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Updated: States Where People Need Loans the Most

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This post was contributed by a community member. The views expressed here are the author’s own.

Michigan ranks 8th among states for people needing loans due to COVID-19.
Michigan ranks 8th among states for people needing loans due to COVID-19. ( Image Credit (Nick Youngson/http://alphastockimages.com))

According to Oxford Economics the Covid-19 pandemic is likely to exaggerate global inequality, leading to more aggregate debt among lower earners and higher savings for those at the top. The surge in savings will raise demand for safe assets, which would put downward pressure on long-term government bond yields – already depressed from a chronic shortage of safe assets. The poorest households spend more of their income on essentials such as housing and basic food. When their incomes fall, they still have to spend on these essentials and so are often forced to take on debt. Conversely, the richest often consume near maximum capacity, so any additional income goes into savings to support future consumption.

With the unemployment rate at 10.2% due to COVID-19, WalletHub today released updated rankings for the States Where People Need Loans the Most Due to Coronavirus. Greater interest in getting a loan indicates that more people in the state are struggling to make ends meet.

In order to determine where people are most in need of loans as a result of the coronavirus pandemic, WalletHub combined internal credit report data with data on Google search increases for three loan-related terms in the 50 states and the District of Columbia.

WalletHub Q&A

How will Congress’s failure to pass a new stimulus before the old one lapsed impact loan demand?

“The fact that Congress was unable to pass a new stimulus before the benefits from the first ended will likely lead to an increase in loan demand. Unemployed Americans’ weekly incomes have shrunk drastically, and many people who are employed likely have already used the money from their stimulus checks,” said Jill Gonzalez, WalletHub analyst. “Even though President Trump issued an executive order for an extra $400 per week in unemployment benefits, it could be weeks before that goes into effect, and it’s still not a long-term solution.”

What borrowing methods are best for people to pursue during the COVID-19 pandemic?

“Borrowing should be a last resort during the COVID-19 pandemic, after people have exhausted all other options – from federal and state government benefits to relief from creditors. Most major banks and credit unions will offer some form of assistance to people affected by the pandemic, such as delayed due dates or waived finance charges, but you have to ask,” said Jill Gonzalez, WalletHub analyst. “For people who have to borrow, there is not one solution that is best for everyone. Credit cards are best for short-term borrowing and continuous purchasing power, while personal loans provide a longer-term solution and often have lower APRs. Home equity products provide the lowest interest rates and longest payoff timelines, but the borrower’s house serves as collateral. Ultimately, people should choose the option they are most comfortable with.”

Should we be concerned about states that have an especially high search interest for payday loans?

“Searching for payday loans is always concerning. Payday loans are an extremely expensive lending option, as they charge exorbitant interest rates and give consumers very little time – until their next paycheck – to pay the money back,” said Jill Gonzalez, WalletHub analyst. “While many people take out payday loans out of desperation or because they have bad credit, there are safer loan options available to most people. Payday loans should only be a last resort.”

California currently has the largest number of COVID-19 cases in the U.S. How has that correlated with residents’ needs for loans?

“California ranks 30th for overall interest in loans during the pandemic, which is not surprising because the state has had the 9th highest recovery in unemployment since the pandemic started, despite being the hardest hit by the disease itself,” said Jill Gonzalez, WalletHub analyst.

Vermont residents are least desperate for loans during the pandemic. How does this line up with how they have been affected economically?

“It makes sense that people in Vermont are searching for loans the least during the pandemic. Vermont’s economy is only the 40th most affected by coronavirus, and it has experienced the 4th highest recovery in unemployment since the pandemic started, according to recent WalletHub studies,” said Jill Gonzalez, WalletHub analyst. “Since Vermont is struggling less than many other states are, its residents naturally have less need for loans.”

To view the full report and your state’s rank, please visit:

https://wallethub.com/edu/states-loans-coronavirus/73063


Courtesy: WalletHub

The views expressed in this post are the author’s own. Want to post on Patch?

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Bad Credit

Who Voted For Me? – WSVN 7News | Miami News, Weather, Sports

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(WSVN) – He walked into a Broward precinct during early voting to cast his ballot and then was told, “You already voted today.” Of course, he had not and was not happy his right to vote was being taken from him, which is why he put in  a call to Help Me Howard with Patrick Fraser.

The right to vote is what separates a democracy from a dictatorship.

Matthew Bryant: “I’ve never missed an election. It’s fundamental to what it means to be an American.”

And last week, Matthew and his wife got in line for early voting, ready to cast their ballots in person.

Matthew Bryant: “My wife and I both felt that voting in person was the best way to ensure that our vote was truly actually counted.”

But when Matthew’s turn came at the Broward precinct, they scanned his driver’s license and told him, “You already voted.”

Matthew Bryant: “‘This can’t be right. I know I didn’t vote yet. What are you talking about?’”

A supervisor came over to confirm that the records showed Matthew had indeed cast his ballot that morning.

Matthew Bryant: “They verified then that Matthew Bryant at 6800 address had, in fact, voted already.”

Matthew was stunned, since state law requires the voter to have a valid ID.

Matthew Bryant: “Apparently, the person that morning must not have had a photo ID. My first question to them is who took away my right to vote?”

A vote Matthew was excited to cast for his candidate.

Matthew Bryant: “I voted for Trump.”

But now Matthew fears he lost his right to cast that ballot.

Matthew Bryant: “Certainly I am personally offended. This is my right. I’m an American citizen, I paid my taxes, you know. I’m a productive member of our society. I need to have a say.”

And if you cannot vote, you don’t have a say, so legally, Howard, what should Matthew do to get that other ballot tossed and his counted?

Howard Finkelstein: “First, Matthew should request what’s called a provisional ballot, which is a regular ballot he fills out that is sealed and put in a special envelope. Then the canvassing board can quickly determine if a crook cast an illegal ballot in Matthew’s name or it was a clerical error that can be easily fixed. Either way, Matthew’s vote will then count.”

Some confusion on evictions. The feds have blocked them if you fill out an affidavit saying you couldn’t pay because of COVID. A lot of viewers are getting served with eviction lawsuits and don’t know what to do with that affidavit.

Howard Finkelstein: “When you get served with the lawsuit, give that affidavit to your landlord. The eviction papers your landlord serves you with will tell you where to respond. Do that quickly and include your affidavit for the judge to read. They will either grant the eviction or allow you to stay in the rental until at least the end of the year.”

A fellow says a customer came into the job and used what turned out to be a bad credit card. His boss is now making him pay back the money that was stolen. Does he have to?

Howard Finkelstein: “Generally speaking, an employer cannot require you to pay back the money that came from a fraudulent credit card. Of course, if you refuse, they can fire you, so you have to decide whether to repay or not.”

Matthew Bryant: “There was another person with the same last name and the exact same date of birth at a different precinct.”

There was nothing criminal in Matthew’s case; it was a clerical error. A poll worker clicked on the wrong name at the polls. Broward corrected it, accepted Matthew’s vote and made him happy.

Matthew Bryant: “The system is trustworthy for in-person voting. Looks like it, yeah. My confidence in voting, in in-person voting, has been restored.”

When you vote in person and there’s a problem, you know right away. If you cast a mail-in ballot, you can go online to see if your vote has been counted, and if not, contact them to see what can be done to correct it.

And if you have a problem, a question you want us to answer, cast your lot with us. We would love to help you out.

CONTACT HELP ME HOWARD:
Email: helpmehoward@wsvn.com
Reporter: Patrick Fraser at pfraser@wsvn.com
Miami-Dade: 305-953-WSVN
Broward: 954-761-WSVN

Important South Florida election sites:

Broward County
www.browardsoe.org/Voter-Information/Voter-Lookup-Free-Access-System

Miami Dade County
www.miamidade.gov/global/service.page?Mduid_service=ser151187731708822

Monroe County
www.keys-elections.org/m/Voters/My-Registration-Status

Palm Beach County
www.pbcelections.org/Voters/My-Status

Florida
registration.elections.myflorida.com/en/CheckVoterStatus

Florida Election Information
dos.myflorida.com/elections/for-voters/voting/vote-by-mail

Copyright 2020 Sunbeam Television Corp. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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Swimming Pool Loans: Finance with a Personal Loan

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Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders, all opinions are our own.

The average cost of installing a pool in the U.S. is about $35,000, according to HomeGuide. If you’d like to get a pool but don’t have the cash, a personal loan could help you cover the cost.

Here’s what you should know about swimming pool loans:

Personal loans for swimming pools

A personal loan can be used for a wide variety of reasons — including swimming pool installation. Here are Credible’s partner lenders that offer personal loans for swimming pools:

Avant

Avant offers personal loans for up to $35,000, as well as fast loan funding. If you have fair credit and would like to finance a pool installation, Avant could be a good choice.

  • Rates: 9.95% – 35.99% APR
  • Loan terms (years): 2, 3, 4, 5*
  • Loan amount: $2,000 to $35,000**
  • Fees: Origination fee
  • Discounts: Autopay
  • Eligibility: Available in all states except CO, CT, HI, IA, LA, NV, NY, SC, VT, and WV
  • Min. income: $24,000
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. credit score: 580
  • Time to get funds: As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
  • Loan uses: Debt consolidation, emergency expense, life event, home improvement, and other purposes

Avant personal loans review

*If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state.

**Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33.

Axos

Axos personal loans range from $5,000 to $35,000 and can be used for home improvement and more. Keep in mind that you’ll likely need very good credit to qualify for an Axos loan.

  • Rates: 9.95% – 35.99% APR
  • Loan terms (years): 2, 3, 4, 5*
  • Loan amount: $2,000 to $35,000**
  • Fees: Origination fee
  • Discounts: Autopay
  • Eligibility: Available in all states except CO, CT, HI, IA, LA, NV, NY, SC, VT, and WV
  • Min. income: $24,000
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. credit score: 580
  • Time to get funds: As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
  • Loan uses: Debt consolidation, emergency expense, life event, home improvement, and other purposes

Avant personal loans review

*If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state.

**Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33.

Best Egg

Best Egg offers personal loans up to $35,000, with highly competitive fixed interest rates. Just remember that you’ll need good credit to qualify for the lower end of these rates.

  • Rates: 5.99% – 29.99% APR
  • Loan terms (years): 3, 5
  • Loan amount: $5,000 – $35,000
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all states except DC, IA, VT, and WV
  • Min. income: None
  • Customer service: Phone
  • Soft credit check: Yes
  • Min. credit score: 640
  • Time to get funds: As soon as 1 – 3 business days after successful verification
  • Loan uses: Credit card refinancing, debt consolidation, home improvement, and other purposes

Best Egg personal loans review

Discover

If you have good to excellent credit and are looking for a longer repayment term, a personal loan from Discover might be a good option. Discover offers loans ranging from $2,500 to $35,000, with terms from three to seven years.

  • Rates: 6.99% – 24.99% APR
  • Loan terms (years): 3, 4, 5, 6, 7
  • Loan amount: $2,500 – $35,000
  • Fees: None as long as you pay on time
  • Discounts: None
  • Eligibility: Available in all 50 states
  • Customer service: Phone
  • Soft credit check: Yes
  • Min. credit score: 660
  • Time to get funds: Funds can be sent as soon as the next business day after acceptance
  • Loan uses: Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding

Discover personal loans review

LendingPoint

You don’t need excellent credit to get a loan from LendingPoint. If you’re looking for bad credit personal loans, LendingPoint might be a good option.

  • Rates: 15.49% – 35.99% APR
  • Loan terms (years): 2, 3, 4
  • Loan amount: $2,000 to $25,000
  • Fees: Origination fee
  • Discounts: Autopay
  • Eligibility: Available in all states except CO, CT, HI, MA, MD, NV, NY, VT, WV, and WY
  • Min. income: $35,000
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. credit score: 585
  • Time to get funds: As soon as the next business day
  • Loan uses: Home improvement, consolidate debt, credit card refinancing, relocate, make a large purchase, and other purposes

LendingPoint personal loans review

LightStream

A division of SunTrust Bank, LightStream offers loans up to $100,000, plus repayment terms ranging from two to 12 years for home improvement. This gives you more time to pay off your pool compared to other personal loan lenders.

  • Rates: 3.99% – 19.99% APR
  • Loan terms (years): 2, 3, 4, 5, 6, 7 (up to 12 years for home improvement loans)
  • Loan amount: $5,000 to $100,000
  • Fees: None
  • Discounts: Autopay
  • Eligibility: Available in all states except RI and VT
  • Min. income: Does not disclose
  • Customer service: Phone, email
  • Soft credit check: No
  • Min. credit score: 660
  • Time to get funds: As soon as the same business day
  • Loan uses: Credit card refinancing, debt consolidation, home improvement, and other purposes

LightStream personal loans review

LightStream disclosure

Marcus

Marcus personal loans come with absolutely no fees — no origination fees, prepayment penalties, or even late fees. And if you make your payments on time and in full for a year, you have the option of skipping a payment with no interest accruing.

  • Rates: 6.99% – 19.99% APR1
  • Loan terms (years): 3, 4, 5, 6, 7
  • Loan amount: $3,500 to $40,0002
  • Fees: None
  • Discounts: None
  • Eligibility: Available in all states except MD
  • Min. income: $30,000
  • Customer service: Phone
  • Soft credit check: Yes
  • Min. credit score: 680
  • Time to get funds: Many Marcus customers receive funds in as little as five days
  • Loan uses: Credit card refinancing, debt consolidation, home improvement, and other purposes

Marcus personal loans review

1Rate reduction available for AutoPay.

2You may be required to have some of your funds sent directly to pay off outstanding unsecured debt.

3After making 12 or more consecutive monthly payments, you can defer one payment as long as you have made all your prior payments in full and on time. Marcus will waive any interest incurred during the deferral and extend your loan by one month (you will pay interest during this extra month). Your payments resume as usual after your deferral. Advance notice is required. See loan agreement for details.

PenFed

If you only need to borrow a small amount, PenFed could be a good choice. With PenFed, you could get anywhere from a $600 up to $20,000 personal loan with loan terms from one to five years.

  • Rates: 6.49% – 17.99% APR
  • Loan terms (years): 3, 4, 5
  • Loan amount: $600 to $20,000 (depending on loan term)
  • Fees: None
  • Discounts: None
  • Eligibility: Does not disclose
  • Min. income: Does not disclose
  • Customer service: Phone, email
  • Soft credit check: No
  • Min. credit score: 650
  • Time to get funds: 2 to 4 business days after verification
  • Loan uses: Debt consolidation, home improvement, transportation, medical, dental, life events

PenFed personal loans review

Prosper

Prosper is a lending marketplace where loans are funded by individual investors. Prosper loans come with three- or five-year terms and are available for up to $40,000.

  • Rates: 6.95% – 35.99% APR
  • Loan terms (years): 3, 5
  • Loan amount: $2,000 to $40,000
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all states except IA, ND, WV
  • Min. income: None
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. credit score: 640
  • Time to get funds: On average, within 5 days of accepting your offer
  • Loan uses: Debt consolidation, home improvement, vehicles, small business, new baby expenses, and other purposes

Prosper personal loans review

SoFi

SoFi offers $5,000 up to $100,000 personal loans that come with no origination fees, closing costs, or prepayment penalties. SoFi also offers unemployment protection, free financial planning sessions, and career coaching.

  • Rates: 5.99% – 18.83% APR
  • Loan terms (years): 2, 3, 4, 5, 6, 7
  • Loan amount: $5,000 to $100,000
  • Fees: None
  • Discounts: Autopay
  • Eligibility: Available in all states except MS
  • Min. income: Does not disclose
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. credit score: Does not disclose
  • Time to get funds: 3 business days
  • Loan uses: Solely for personal, family, or household uses

SoFi personal loans review

Upgrade

An Upgrade personal loan could be a good choice if you’re building credit or looking for fast loan approval. Upgrade offers loans up to $35,000.

  • Rates: 7.99% – 35.97% APR
  • Loan terms (years): 3, 5
  • Loan amount: $1,000 to $35,000 ($3,005 minimum in GA; $6,005 minimum in MA)
  • Fees: Origination fee
  • Discounts: Autopay
  • Eligibility: Available in all states except DC, IA, WV
  • Min. income: Does not disclose
  • Customer service: Email
  • Soft credit check: Yes
  • Min. credit score: 580
  • Time to get funds: Within a day of clearing necessary verifications
  • Loan uses: Debt consolidation, credit card refinancing, home improvement, and other purposes

Upgrade personal loans review

Upstart

With Upstart, you could get a $1,000 up to a $50,000 personal loan. In addition to your credit, Upstart looks at over 1,000 non-traditional credit indicators to help get you approved for a personal loan — which means those with less-than-stellar credit might still qualify for a loan.

  • Rates: 8.13% – 35.99% APR4
  • Loan terms (years): 3 to 5 years4
  • Loan amount: $1,000 to $50,0005
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all states except IA and WV
  • Min. income: $12,000
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. credit score: 600

    (in most states)
  • Time to get funds: As soon as 1 – 3 business days6
  • Loan uses: Payoff credit cards, consolidate debt, take a course or bootcamp, relocate, make a large purchase, and other purposes

Upstart personal loans review

4The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 15% and 36 monthly payments of $33 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.

5This offer is conditioned on final approval based on our consideration and verification of financial and non-financial information. Rate and loan amount are subject to change based upon information received in your full application. This offer may be accepted only by the person identified in this offer, who is old enough to legally enter into contract for the extension of credit, a US citizen or permanent resident, and a current resident of the US. Duplicate offers received are void. Closing your loan is contingent on your meeting our eligibility requirements, our verification of your information, and your agreement to the terms and conditions on the www.upstart.com website.

6If you accept your loan by 5pm EST (not including weekends or holidays), loan funds will be sent to your designated bank account on the next business day, provided that such funds are not being used to directly pay off credit cards. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law.

See: What You Can Use a Personal Loan For

How to calculate the total cost of your swimming pool loan

How much you’ll need to borrow to cover your swimming pool will depend on the type of pool you choose.

Here are some common price points to consider before estimating the overall cost of a swimming pool loan:

  • Above-ground swimming pool: $1,500 to $16,000 on average
  • In-ground swimming pool: $3,000 to $100,000
Tip: The total cost of your loan will also be driven by the interest rate and any fees charged by the lender.

Having a good credit score could also help you qualify for a lower interest rate, so it’s a good idea to make sure your credit is as good as it can be before applying.

Before you borrow, estimate how much you’ll pay for a swimming pool loan using our personal loan calculator below:

Enter your loan information to calculate how much you could pay

Total Payment
$

Total Interest
$

Monthly Payment
$

With a
$
loan, you will pay
$
monthly and a total of
$
in interest over the life of your loan. You will pay a total of
$
over the life of the
loan.


Need a personal loan?
Compare rates without affecting your credit score. 100% free!

Check Personalized Rates

Checking rates won’t affect your credit score.

Check Out: How to Get a Personal Loan

HELOCs vs. personal loans for pools

In some cases, a Home Equity Line of Credit (HELOC) might be a good choice to pay for pool installation. Here are some pros and cons of both HELOCs and personal loans to help you decide:

  HELOCs Personal loans
Pros
  • Often have lower interest rates
  • Can use credit line multiple times
  • Quick application
  • Typically unsecured (doesn’t require collateral)
  • Few or no fees (depending on the lender)
Cons
  • If you stop payments, you could lose your collateral (i.e., your home)
  • Can come with upfront costs
  • Typically higher interest rates
  • Generally need very good credit to qualify
Best for
  • Borrowers with a good amount of equity in their home
  • Borrowers with good credit who qualify for lower rates

Learn More: How to Decide Between a Personal Loan and a Personal Line of Credit

Things you should know before building a pool

On top of paying for a pool, there are a few points to keep in mind before you take the plunge. Here’s what to consider first:

Pools won’t necessarily boost your home value

Unlike a bathroom addition or kitchen remodel, adding a new pool won’t necessarily add value to your home. If you move, you’ll be leaving it behind and likely won’t recoup the full cost — if any.

Also keep in mind that if you sell your home, buyers might not be thrilled with the added costs and safety risks that come with a home swimming pool.

The typical pool builder will recoup about $20,000 to $32,000 in value compared to an average $50,000 expense, according to HGTV.

In addition to paying for the pool, there may be additional monthly costs

Pool costs don’t stop after building and filling it up for the first time. There are a handful of common, ongoing costs related to owning a pool. The cost is around $3,000 to $5,000 per year, according to HomeAdvisor. These costs include:

  • Heating-related electricity costs
  • Pool chemicals
  • Cleaning services
  • Ongoing maintenance
  • Winterizing
  • Filling and adding water
  • Additional home insurance costs

Learn More: Where to Get a $10,000 Personal Loan

Some pool dealers may offer their own financing — but you should compare your options

Some pool-building companies offer their own financing. However, it’s a good idea to compare this with other loan options you might qualify for since you might get a much lower interest rate with another lender.

If the pool dealer offers a better deal, it might be a good choice. Just remember that you’re under no obligation to finance through your pool company, especially if you can get better terms elsewhere.

If you decide to take out a personal loan to pay for your swimming pool, be sure to consider as many lenders as possible to find the right loan for you. Credible makes this easy — you can compare your rates from multiple lenders in two minutes.

Ready to find your swimming pool loan?
Credible makes it easy to find the right personal loan for you.

  • Free to use, no hidden fees
  • One simple form, easy to fill out and your info is protected
  • More options, pick the loan option that best fits your personal needs
  • Here for you. Our team is here to help you reach your financial goals

Find My Rate
Checking rates won’t affect your credit

Keep Reading: Where to Get a Personal Loan

About the author

Eric Rosenberg

Eric Rosenberg

Eric Rosenberg is a Credible expert on personal finance. His work has been featured at Business Insider, Investopedia, The Balance, The Huffington Post, MSN Money, Yahoo Finance, Mint.com and more.

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Bad Credit

The case of the ugly-credit customer

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Thea Dudley

Dear Thea,

I recently had a customer apply for credit, and their commercial credit report was UGLY. They owe everyone, and they’re past due 90+ days. They have a few big orders pending with us and I feel they have been shut off everywhere else, which is why they are pushing so hard to get our orders shipped. I called the president of the company and told him we were opening his account COD so the orders pending would need to be paid prior to shipping them out. He blew up. He said he didn’t care about the information on the DNB report and it did not relate to them. Then he screamed at me, asking if we were going to send the materials. I am not interested in acquiring another slow paying account, so I need your thoughts.

Signed, Miffed in Michigan

Dear Miffed,

Control freaks, abusers of credit, and manipulators of people don’t ever question themselves. They never ask themselves if the problem is actually them, and they always say the problem is someone else. Such is the life of the slow-paying/no-paying account.

Yes, Mr. Crappy Credit Report, it is completely everyone else’s fault that your credit payment history looks like a piece of Swiss cheese: full of holes and slightly smelly. In fact, the Secret Society of Credit Managers got together last week and selected your company as THE ONE we were going to target for the month to make your professional life a nightmare. It has nothing to do with your inability to pay your invoices in a timely fashion. You, as always, are an innocent my dear customer.

Let’s be real here: customers with negative or poor credit history ALWAYS know they have bad credit, but they always posture like it is brand new information, heard for the very first time. What? My credit is bad? No, who is reporting me that way? I want names, numbers, I dispute it. This is total BS! The list of objections goes on and on. One thing they do know, it is wrong, and you need to give them credit RIGHT NOW or they will take their business elsewhere (oh, the horror.)

Blowhards and bullies shout over the top of you and push their agenda because that’s what worked for them in the past. Their theory is “if you say it loud enough and angry enough with enough threats and forcefulness, it becomes true and others back down.”

Well, I like to throw caution to the wind and pet that kitty backwards. If you are going to come at me bro, don’t come empty-handed. You’re not the first guy to lose his stuffing at me. So, your credit report is junk. Ok, no problem. I will email you a copy and you can address it directly with the commercial credit bureau I pulled it from. Once you two have kissed and made up, I will pull a new one and if it is good, then welcome to the family!

In absence of that, let’s take a look at the trade references you listed on your credit application. I will personally call each and every one of them. Once I have made contact and have the information back, we can reevaluate. Just so we are on the same page, trade references are who you currently purchase like materials from. I do not want anyone you hire (so no sub-contractors, no contractors, no homeowners), no big box, no gas and sip, no personal testimonials.

How about some financials? I will take those. Show me what you have under the hood. Since this is a family publication, I cannot print what some of the reactions to those requests have been but most of you have pretty good imaginations and can fill in those blanks.

If someone truly believes their credit report is inaccurate, they have a normal conversation about it, in a normal tone. In this case the old adage, “the louder they are, the harder they fall” applies, so take heed.

With more than 30 years of credit management experience in the LBM industry, Thea Dudley consults with companies on a wide range of credit and financial management issues. Contact Thea at theadudley@charter.net.

 

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