people with loans live their lives.

im just trying to figure out where theyre approving mortgages for people with student loans in bad standing definitely not in America

 

[junglejim]

Once again his DTI is more important so if he makes $13 hour his DTI will obviously hurt that.

He has 480 credit score because he hasn't made timely payments. The credit score companies do not know what your current income is. Banks ask for income, debt, credit reports so they can do the debt-to-income calculation, but FICO companies cannot do the same calculation because they are missing a part of the pie. Even if you get a loan with a 480 credit score a bank will deem it high risk and you will get an extremely high interest rate as well. I also worked as a loan underwriter for awhile.

You are confusing banks with credit reporting companies. They are not one of the same.

 

[KHUFU]

Ehh, tons of lawyers and doctors are saddled with tons of debt. I don’t think this is true.

Right, there are a whole bunch of unemployed JD's out there, saddled with debt. I know of several working in retail, four at J Crew. These are dudes in their forties.

 

[noshoegame]

im just trying to figure out where theyre approving mortgages for people with student loans in bad standing definitely not in America

I said having a student loan does not hurt chances I was not talking about loans in bad standing.

 

[Mark Antony]

Let's not have Doctors, nurses, scientists, lawyers etc. because it's not a viable financial decision.

 

[noshoegame]

He has 480 credit score because he hasn't made timely payments. The credit score companies do not know what your current income is. Banks ask for income, debt, credit reports so they can do the debt-to-income calculation, but FICO companies cannot do the same calculation because they are missing a part of the pie. Even if you get a loan with a 480 credit score a bank will deem it high risk and you will get an extremely high interest rate as well. I also worked as a loan underwriter for awhile.

You are confusing banks with credit reporting companies. They are not one of the same.

But banks rely on credit reporting companies to help determine loans right? Not confusing I was just only touching on the DTI aspect which I know it has zero to do with fico

 

[aepps20]

Ehh, tons of lawyers and doctors are saddled with tons of debt. I don’t think this is true.

I still have mine and I make a whole lot more than what I owe.

 

[junglejim]

But banks rely on credit reporting companies to help determine loans right?

Correct, and if you have not made a timely payment on your loans (like you suggested that people were simply ignoring their student loans) their credit score will be awful, and DTI will also likely be awful, and IF they get approved for a loan they will have an astronomical interest rate to price in the risk of giving a loan to someone that the credit reporting bureaus deem high risk. More than likely a reputable bank will just deny the loan application though.

 

[frenchbreadbuilds]

I said having a student loan does not hurt chances I was not talking about loans in bad standing.

Not directed at you at all, but I wonder how many of these people with student loan debt are out here buying new homes, cars, etc. meanwhile ignoring the loan?

How do you ignore a loan and keep it in good standing at the same time? thats not computing to me

 

[HarlemShakeStory]

Ehh, tons of lawyers and doctors are saddled with tons of debt. I don’t think this is true.

Wife is an attorney and I am a school teacher with a masters. Our household income is ~$300k. Have ~$170k in student loans left (all hers, mine are gone). Was going to pay it all of this year but we are buying an office building with the cash instead.

It sucks and it is a burden, but it was an investment in our future earning power. I do not feel like we are entitled to any relief as we are doing fine. Would rather that money go to folks trying to get their head above water.

 

[RustyShackleford]

Working for eight years as a loan processor and mortgage underwriter you see a lot.

So you were letting people that were delinquent on student loans get mortgages?

Bruh

 

[frank 7he t4nk]

Sadly, this was my fear and my reasoning behind supporting Trump in the past.

 

[dacomeup]

Ehh, tons of lawyers and doctors are saddled with tons of debt. I don’t think this is true.

And again — this disproportionately affects BIPOC. Black lawyers and doctors making it to the pinnacle of the profession, working in the most prestigious of jobs with more debt than white counterparts. Obama himself is a double ivy grad and didn’t pay off his debt until he was in the Oval Office if I’m not mistaken. That’s absurd.

 

[noshoegame]

How do you ignore a loan and keep it in good standing at the same time? thats not computing to me

You know what I meant. I was referring to not paying off the student loan while using up most of income on other things,

 

[niceshoes247]

What else can I not pay back ?

 

[RustyShackleford]

Right, there are a whole bunch of unemployed JD's out there, saddled with debt. I know of several working in retail, four at J Crew. These are dudes in their forties.

Wild

I know dudes with JDs that won't even buy a bottle of Palmer's Cocoa butter to take care of the ashy legs, drink Busch Light, and have to resort to scamming the Small Business Administration to stay ahead.

Scary world outchea

 

[frenchbreadbuilds]

You know what I meant. I was referring to not paying off the student loan while using up most of income on other things,

trust me, if i knew what you meant i wouldnt have spent the past 2-3 pages trying to describe how you wont get approved for a loan with delinquent student loans.

 

[junglejim]

What else can I not pay back ?

Hookers if you play it right