US Economy

[R de la R 2]

It is the US economy putting your SO in trouble for moving to US due to the recession?

Let is say that SO is having problem for getting a loan for buying a house since the SO lives at parents house and I cannot move there.

Your inputs are welcome on this matter. Thanks

[KimandRuss 0]

moving to more appropriate forum

[SterlingGirl 1]

Banks and creditors will still loan money to people who are qualified borrowers.

While the economy IS in a recession and probably will be for a couple of years, lending and borrowing have only reverted back to their previous habits of including risk in their decision-making process (which, had they done that all along, may have greatly affected our economy's now-dismal standing for the better). It used to be that if you didn't have the income to sustain a loan or a bad credit rating/bad borrowing habits, they wouldn't give you a loan.

However, if you're a strong and responsible borrower, it should still be possible to get credit or a loan. I recently opened a revolving credit account with no trouble whatsoever because of a strong credit score. It seems as though your partner either has no credit, not-enough credit or bad credit (or doesn't have the income to sustain the kind of loan he's after). None of those have the economy to blame for them.

Edited January 5, 2009 by SterlingGirl

[R de la R 2]

Banks and creditors will still loan money to people who are qualified borrowers.

While the economy IS in a recession and probably will be for a couple of years, lending and borrowing have only reverted back to their previous habits of including risk in their decision-making process (which, had they done that all along, may have greatly affected our economy's now-dismal standing for the better). It used to be that if you didn't have the income to sustain a loan or a bad credit rating/bad borrowing habits, they wouldn't give you a loan.

However, if you're a strong and responsible borrower, it should still be possible to get credit or a loan. I recently opened a revolving credit account with no trouble whatsoever because of a strong credit score. It seems as though your partner either has no credit, not-enough credit or bad credit (or doesn't have the income to sustain the kind of loan he's after). None of those have the economy to blame for them.

It seems as though your partner either has no credit, not-enough credit or bad credit (or doesn't have the income to sustain the kind of loan he's after).

He had a bad credit score and cleaned it. Now the credit is 700 points.