Another 1.3M Americans File for Unemployment

Re:Another 1.3M Americans File for Unemployment by wronglebowski on Thursday July 16, 2020 @12:04PM (#23860351)

In my experience access to credit besides credit cards has been extremely limited.

My wife and I looked into several different personal or short term loan options for our upcoming IVF cycle(approx 30k$). Most banks have either stopped offering them completely or made the requirements much harder. The two of us with credit scores of 750+, combined 200k annual income and little existing debt couldn't get approved for a simple 5k$ loan.

I fear for those that have a more dire need for the cash than we do.

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Re:Another 1.3M Americans File for Unemployment by causalmodels on Thursday July 16, 2020 @12:47PM (#23860815)

This reminds me of a little trick I learned while working in finance.

If you have bad credit but have over $1,000 in cash, go and get an unsecured loan for roughly 90% of your cash on hand. Ideally the terms should have a negligible or nonexistent prepayment penalty. Once you have the loan, repay it within 2-3 business days.

Rinse and repeat until your credit score starts to improve.

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Re:Another 1.3M Americans File for Unemployment by kevin_thibedeau on Thursday July 16, 2020 @01:36PM (#23861456)

Is there a reason why you can't get by on $170k?

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Re:Another 1.3M Americans File for Unemployment by wronglebowski on Thursday July 16, 2020 @01:54PM (#23861686)

Newlyweds, not a ton of savings. Trying to balance building a safety net while building a family.

It's not a terrible hardship given our current situation but given the volatility in the job market it certainly makes us uncomfortable.

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