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Started By
Message
High credit score = no assistance from FEMA
Posted on 8/23/16 at 10:10 pm
Posted on 8/23/16 at 10:10 pm
So I just spent an hour on the phone with FEMA. Basically, if you have a high credit score, you will qualify for an SBA Loan, which means you are inelegible to receive a grant from FEMA.
The only way to receive a FEMA grant is not to qualify for a loan.
Additional Disaster Assistance Program Information:
"Money is awarded for necessary assistance and serious needs caused by the disaster. This includes medical, dental, child care, funeral, personal property, transportation, and moving and storage that are authorized by law. To qualify for this assistance, you must have needs caused by the disaster not covered by insurance. For personal property, transportation, and moving and storage, an applicant must be declined a disaster loan from the SBA."
That makes me want to vomit.
The only way to receive a FEMA grant is not to qualify for a loan.
Additional Disaster Assistance Program Information:
"Money is awarded for necessary assistance and serious needs caused by the disaster. This includes medical, dental, child care, funeral, personal property, transportation, and moving and storage that are authorized by law. To qualify for this assistance, you must have needs caused by the disaster not covered by insurance. For personal property, transportation, and moving and storage, an applicant must be declined a disaster loan from the SBA."
That makes me want to vomit.
This post was edited on 8/23/16 at 11:31 pm
39
Posted on 8/23/16 at 10:12 pm to blueboxer1119
Elections have consequences.
Posted on 8/23/16 at 10:12 pm to blueboxer1119
ahhhh the rewards of hard work and responsibility.
more hard work.
more hard work.
Posted on 8/23/16 at 10:12 pm to blueboxer1119
What's your score?
Posted on 8/23/16 at 10:13 pm to TigersSEC2010
quote:
More votes for the democrats.
Plenty of Republicans want the FEMA cheese also.
Posted on 8/23/16 at 10:13 pm to TigersSEC2010
Can we file suit against FEMA? That is the biggest pile of bullshite. I don't want anybody running my credit, forget about getting a loan.
Posted on 8/23/16 at 10:13 pm to blueboxer1119
This is for a business, right?
Posted on 8/23/16 at 10:14 pm to blueboxer1119
Can you elaborate a bit? This seems extreme on FEMA's part and, if this is a rule that they always follow, then, most of the folks involved in this flooding catastrophe should have this info.
If you have time:
Can you give us more details on your call, what questions did you ask and what was their exact answer?
Thanks.
If you have time:
Can you give us more details on your call, what questions did you ask and what was their exact answer?
Thanks.
Posted on 8/23/16 at 10:14 pm to The Boat
I dont know what my score is. I know it's over 750.
I just think it's outrageous that people with high credit scores are penalized, regardless of income or other factors.
I just think it's outrageous that people with high credit scores are penalized, regardless of income or other factors.
Posted on 8/23/16 at 10:15 pm to LSUSkip
Dude, getting a loan (that you make payments on) hardly "ruins" your credit
Posted on 8/23/16 at 10:18 pm to Champagne
In the fine print of the appication, it says that to receive a grant from FEMA, you have to be declined an SBA Loan.
My adjuster hasn't even come yet Fwiw.
Anyway, I called FEMA and they confirmed that. They use credit scores to determine whether you qualify for a loan. If you have a good credit score, you'll be approved. If you're approved for a loan, you're automatically denied a grant from FEMA.
The only way to get a grant from FEMA, is to be denied a loan (based on credit score).
Terrible stuff.
My adjuster hasn't even come yet Fwiw.
Anyway, I called FEMA and they confirmed that. They use credit scores to determine whether you qualify for a loan. If you have a good credit score, you'll be approved. If you're approved for a loan, you're automatically denied a grant from FEMA.
The only way to get a grant from FEMA, is to be denied a loan (based on credit score).
Terrible stuff.
Posted on 8/23/16 at 10:18 pm to blueboxer1119
FEMA - Frequently asked questions
quote:
Q: Do I have to be low-income to qualify for disaster aid? I think I make too much money.
A: No. Federal and state disaster assistance programs are available to all who suffered damages. Aid is damage-based, not income-based. The kinds of help provided depend on an applicant’s circumstances and unmet needs.
Posted on 8/23/16 at 10:19 pm to blueboxer1119
Not buying that
Posted on 8/23/16 at 10:19 pm to blueboxer1119
quote:
My adjuster hasn't even come yet Fwiw.
Adjuster....you have flood insurance?
Posted on 8/23/16 at 10:20 pm to blueboxer1119
Let me get this straight. You are upset because the government wants to loan you money at below market rate instead of just giving you cash? Because that is what I just read.
And that is why our society is failing folks.
And that is why our society is failing folks.
Posted on 8/23/16 at 10:20 pm to ddbnsb
I didn't say it was income based.
Its based on whether you qualify for a loan. If you have a good credit score, you'll qualify, which means no FEMA grant for you.
Its based on whether you qualify for a loan. If you have a good credit score, you'll qualify, which means no FEMA grant for you.
Posted on 8/23/16 at 10:22 pm to blueboxer1119
This is bullshite.
I don't want to tell you that you are full of shite but j will say at the very least you misunderstood.
I don't want to tell you that you are full of shite but j will say at the very least you misunderstood.
Posted on 8/23/16 at 10:23 pm to jbgleason
quote:
Let me get this straight. You are upset because the government wants to loan you money at below market rate instead of just giving you cash? Because that is what I just read.
And that is why our society is failing folks.
Not even close. I'm upset because the people with the exact circumstances as me will get a grant and I won't. Why? Because they have piss poor credit and i dont. That's not reasonable.
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