Forum Discussion
westernrvparkow
Aug 29, 2015Explorer
Bill.Satellite wrote:I posted my credentials, but apparently that is not allowed. Suffice to say I spent 20+ years in Bank Management. I am intimately familiar with credit scoring and can assure you that having no physical address is detrimental to a person's ability to obtain credit. All financial institutions have a decision tree as to how they make credit decisions. A person's residential status is a part of that decision tree. That doesn't mean everyone with a PMB will automatically be rejected any more than owning a home means you will be automatically approved. There are many factors that are considered when extending credit and residential status is always one of those factors.westernrvparkowner wrote:
Yes, the Patriot act does hold lenders to a higher standard for customer verification. Credit cards are very often used to illicitly move money and fund nefarious conduct. As a practical matter, someone living in a post office box is going to be very hard to collect from should they decide to stop paying. Combine the two and getting credit without an address is going to be difficult. And using the street address for the PMB company isn't going to help. All bank software is sophisticated enough to ferret out those addresses as being mail forwarding services. Like it or not, it is a problem full time RVers have to live with.
Are you a full timer or are you just speaking based upon some random information you have about how bankers and full timers interact?
I have been full timing for 17 years and I have never had a banking issue. Just curious how an RV Park owner becomes an expert on full timing issues.
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