Last time I checked with the state CPA board and the Accounting program at my university, credit scores is not even a consideration when seeking your CPA license and/or opening your own CPA firm. Opening my own biz is my dream. But I must admit I lack the spirit of an entrepreneur. Anyways thank you for your concern about my CPA prospects.
Honestly I still have to find a place where they check credit scores. Bad credit does not threaten my future, not being a CPA will make it harder to be a CFO. That why I am trying and guess what?? IM HALF WAY!!!!!! I have a pretty good job. Can't complain.
Define white collar job plase. By the way I have a good job. I have never been asked for a credit report. That is useless nowdays, specially in florida.
You don't lack spirit, what you lack is any sense of morality or proportion. You are proud to be a parasite and think those who fulfill their obligations are suckers. That might pass for character in little Havana but in the rest of the country you would be regarded as a complete loser. Bad credit means no student loans which means you are likely attending Dirtbag U. Any decent firm will run your credit so you are most probably going to end up preparing taxs at H.R.Block at best. I mean, if you can't balance your own checkbook... Who would trust you with their money?
You sound like my phone calls collectors. I wonder how God would judge jueco2005 VS. JP Morgan Chase. I am old enough to be in charge of my morals. Hey my student loans and car loans have been paid every month on time. I only gave CC companies the middle finger when they tried to rob me increasing % from 10 to 29.99%. Go with your morals somewhere else. I am no parasite my friend. I am part of the few educated american elite. My wife is an RN, soon to be NP, and I am an MBA guy with a very good job and in less than two years I will be a CPA as well. My checkbook is very well balanced; thank you for asking. This summer we are going to Europe for 2 weeks. Are you going?? Can you afford to?? Maybe you are too busy meeting your debt obligations. They might be needed to stimulate the economy. Your are right about one thing only. LIttle Havana does suck.....dont go there. But there is something sweet about Miami. Did you know we have the Russian mafia down here?? Not doing bad stuff, just living the good life.
This is simply a matter of contract law. 90% of receivables > 90 days are sold. The party assigned the collection rights can settle the matter as they see fit, typically 25 cents on the dollar. Damage to your credit was already done prior to the assignment of the debt. Companies reorganize and similarly restructure their debt settling with their creditors for pennys on the dollar too. Why engage in years of litigation to secure a judgment that is not collectable?
The story is not yet complete. They turn around and this bad debt is tax deductible. A toxic asset. If the company is already taking a loss it can be used 20 years from now. They manage to postpone it, thereby making some serious money due to interest rate, tax rate and the time value of money. At the end banks dont lose. When thinks get really messy they get bail out.