Posted on 09/26/2008 6:07:53 PM PDT by Tolerance Sucks Rocks
No.
He is a local kid in NY farm country.
Loan? I deal in cash. Got good credit but why push it? Earn it, save it, spend it.
I have an amazing credit rating. I’ve had bankers tell me over the years that it’s the best they’ve EVER seen. I have never had a problem getting a mortgage, a car loan, a credit card, etc.
It runs in my family. It was instilled in me from teenager on; when someone loans you money, you make d@mn sure you put them first and pay them back in full.
My goal right now it to clean up the small balance on my CC from starting a new business two years ago...WITHOUT any formal loans from anyone, thankyouverymuch!
Keep your credit rating clean and live as if you don’t need it. And when you do need cash, people will be tripping over one another to loan it to you. :)
This BAILOUT for WS is to continue the growth for the economy for marginal growth and keep the GDP looking good by giving marginal loans.
Maybe, we will see 10 percent unemployment and a shifting in the economy away from excessive consumption to more savings.
Illegals will leave the country because they can't find employment and the banks will get back into business to do the business they are intended by making prudent and solid loans based on true qualifications.
A better country for all...
Got an FHA mortgage last week, no problem. Loan Officer said zero problems at local banks.
My sister just bought a house this week (5.25% mortgage rate) - had no trouble whatsoever.
I paid cash on my second car in 2002. I’d still be driving it if some jerk hadn’t rear-ended me and totaled the car 2 and a half weeks ago.
“From what I have heard, people NOT getting loan have BAD CREDIT and can NOT pay it back. It’s about time we had a hard nosed approach to irresponsible people. It has to STOP. This is a GOOD thing. “
You’re right. And a lot of people who haven’t faced reality aren’t going to like it.
I WRECKED my Titan today. I will be truck shopping this weekend. Will have to borrow some. I’ll find out :-(
Nope! Going to sign loan docs for a second on my house. Transferring it from Citibank to Union Bank of Ca. It has a 3000 dollar balance and it is valued at $240,000.
Did you hit the guy in post 37?
Get used to “In God We Trust....All Others Pay Cash.”
You can always get a new truck, but you can’t get a new Damifino. It’s good to hear you’re OK, at least!
We bought our first house in August. (We are old too, I’m 50 hubby’s older.) We THOUGHT we were buying at the bottom, but time will tell.
We did buy in NJ, the most densely populated state in the nation, so hopefully we did good with that. Plus we live and work here and all.
But, on the other hand, I work at a real estate intensive law firm and ours was basically the only residential closing we did all month. So the res housing market is basically an ex-parrot and that is also in New Jersey.
Haven’t applied for one recently but I get maybe a dozen credit card offers a week.
I applied for one in 1966 and got it!
I haven’t needed a loan in quite a while. But. My home loan was sold to Citibank last year. Four months after it was sold the bank that had it and sold it (Netbank) to Citi was shut down.
Now I’ve been getting a ton of telemarketers and letters in the mail for home loans. Citi even sent us one stating that they have a Government program to help distressed borrowers, and we should call an 800 number to discuss it.
Hmmm. Let’s see. We have been in this home for 10 years come Dec., and have a 40% LTV loan at a very attractive fixed rate, never been late, and six figure incomes...and now we are “distressed”? LOL
Methinks the system is being gamed...again....still.
car loans have been restricted. And home loans have been non-existent in some cases. People who have great credit, lots of money to put down are being denied in a number of markets even today because they might have a small blemish on their credit or any other extraneous issue.
The credit crunch is real. It won’t end until the banks are finally able to figure out what their loans are worth so that they can properly value them and then know how much money they need to have on deposit to sufficiently offset those liabilities. It’s a problem but it could be solved in about 15 days of having auctions for these loans held by the Fed even if the Fed isn’t the buyer.
And if I had $100B I would be making HUNDREDS of billions by buying up these loans at dimes on the dollar and making myself richer than Soros (which could then give me enough money to run ads of my own on TV each election. Ahh, the power I would possess...... If only I had that $100B....)
I’ll find out tomorrow, I buying a new Nissan (can’t decided between the ‘09 Maxima or the Murano) but I don’t predict to much of an issue. I have good credit, and I’ll put down a decent down payment 20% or so.
I hit a line lightweight cars... $$$ ... bad day here
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