Years ago, when I was going for my very first mortgage, I had absolutely NO DEBT. No credit cards, NOTHING! I was told that because I wasn't in debt I didn't qualify for a mortgage. So, because I lived within my means and was not in debt, they wouldn't lend me money to buy a condo. The fix: I had to get a credit card, use it for 6 months, so I could prove I could pay my bills on time. Because I paid my bills and wasn't in debt, I had to go in debt to show I could pay my bills. It was LUDICROUS!!!
Years ago, when I was going for my very first mortgage, I had absolutely NO DEBT. No credit cards, NOTHING! I was told that because I wasn't in debt I didn't qualify for a mortgage. So, because I lived within my means and was not in debt, they wouldn't lend me money to buy a condo. The fix: I had to get a credit card, use it for 6 months, so I could prove I could pay my bills on time. Because I paid my bills and wasn't in debt, I had to go in debt to show I could pay my bills. It was LUDICROUS!!!
Why should people have to participate in usury to show they can afford things?
No need to be snide and tell me to calm down. If you didn't read, I said it was YEARS AGO. Also, notice my sentence structure throughout - past tense.
Logical thinking would say it is because if I wasn't in debt then OBVIOUSLY I could pay my bills, hence the "ludicrous" comments.