Members MichaelSaulnier Posted October 1, 2008 Members Share Posted October 1, 2008 One of the main warnings that has been regularly promoted is that the credit markets have "frozen". I don't require regular lending in my business, (I have access to private capital), but I'm wondering if any of you are experiencing this in your business or personal life. Anyone unexpectedly get turned down for an auto loan, line of credit, home loan, credit card or other debt instrument? M Link to comment Share on other sites More sharing options...
Members cooterbrown Posted October 1, 2008 Members Share Posted October 1, 2008 Not me... a couple of weeks ago, I got a card offer from Citi that after pouring over the fine print, was actually a sweet deal. No interest for a year, as long as I pay in full every month, and 7.99% after that, regardless ofwhether I pay it off, or not, per month. I guess my credit is better than I thought it was, because the lowest interest rate I've ever had before that, was 16.75%So I sent in the offer and my card came to me with a $9000 limit on it.I probably won't use it, much ...I am good about simply putting my credit cards away, unless I'm on vacation or out of town, but it's nice to know I've got it. Link to comment Share on other sites More sharing options...
Members UstadKhanAli Posted October 1, 2008 Members Share Posted October 1, 2008 I haven't tried to take out a loan recently, but the credit card offers have slowed down a little!! No matter, my credit cards are always paid completely down, paid in full each month. Link to comment Share on other sites More sharing options...
Members Rabid Posted October 1, 2008 Members Share Posted October 1, 2008 I'm lucky enough not to need a loan but CitiBank sent me a notice on my credit card that interest is going up. They offer a chance to opt out which causes the card to cancel next time it renews. I plan to opt out. I would think this is a time for Credit companies to keep good customers that pay their bills. Maybe not. Thery're about to loose at least one good customer. That makes me wonder, how many credit companies are having a hard time finding customers? Link to comment Share on other sites More sharing options...
Members UstadKhanAli Posted October 1, 2008 Members Share Posted October 1, 2008 If you opt out, do you have a better alternative in mind? Link to comment Share on other sites More sharing options...
Members Rabid Posted October 1, 2008 Members Share Posted October 1, 2008 If you opt out, do you have a better alternative in mind? One less credit card. Link to comment Share on other sites More sharing options...
Members Will Chen Posted October 1, 2008 Members Share Posted October 1, 2008 My neighbor had her house up for sale since Feb. She received 5 offers on the house none of which could secure a loan. So much for "Wall Street v Main Street" garbage, we're all interconnected... Link to comment Share on other sites More sharing options...
Members Synonym Music Posted October 1, 2008 Members Share Posted October 1, 2008 Ha.. Tried to get a semi-large private loan for school (because fin aid expects you to work full time and attend full time, yeaaaaaaaaaaaaah right). It was with College Loan Corporation. They canceled the loan because they had an "Unforseen disruption of ability to fund loans" (that is a DIRECT quote from CLC). Words can't even describe how scary that was. Link to comment Share on other sites More sharing options...
Members Jeff da Weasel Posted October 1, 2008 Members Share Posted October 1, 2008 "Unforseen disruption of ability to fund loans" Oh my GOD that's rich. Next time my son asks me for money, I'll tell him I have an unforseen disruption of ability to open my wallet. Link to comment Share on other sites More sharing options...
Members Richard King Posted October 1, 2008 Members Share Posted October 1, 2008 I used to get solicitations from Capital One on a near daily basis. Once I received three in one day. With each and every one of these I always stuffed their material into the return envelope and mailed it back to them. If I had any other junk mail that came in that day I would send it along also (I figure they might want to read it). One day about six months ago I was at the mall and realized that it was time to replace my ancient wallet, so I picked one up at one of the many stores and went home. When I got home I found another solicitation from Capital One. I stuffed all their "stuff" back in the envelope and started to seal it when I realized that I had something else that they really wanted. I pulled out the old wallet, stuffed the contents into the new wallet and stuffed the old, worn out one in the Capital One return envelope and mailed it to them. I guess they now know "what's in my wallet", well, at least my old wallet. The offers kept coming, but in the past couple of months they have dropped to zero. I don't know if I offended them by sending them my wallet or if they "have an unforseen disruption" in their availability of funds. Link to comment Share on other sites More sharing options...
Members bbach Posted October 1, 2008 Members Share Posted October 1, 2008 I'm not in the market for any kind of loan right now, but I'm in the business of selling RV's and some of them are plenty spendy. We are not having any more trouble than usual in securing financing for our good credit customers. However, have a credit score under 700 and a new RV loan is probably not forthcoming. Link to comment Share on other sites More sharing options...
Members Super 8 Posted October 1, 2008 Members Share Posted October 1, 2008 The title loan stores along our main street seem to be in business. Link to comment Share on other sites More sharing options...
Members Music Calgary Posted October 1, 2008 Members Share Posted October 1, 2008 Mortgages are down 30% in a month so someone's not getting money... Link to comment Share on other sites More sharing options...
Members Duddits Posted October 1, 2008 Members Share Posted October 1, 2008 Anyone ever see a cat go into a bank and get a loan? They treat dogs better than they treat cats, for crying out loud. Link to comment Share on other sites More sharing options...
Members GY Posted October 1, 2008 Members Share Posted October 1, 2008 Gee, I have some friends that have some extra cash laying around... maybe they could get in the loan business... what can they charge 10%? Link to comment Share on other sites More sharing options...
Members nerol1st Posted October 2, 2008 Members Share Posted October 2, 2008 Ha.. Tried to get a semi-large private loan for school (because fin aid expects you to work full time and attend full time, yeaaaaaaaaaaaaah right). I worked 38 hours a week and was enrolled in 19 credits last semester. It can be done. This semester I'm working 58 hours a week and doing 7 credits. Link to comment Share on other sites More sharing options...
Members nerol1st Posted October 2, 2008 Members Share Posted October 2, 2008 Oh and no I'm not having trouble. I'm getting a new (well not new pre owned :lol) car sometime soon. Just got to find a dealership with a {censored}ing civic that meets my needs . I have only been to one dealership but he wants to sell me another dodge. He also offered a Hundai and 2 different ford focuses. We are not doing any of those. Link to comment Share on other sites More sharing options...
Members Richard King Posted October 2, 2008 Members Share Posted October 2, 2008 I bought a new Hyundai Santa Fe in 2001. It's the best car that I have ever owned, and I've owned a bunch, new and used, since I got my first car in about 1970 or so. I still have it and it has 136,000 miles on it. Link to comment Share on other sites More sharing options...
Members BlueStrat Posted October 2, 2008 Members Share Posted October 2, 2008 One of the developments out of town we're providing material for is all but shut down after 5 years of going consistently strong, 4-8 houses a month. All of a sudden they can't get funding for home buyers like they did before. We have two full time employees there with work running out. The builder admitted to me that they have been part of the problem-the builder, lender, realtor and title company all work together to keep the machine running. He said that in part of their development, they were getting latinos with no social security numbers loans to buy houses with nothing down and 100% financed closing costs. How it worked was the builder would claim a sales price 8k-10k higher than he was asking originally then count it back to the buyer as a credit for a down payment, sort of like they do with cars when you have no trade in and no down. The latinos wanted to buy the houses so they could move two or three families in without getting evicted and work hard to send money back home (I'd do the same thing if I were in their shoes). None of them want to stay here forever and if they have to leave it's no big deal to default on the loan and go back where they came from. Unfortunately several of them have. Multiply that one builder in that one town by all the other towns and states with the same issues and you can see how this can be a problem. Link to comment Share on other sites More sharing options...
Members arunseo Posted October 2, 2008 Members Share Posted October 2, 2008 Hi Guys ! If anyone getting problem in Loan, Visit my signature and resolve it. Cheeersss:) Link to comment Share on other sites More sharing options...
Members BlueStrat Posted October 2, 2008 Members Share Posted October 2, 2008 Hi Guys ! If anyone getting problem in Loan, Visit my signature and resolve it. Cheeersss:) The gambling one? Link to comment Share on other sites More sharing options...
Members BlueStrat Posted October 2, 2008 Members Share Posted October 2, 2008 Hi i am new comer to this site......... I am very happy to join this forum.......... I gathered lot of information from this forum........ I enjoyed when i read those posts in this forum......... Scared of flying cowgirl boots You love to post backdoor sig spam on this forum.... Link to comment Share on other sites More sharing options...
Members sventvkg Posted October 2, 2008 Members Share Posted October 2, 2008 Credit is so tight the banks aren't even lending any to each other and the Federal Reserve is borrowing money from the US Treasury. This house of cards is just about to come down. Of course it's tough to get a loan right now. Almost impossible but moreoever you would have to be INSANE to want one now. Bank runs are around the corner. Link to comment Share on other sites More sharing options...
Members Synonym Music Posted October 2, 2008 Members Share Posted October 2, 2008 I worked 38 hours a week and was enrolled in 19 credits last semester. It can be done.This semester I'm working 58 hours a week and doing 7 credits. That doesn't work for most people, but if you can pull it off, I don't see any reason why you wouldn't. I worked 25 hours a week, had 6 credit hours and still couldn't pull it off. Why do you think that is? Still work part time as a career segueway - it pays against expenses, but not for very much. I'm definitely not borrowing money I don't need... Link to comment Share on other sites More sharing options...
Members gdoubleyou Posted October 2, 2008 Members Share Posted October 2, 2008 I may have gotten one of the last loans available, just closed on a forclosed condo in Vegas on Monday! the day the market went down the drain. Link to comment Share on other sites More sharing options...
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