First let me preface (one of my all-time favorite words) this with a cold reality in the Lending Atmosphere right now:
- Nothing is easy. I'm pretty lucky in that I have access to the ears and experiences of Lending Folks all over this Country, not just locally. It's across the board. Get on the gloves and realize that the days of two or three round fights are no longer the norm. It will take a war of sorts, to survive & thrive out there. Call it more Muhammad Ali/Joe Frazier than Mike Tyson/Michael Spinks.
I was more than shocked when I heard stories from various Retail Stores that are having trouble hiring. I mean, we aren't exactly in the 'Best of Times' economically. Are people not applying? Are they instead spending $39.95 to learn the secrets to making millions while doing butt slides across their marble floors as money rolls in from that 'Best Kept Secret Nobody Knows About'? Hey, maybe they looked up something online and realized they had a Rich Uncle in Rwanda and that lost fortune was now theirs?
Sadly, I suppose, none of that was the case. It seems many Retail Stores require you to have perfect credit to get hired. Let's call perfect credit 760 just for poops and grins. 850 is actually the number, depending upon the reporting agencies, but if you are over 740, you can probably give most White House Employees a lap dance and get paid for it. Well, now I understand why they're having a bit of trouble hiring.
Before I ever got into FHA Lending, most of the business I did was Conventional... and some was the infamous Sub-Prime. Those Conventional Folks had scores in the 700's most of the time and that was what I was used to dealing with. Color me more surprised than when I learned that in this day and age, you need a 760 score at some of these places to make $10.00 an hour selling moisturizer obtained from a frog's lip:)
It reminded me that while nothing seems easy in obtaining financing these days, we are still a bit more lenient and the outcome can be a whole lot more rewarding. Sorry, but long-term homeownership eclipses looking like Joan Rivers for a hot moment.
Standard FHA Loans with most investors require a Credit Score of 620, no blood sample needed.
Conventional Loans, these days, are mostly a miss when it comes to payment/cost when your LTV is over 80% of the value/sales price of the property your financing.
While the process can be so convoluted and seemingly incompetent (when buying a home),... look at our freaking world! Jimmy Fallon has a Talk Show!
Unless something changes and if you have a job, it's probably easier to qualify credit-wise to buy a home than work for a local Retail Store.
Strange Days, Indeed. Go out and buy a home with your 620 score. Leave the Retail Stuff to the Credit Worthy;)
The irony is that the 760+ employees can't even afford to buy a home! But who cares,... as long as I have my little jar of lies and you think I'm pretty, that's all that really matters to me.
** This is officially my 100,000 point comment! And I didn't even write a post to celebrate this oh-so-important lame accompishment. **
Jason...The example of buying a home "is easier than getting a job in retail" should scare even the bravest, are we traveling down a slippery slope-again? I guess I'm more likely to be filling out a credit application than a job application (thank God)...Amen.
Jennifer, I am proud to say I 'knew' you when you hit 100- congrats.
Jason, I feel a re-blog a coming on. Bet I am not the first. It is frustrating but most of my buyers are working and can't hit a 620 with a bat. Our home prices are low enough that everyone wants to buy but no one can get qualified. Take that back, some do get the prequal, but those want to wait to see if home prices will go lower. cheryl
Jason,
"Frog's lips" and Joan Rivers looks, domestication has changed you!
Bill
MJ - Celebrate that lame accomplishment! It only comes around every 100,000 points or so;)
Steve - ~Sigh~ We should discuss that slippery slope. I'm thinking most don't wear a sled.
Cheryl - If you are a fan of hers, I'm a fan of yours.
Bill - Not much. Wait until I implement my Ron Jeremy and Laura Ingram analogies;)
I can't wait for the Laura Ingram analogy. Who knew retail employers cared about your credit score??? I do however wish you would have left the ear biter out of the story. Still makes my stomach turn to read/hear his name.
I recently heard from a manager at a retail store, they were hiring 2 new employees and had over 700 applicants in the first 24 hrs! Now wonder how many of them even hand 700 credit score? ~Rita
Jason - Seems to me I heard something like this recently. Hubby knows someone who is middle management at a retail outlet and when upper management found out she was having financial difficulties (kind of makes you wonder how they found that out), she was called to the carpet and warned about her situation and the effect it could have on her professional career. SERIOUSLY!!!
Anyway, as much as she would have liked to have done this, she didn't. She actually needs that !#$%^&* job.
Jason,
My wife managed in retail for years, and was just glad to have warm bodies that would show up on time and had transportation. Now they expect them to have great credit.
We are in Bizarro World!
Tammy - Ear biter? Are you referring to Fallon or Ingram? Both fit the bill. Analogies will come for the latter. Perhaps I'm just jealous that she has a bigger c**k penis than me;)
Rita - Hard to say. I'm not sure how many Retail Stores are like that; I just know that a few are.
Donne - That makes me smile. You know why? Money ain't shit in the long run. It works for now; it works for here. The here and now are all we have to deal with. That too, will change.
Gary - Indeed.
Wow! Now you have cleared up a huge mystery for me. I thank you, oh wise one.
This post totally explains why I was turned down for that job as a WalMart greeter.
For us ... we don't have bad credit ... we have TOO MUCH credit. And that has taken our scores into the 600s even though we have 'good' credit (i.e. no negative reports) So, because of the importance placed on a number as opposed to the actual responsible credit history we can't get utilities turned on without a huge deposit.
Don't these people know they can't have their cake and eat it too?
Sardi, no one dances like a butterfly and stings like a bee better in writing than you do. Wonderful post. Enjoy the holiday weekend with your lovely honey. MWA to Jenn!
Carol - That's funny, I could of swore it was you greeting me when I stopped by WalMart an hour ago to pick up my Ramen Noodles for the week:)
As far as your credit, it is my belief that the whole reporting system (which is essentially controlling not only lending these days, but one's ability to get jobs plugging frog lip moisturizer) is unfair and misleading often times. I suppose that is another blog at another time. Enjoy your weekend.
Susan - Thank you. I suppose you don't read enough;) You have a wonderful weekend as well and get that Chapstick ready, a Big MWA from Jennifer back at ya!
Actually I meant Mike Tyson. But I have to tell you ... your reply has me rolling on the floor, but my a$$ still seems firmly attached.
Tammy - Sad thing is, if I was his agent, my retort would be, "Hey, the guy was low on protein!" The ROTFLMAO crap is more over-rated than the latest Tarentino Film. And I love Quintin!
Ode to your hear biter:)
Hey Jen .. congrats on the 100,000 point comment. We do need to catch up some day soon.
What the hell? This is my post and Erica Ramus takes it upon herself to give congrats to my girlfriend without even addressing me? Well, my marketing efforts are down the tube. This is like trying to squeeze mustard out of a ketchup bottle.
This is my 100th negative comment towards someone on Active Rain. Celebrate that!!!