Author Topic: This one surprised me  (Read 9028 times)

Dennis

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Re: This one surprised me
« Reply #15 on: January 05, 2013, 07:09:51 AM »
Dan:

You have an honesty and integrity to you that I like, and your intellect is without question.  Sometimes you are a bit brash and bold in your opinion but your assertiveness really does add a necessary balance on these boards; it makes them all the more interesting to read.  So I do have a lot of respect for you.  But, instead of blaming the environment you were in that you claim made you an irresponsible & deadbeat borrower, why not take personal responsibility for the decisions you made?  It's far more honest and far more liberating than misplaced confessions.  Please believe that I do have the utmost respect. 

I can understand people who take out loans and then due to hardship, such as a loss of job or a medical reason or something else legitimate, really can't pay the money back; I can't be angry at them.  But really, those people are far and few between.  What I do get angry at are those who have no excuse for doing wrong by borrowing money they know they can't pay back, and so yes they are deadbeats, losers, or worse, and almost always they find something/anything to blame their actions on rather than themselves (the truth).  Whatever the wrong is, it's someone/something else's fault, not mine.  And since it's never their fault they go on and on again doing the same dumb thing until someone/something forces them to stop - they never learn anything, never get anywhere in life, and always wonder why.  We have a real problem with that in society - a REAL problem.  I have little respect and even less patience for people of that mentality.  I have far more respect for those who own up - "I made a poor choice, I'm not proud of what I did, it was wrong, and this is what I'm doing now to make amends."  - that's taking personal resposibilility, that's the begining of integrity, learning, and growth, and that's how I wish more people behaved - don't you?

DanB

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Re: This one surprised me
« Reply #16 on: January 05, 2013, 12:39:40 PM »
Dennis.............Thank you & I agree with you 100%. My "blaming my environment" for my  shortcomings & irresponsible behavior in my earlier days was completely in jest.................hence the  :)
In fact I don't ever lean on that or any other crutch/excuse. Nor do I respect, accept, condone, tolerate, encourage anyone who does.

Grant

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Re: This one surprised me
« Reply #17 on: January 05, 2013, 02:39:29 PM »
I'm surprised by the previous example... just like I'm surprised by this one:

https://www.lendingclub.com/account/loanPerf.action?loan_id=1502497&order_id=3346558&note_id=13797958


DanB

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Re: This one surprised me
« Reply #18 on: January 05, 2013, 07:45:57 PM »
I'm not sure why that loan going late would surprise you, but I know I didn't/wouldn't invest in it.

 I don't care for the high $29k revolving balance, the fact that the monthly payment was over 10% of income & that the interest rate wasn't high enough imo for a 5 yr loan. Of course none of the above likely  had anything to do with it going late,..............it's just that I wouldn't have considered investing due to the above factors vis a vis risk/reward.

william

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Re: This one surprised me
« Reply #19 on: January 06, 2013, 09:17:08 AM »
I'm surprised by the previous example... just like I'm surprised by this one:

https://www.lendingclub.com/account/loanPerf.action?loan_id=1502497&order_id=3346558&note_id=13797958

What was surprising about this?

Grant

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Re: This one surprised me
« Reply #20 on: January 06, 2013, 02:20:38 PM »
I'm surprised by the previous example... just like I'm surprised by this one:

https://www.lendingclub.com/account/loanPerf.action?loan_id=1502497&order_id=3346558&note_id=13797958

What was surprising about this?

Here's what I liked about the loan:
  • Amount requested was 10% less than revolving balance
  • Income >$5000
  • Loan from SD
  • 5 year job
  • no inquiries
  • no public records
  • utilization <50%
  • 15 open lines of credit
  • no delinquencies

Lovinglifestyle

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Re: This one surprised me
« Reply #21 on: January 06, 2013, 03:40:15 PM »
I like it too, for those reasons.  But the DTI shows s/he is paying $1339/mos. on something owed, including the RCB.  That makes the monthly obligation a little high.  Job stability may by a factor, and if the mortgage is being paid (how would we know?) the loan may cure.  I'm surprised I didn't take it, because I remember looking up the employer and giving it a second look. 

DanB

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Re: This one surprised me
« Reply #22 on: January 06, 2013, 03:52:53 PM »
Ok, I can see "some" positives from that list, though the SD raised my eyebrow. I'm guessing it's on your list because few people from SD have defaulted. Of course (without checking) I can imagine that the numbers may be skewed since almost no one lives in SD & so the sample size must be tiny..  That is only a slight exaggeration  :) (three tenths of 1% of the US population)

 Seriously though, obviously we all know that it is impossible to predict whether any specific loan will go bad or not, so nothing should "surprise" us.

SBryantMS

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Re: This one surprised me
« Reply #23 on: January 06, 2013, 05:07:31 PM »
My question -- after the fact -- is:

If they had a mortgage, why was a skip-trace needed?  I assume that they have already abandoned the house?  Is BK, their next stop?  Is this one of those, take a loan -- make one payment -- then head to BK? 

I have assumed in the past that a mortgage was a good indicator to prevent the "one and done" loans. 

Can someone with collections experience, please explain.

Thanks.

Randawl

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Re: This one surprised me
« Reply #24 on: January 07, 2013, 05:27:46 PM »
I probably would have invested in that loan, too.