Bank loans
 

Eisboch wrote:
"JohnH" wrote in message
...
On Sat, 6 Dec 2008 11:30:04 -0500, "Eisboch" wrote:

"D.Duck" wrote in message
...

I'm pretty much in the same position. I haven't had a loan payment in
over 20 years (FICO now 800+) and hopefully won't need one again in this
lifetime. For those that will need credit, the extra baggage on the
credit report won't help.



The last credit report I read indicated that my score was not as high as
it
could be because I didn't have a mortgage.

??????????

I am like you and JohnH now. Now that I don't need it, I have all kinds
of
credit available and I don't use any of it.

But, I also remember that it took me 10 years to pay off a small balance
on
a stupid Hechinger's credit card that I had back in the Navy. Every penny
counted for many years.

Eisboch

For me it was Sears, and a wife who couldn't control herself.
--
John H.

Do they still have Hechinger's around that area? It was sorta like a
hardware/mini Lowes type place back in the late 70's.

As soon as Home Depot opened up Hechinger's got real friendly and
helpful but it was too late. Hechinger's had been mistreating their
customers for too many years. The closed within a couple of years.

Bank loans
 

On Sat, 6 Dec 2008 09:41:54 -0800 (PST),
wrote:

On Dec 6, 12:26*pm, JohnH wrote:
On Sat, 6 Dec 2008 08:50:12 -0800 (PST),
wrote:





On Dec 6, 11:30*am, "Eisboch" wrote:
"D.Duck" wrote in message

om...

I'm pretty much in the same position. *I haven't had a loan payment in
over 20 years (FICO now 800+) and hopefully won't need one again in this
lifetime. *For those that will need credit, the extra baggage on the
credit report won't help.

The last credit report I read indicated that my score was not as high as it
could be because I didn't have a mortgage.

??????????

I am like you and JohnH now. * Now that I don't need it, I have all kinds of
credit available and I don't use any of it.

But, *I also remember that it took me 10 years to pay off a small balance on
a stupid Hechinger's credit card that I had back in the Navy. *Every penny
counted for many years.

Eisboch

When we took a home equity loan to prepare our shoreline home for
rental property they told us our credit was good, but would be better
if we had some credit cards so we got a couple and use them here and
there but pay them off as soon as possible...

Last week we had one of them write a letter and they told us our
credit line was going to go down, and our rate up because we screwd up
and were three days late with a payment. We sent a payment in that
nearly closed the account and scared the crap out of them, so they
upped our limit again and kept our low rate right where it was;) *They
were afraid we would pay it off completely and they would have
nothing... little do they know, they are all gettint paid off next
month, save the motorcycle loan which is at a very low rate anyway...

Now that the credit union gives rebates for VISA purchases:

# Earn 2% cash back on supermarket purchases*
# Earn 5.00% cash back from gas purchases paid at the pump*
# Earn 1.25% cash back from all purchases** you make with the card during
each billing cycle

I use it for everything. If I buy two baking potatoes, they get put on
VISA. I get some funny looks at the grocery store, but it's a good
deal...if it's paid off monthly.
--
John H.- Hide quoted text -

- Show quoted text -

What we do is use a Visa card for gasoline and groceries... then we
send one big check out every month but it keeps the credit reporting
agencies happy as long as we are using a card. The only real balance
we carry is the Kawasaki card and that will be done in a few months
too. By spring we should be ready to start over, we need a new
enclosed trailer for the bikes so we can get them out of the kitchen;)

What's wrong with outdoor cooking and dish washing?

Hell, in the kitchen you've got all those cabinets for tools and spare
parts. Sounds like heaven to me.
--
John H.

Bank loans
 

On Sat, 6 Dec 2008 13:14:37 -0500, "Eisboch" wrote:


"JohnH" wrote in message
.. .
On Sat, 6 Dec 2008 11:30:04 -0500, "Eisboch" wrote:


"D.Duck" wrote in message
news:MfydnY_pe9XYGafUnZ2dnUVZ_o3inZ2d@giganews. com...


I'm pretty much in the same position. I haven't had a loan payment in
over 20 years (FICO now 800+) and hopefully won't need one again in this
lifetime. For those that will need credit, the extra baggage on the
credit report won't help.




The last credit report I read indicated that my score was not as high as
it
could be because I didn't have a mortgage.

??????????

I am like you and JohnH now. Now that I don't need it, I have all kinds
of
credit available and I don't use any of it.

But, I also remember that it took me 10 years to pay off a small balance
on
a stupid Hechinger's credit card that I had back in the Navy. Every penny
counted for many years.

Eisboch


For me it was Sears, and a wife who couldn't control herself.
--
John H.

Do they still have Hechinger's around that area? It was sorta like a
hardware/mini Lowes type place back in the late 70's.

Eisboch


No, the local one went bust in about 1985--86, before I got stationed back
in Germany. Now it's a large Latino grocery store.
--
John H.

Bank loans
 

On Dec 6, 1:46*pm, BAR wrote:
wrote:
On Dec 6, 11:30 am, "Eisboch" wrote:
"D.Duck" wrote in message

om...

I'm pretty much in the same position. *I haven't had a loan payment in
over 20 years (FICO now 800+) and hopefully won't need one again in this
lifetime. *For those that will need credit, the extra baggage on the
credit report won't help.
The last credit report I read indicated that my score was not as high as it
could be because I didn't have a mortgage.

??????????

I am like you and JohnH now. * Now that I don't need it, I have all kinds of
credit available and I don't use any of it.

But, *I also remember that it took me 10 years to pay off a small balance on
a stupid Hechinger's credit card that I had back in the Navy. *Every penny
counted for many years.

Eisboch

When we took a home equity loan to prepare our shoreline home for
rental property they told us our credit was good, but would be better
if we had some credit cards so we got a couple and use them here and
there but pay them off as soon as possible...

Last week we had one of them write a letter and they told us our
credit line was going to go down, and our rate up because we screwd up
and were three days late with a payment. We sent a payment in that
nearly closed the account and scared the crap out of them, so they
upped our limit again and kept our low rate right where it was;) *They
were afraid we would pay it off completely and they would have
nothing... little do they know, they are all gettint paid off next
month, save the motorcycle loan which is at a very low rate anyway...

Next time call them tell them that you are tired of them playing games
with depositing your checks late and as soon as your account balance is
zero you are going to close your account. See what they offer.- Hide quoted text -

- Show quoted text -

That's basically what we did. We made a thousand dollar payment
leaving the balance a a couple of hundred and they backed right
off.....

Bank loans
 

On Dec 6, 2:05*pm, JohnH wrote:
On Sat, 6 Dec 2008 09:41:54 -0800 (PST),
wrote:





On Dec 6, 12:26*pm, JohnH wrote:
On Sat, 6 Dec 2008 08:50:12 -0800 (PST),
wrote:

On Dec 6, 11:30*am, "Eisboch" wrote:
"D.Duck" wrote in message

om...

I'm pretty much in the same position. *I haven't had a loan payment in
over 20 years (FICO now 800+) and hopefully won't need one again in this
lifetime. *For those that will need credit, the extra baggage on the
credit report won't help.

The last credit report I read indicated that my score was not as high as it
could be because I didn't have a mortgage.

??????????

I am like you and JohnH now. * Now that I don't need it, I have all kinds of
credit available and I don't use any of it.

But, *I also remember that it took me 10 years to pay off a small balance on
a stupid Hechinger's credit card that I had back in the Navy. *Every penny
counted for many years.

Eisboch

When we took a home equity loan to prepare our shoreline home for
rental property they told us our credit was good, but would be better
if we had some credit cards so we got a couple and use them here and
there but pay them off as soon as possible...

Last week we had one of them write a letter and they told us our
credit line was going to go down, and our rate up because we screwd up
and were three days late with a payment. We sent a payment in that
nearly closed the account and scared the crap out of them, so they
upped our limit again and kept our low rate right where it was;) *They
were afraid we would pay it off completely and they would have
nothing... little do they know, they are all gettint paid off next
month, save the motorcycle loan which is at a very low rate anyway...

Now that the credit union gives rebates for VISA purchases:

# Earn 2% cash back on supermarket purchases*
# Earn 5.00% cash back from gas purchases paid at the pump*
# Earn 1.25% cash back from all purchases** you make with the card during
each billing cycle

I use it for everything. If I buy two baking potatoes, they get put on
VISA. I get some funny looks at the grocery store, but it's a good
deal...if it's paid off monthly.
--
John H.- Hide quoted text -

- Show quoted text -

What we do is use a Visa card for gasoline and groceries... then we
send one big check out every month but it keeps the credit reporting
agencies happy as long as we are using a card. The only real balance
we carry is the Kawasaki card and that will be done in a few months
too. By spring we should be ready to start over, we need a new
enclosed trailer for the bikes so we can get them out of the kitchen;)

What's wrong with outdoor cooking and dish washing?

Hell, in the kitchen you've got all those cabinets for tools and spare
parts. Sounds like heaven to me.
--
John H.- Hide quoted text -

- Show quoted text -

Yup, it's like heaven... Fortunately, the wife doesn't mind the bikes
in the kitchen.

Here is something a fellow put together in another group that I really
connected with...

snip
frost is lifting as the garage door creaks
sun peering betwixt the barren pear branches
a lone silhouette rolls rubber clad alloys amongst the limestone.
the blue haze leans to the left urinating benzene laced liquid
as an meager offering of thanks for the fresh hit.
cold alloy meets boots & springs forth life like hells hounds
dragging caucuses thru a stone tunnel... as the smoke gathers
in gentle plumes the wife shakes her head and goes back inside
to finish her breakfast, I on the other hand take the road less
traveled.
john
i love the smell of 2stroke in the morning.
/snip

Although, I do not care much for the smell of that racing fuel they
use at the events.

Rowdy Mouse Racing, all I want for Christmas is a pair of "Bear
Claws"...

Bank loans
 

On Dec 6, 2:18*pm, wrote:
On Dec 6, 2:05*pm, JohnH wrote:





On Sat, 6 Dec 2008 09:41:54 -0800 (PST),
wrote:

On Dec 6, 12:26*pm, JohnH wrote:
On Sat, 6 Dec 2008 08:50:12 -0800 (PST),
wrote:

On Dec 6, 11:30*am, "Eisboch" wrote:
"D.Duck" wrote in message

om...

I'm pretty much in the same position. *I haven't had a loan payment in
over 20 years (FICO now 800+) and hopefully won't need one again in this
lifetime. *For those that will need credit, the extra baggage on the
credit report won't help.

The last credit report I read indicated that my score was not as high as it
could be because I didn't have a mortgage.

??????????

I am like you and JohnH now. * Now that I don't need it, I have all kinds of
credit available and I don't use any of it.

But, *I also remember that it took me 10 years to pay off a small balance on
a stupid Hechinger's credit card that I had back in the Navy. *Every penny
counted for many years.

Eisboch

When we took a home equity loan to prepare our shoreline home for
rental property they told us our credit was good, but would be better
if we had some credit cards so we got a couple and use them here and
there but pay them off as soon as possible...

Last week we had one of them write a letter and they told us our
credit line was going to go down, and our rate up because we screwd up
and were three days late with a payment. We sent a payment in that
nearly closed the account and scared the crap out of them, so they
upped our limit again and kept our low rate right where it was;) *They
were afraid we would pay it off completely and they would have
nothing... little do they know, they are all gettint paid off next
month, save the motorcycle loan which is at a very low rate anyway....

Now that the credit union gives rebates for VISA purchases:

# Earn 2% cash back on supermarket purchases*
# Earn 5.00% cash back from gas purchases paid at the pump*
# Earn 1.25% cash back from all purchases** you make with the card during
each billing cycle

I use it for everything. If I buy two baking potatoes, they get put on
VISA. I get some funny looks at the grocery store, but it's a good
deal...if it's paid off monthly.
--
John H.- Hide quoted text -

- Show quoted text -

What we do is use a Visa card for gasoline and groceries... then we
send one big check out every month but it keeps the credit reporting
agencies happy as long as we are using a card. The only real balance
we carry is the Kawasaki card and that will be done in a few months
too. By spring we should be ready to start over, we need a new
enclosed trailer for the bikes so we can get them out of the kitchen;)

What's wrong with outdoor cooking and dish washing?

Hell, in the kitchen you've got all those cabinets for tools and spare
parts. Sounds like heaven to me.
--
John H.- Hide quoted text -

- Show quoted text -

Yup, it's like heaven... Fortunately, the wife doesn't mind the bikes
in the kitchen.

Here is something a fellow put together in another group that I really
connected with...

snip
frost is lifting as the garage door creaks
sun peering betwixt the barren pear branches
a lone silhouette rolls rubber clad alloys amongst the limestone.
the blue haze leans to the left urinating benzene laced liquid
as an meager offering of thanks for the fresh hit.
cold alloy meets boots & springs forth life like hells hounds
dragging caucuses thru a stone tunnel... as the smoke gathers
in gentle plumes the wife shakes her head and goes back inside
to finish her breakfast, I on the other hand take the road less
traveled.
john
* * i love the smell of 2stroke in the morning.
/snip

Although, I do not care much for the smell of that racing fuel they
use at the events.

Rowdy Mouse Racing, all I want for Christmas is a pair of "Bear
Claws"...- Hide quoted text -

- Show quoted text -

OOOOPs.... make that "Polar Paws"

http://www.mxdirtrider.com/h-product...-polar-paw.htm

Rowdy Mouse Racing, Fox and Team Green, style and function ;)

Bank loans
 

On Dec 6, 12:51*pm, BAR wrote:
Eisboch wrote:
"JohnH" wrote in message
.. .
On Sat, 6 Dec 2008 11:30:04 -0500, "Eisboch" wrote:

"D.Duck" wrote in message
news:MfydnY_pe9XYGafUnZ2dnUVZ_o3inZ2d@giganews. com...

I'm pretty much in the same position. *I haven't had a loan payment in
over 20 years (FICO now 800+) and hopefully won't need one again in this
lifetime. *For those that will need credit, the extra baggage on the
credit report won't help.

The last credit report I read indicated that my score was not as high as
it
could be because I didn't have a mortgage.

??????????

I am like you and JohnH now. * Now that I don't need it, I have all kinds
of
credit available and I don't use any of it.

But, *I also remember that it took me 10 years to pay off a small balance
on
a stupid Hechinger's credit card that I had back in the Navy. *Every penny
counted for many years.

Eisboch

For me it was Sears, and a wife who couldn't control herself.
--
John H.

Do they still have Hechinger's around that area? * It was sorta like a
hardware/mini Lowes type place back in the late 70's.

As soon as Home Depot opened up Hechinger's got real friendly and
helpful but it was too late. Hechinger's had been mistreating their
customers for too many years. The closed within a couple of years.

They're still around, though

http://www.hechinger.com

Bank loans
 

"Eisboch" wrote in message
...

"D.Duck" wrote in message
...


I'm pretty much in the same position. I haven't had a loan payment in
over 20 years (FICO now 800+) and hopefully won't need one again in this
lifetime. For those that will need credit, the extra baggage on the
credit report won't help.




The last credit report I read indicated that my score was not as high as
it could be because I didn't have a mortgage.

??????????

I am like you and JohnH now. Now that I don't need it, I have all kinds
of credit available and I don't use any of it.

But, I also remember that it took me 10 years to pay off a small balance
on a stupid Hechinger's credit card that I had back in the Navy. Every
penny counted for many years.

Eisboch


I never carry a CC balance. I was visiting BC, Canada 2 years ago, and
called up Citigroup to get the balance. Said I was in Canada, and the lady
said, she would let me be late on the payment as I was out of the country.
Thanked her and said it is paid online, just need a balance to pay. Do not
know what the FICO score is, as have not had a loan since I refinanced house
in 1991. Pay cash for most things including boats and cars.

Bank loans
 

On Sat, 6 Dec 2008 11:18:17 -0800 (PST),
wrote:

On Dec 6, 2:05*pm, JohnH wrote:
On Sat, 6 Dec 2008 09:41:54 -0800 (PST),
wrote:





On Dec 6, 12:26*pm, JohnH wrote:
On Sat, 6 Dec 2008 08:50:12 -0800 (PST),
wrote:

On Dec 6, 11:30*am, "Eisboch" wrote:
"D.Duck" wrote in message

om...

I'm pretty much in the same position. *I haven't had a loan payment in
over 20 years (FICO now 800+) and hopefully won't need one again in this
lifetime. *For those that will need credit, the extra baggage on the
credit report won't help.

The last credit report I read indicated that my score was not as high as it
could be because I didn't have a mortgage.

??????????

I am like you and JohnH now. * Now that I don't need it, I have all kinds of
credit available and I don't use any of it.

But, *I also remember that it took me 10 years to pay off a small balance on
a stupid Hechinger's credit card that I had back in the Navy. *Every penny
counted for many years.

Eisboch

When we took a home equity loan to prepare our shoreline home for
rental property they told us our credit was good, but would be better
if we had some credit cards so we got a couple and use them here and
there but pay them off as soon as possible...

Last week we had one of them write a letter and they told us our
credit line was going to go down, and our rate up because we screwd up
and were three days late with a payment. We sent a payment in that
nearly closed the account and scared the crap out of them, so they
upped our limit again and kept our low rate right where it was;) *They
were afraid we would pay it off completely and they would have
nothing... little do they know, they are all gettint paid off next
month, save the motorcycle loan which is at a very low rate anyway...

Now that the credit union gives rebates for VISA purchases:

# Earn 2% cash back on supermarket purchases*
# Earn 5.00% cash back from gas purchases paid at the pump*
# Earn 1.25% cash back from all purchases** you make with the card during
each billing cycle

I use it for everything. If I buy two baking potatoes, they get put on
VISA. I get some funny looks at the grocery store, but it's a good
deal...if it's paid off monthly.
--
John H.- Hide quoted text -

- Show quoted text -

What we do is use a Visa card for gasoline and groceries... then we
send one big check out every month but it keeps the credit reporting
agencies happy as long as we are using a card. The only real balance
we carry is the Kawasaki card and that will be done in a few months
too. By spring we should be ready to start over, we need a new
enclosed trailer for the bikes so we can get them out of the kitchen;)

What's wrong with outdoor cooking and dish washing?

Hell, in the kitchen you've got all those cabinets for tools and spare
parts. Sounds like heaven to me.
--
John H.- Hide quoted text -

- Show quoted text -

Yup, it's like heaven... Fortunately, the wife doesn't mind the bikes
in the kitchen.

Here is something a fellow put together in another group that I really
connected with...

snip
frost is lifting as the garage door creaks
sun peering betwixt the barren pear branches
a lone silhouette rolls rubber clad alloys amongst the limestone.
the blue haze leans to the left urinating benzene laced liquid
as an meager offering of thanks for the fresh hit.
cold alloy meets boots & springs forth life like hells hounds
dragging caucuses thru a stone tunnel... as the smoke gathers
in gentle plumes the wife shakes her head and goes back inside
to finish her breakfast, I on the other hand take the road less
traveled.
john
i love the smell of 2stroke in the morning.
/snip

Although, I do not care much for the smell of that racing fuel they
use at the events.

Rowdy Mouse Racing, all I want for Christmas is a pair of "Bear
Claws"...

I agree about the smell of a two stroke in the morning. I got to crank mine
up and use it again today. What a blast!

http://tinyurl.com/55jshd

You just gotta love nature!
--
John H.

Bank loans
 

wrote in message
...

Yup, it's like heaven... Fortunately, the wife doesn't mind the bikes
in the kitchen.

Here is something a fellow put together in another group that I really
connected with...

snip
frost is lifting as the garage door creaks
sun peering betwixt the barren pear branches
a lone silhouette rolls rubber clad alloys amongst the limestone.
the blue haze leans to the left urinating benzene laced liquid
as an meager offering of thanks for the fresh hit.
cold alloy meets boots & springs forth life like hells hounds
dragging caucuses thru a stone tunnel... as the smoke gathers
in gentle plumes the wife shakes her head and goes back inside
to finish her breakfast, I on the other hand take the road less
traveled.
john
i love the smell of 2stroke in the morning.
/snip

Although, I do not care much for the smell of that racing fuel they
use at the events.

Rowdy Mouse Racing, all I want for Christmas is a pair of "Bear
Claws"...
************************************************** ********************

You store your motorcycles in the kitchen..........??
What about the flamable materials..does your insurance agent know about
this?

Bank loans
 

Tim wrote:
On Dec 6, 12:51 pm, BAR wrote:
Eisboch wrote:
"JohnH" wrote in message
...
On Sat, 6 Dec 2008 11:30:04 -0500, "Eisboch" wrote:
"D.Duck" wrote in message
...
I'm pretty much in the same position. I haven't had a loan payment in
over 20 years (FICO now 800+) and hopefully won't need one again in this
lifetime. For those that will need credit, the extra baggage on the
credit report won't help.
The last credit report I read indicated that my score was not as high as
it
could be because I didn't have a mortgage.
??????????
I am like you and JohnH now. Now that I don't need it, I have all kinds
of
credit available and I don't use any of it.
But, I also remember that it took me 10 years to pay off a small balance
on
a stupid Hechinger's credit card that I had back in the Navy. Every penny
counted for many years.
Eisboch
For me it was Sears, and a wife who couldn't control herself.
--
John H.
Do they still have Hechinger's around that area? It was sorta like a
hardware/mini Lowes type place back in the late 70's.
As soon as Home Depot opened up Hechinger's got real friendly and
helpful but it was too late. Hechinger's had been mistreating their
customers for too many years. The closed within a couple of years.

They're still around, though

http://www.hechinger.com

Looks like it is just a web presence.

Bank loans
 

On Dec 6, 2:49*pm, BAR wrote:
Tim wrote:
On Dec 6, 12:51 pm, BAR wrote:
Eisboch wrote:
"JohnH" wrote in message
...
On Sat, 6 Dec 2008 11:30:04 -0500, "Eisboch" wrote:
"D.Duck" wrote in message
news:MfydnY_pe9XYGafUnZ2dnUVZ_o3inZ2d@giganew s.com...
I'm pretty much in the same position. *I haven't had a loan payment in
over 20 years (FICO now 800+) and hopefully won't need one again in this
lifetime. *For those that will need credit, the extra baggage on the
credit report won't help.
The last credit report I read indicated that my score was not as high as
it
could be because I didn't have a mortgage.
??????????
I am like you and JohnH now. * Now that I don't need it, I have all kinds
of
credit available and I don't use any of it.
But, *I also remember that it took me 10 years to pay off a small balance
on
a stupid Hechinger's credit card that I had back in the Navy. *Every penny
counted for many years.
Eisboch
For me it was Sears, and a wife who couldn't control herself.
--
John H.
Do they still have Hechinger's around that area? * It was sorta like a
hardware/mini Lowes type place back in the late 70's.
As soon as Home Depot opened up Hechinger's got real friendly and
helpful but it was too late. Hechinger's had been mistreating their
customers for too many years. The closed within a couple of years.

They're still around, though

http://www.hechinger.com

Looks like it is just a web presence.

you mean like no brick n' mortar, box type stores?

Only web purchases?

Bank loans
 

"Eisboch" wrote in message
...
Help me out here.

I hear the economy is frozen. Banks won't lend. No mortgages. Hoarding
their bailout money.

Yet, virtually every commercial break on MSNBC or CNN features at least
one pitch from a major bank or a mortgage company (Ditech comes to mind,
which is a GMAC subsidiary) offering low interests mortgages, loans and
"we have money to lend" announcements.

So, why aren't they lending? Seems to me that this would be an ideal
time for people to re-finance for lower rates, etc.

Economics confuses me.

Eisboch

They are looking for AAA credit. If I have a 300 score loan for $20,000, if
I can get a 900 score new loan for $20,000 I can say the average is 600 for
$40,000. Repackage and send the debt to the markets needing a minimum of
say 500.

Low end debt isn't moving. But say you own your own home and have cash, no
problem.

And they now have lots of cheap money to lend courtesty of future currency
devaluation. A smart person has to ask and evaluate the possible affects of
fiat money, inlfation and future interest rates. Plus the Fed might drop
interest rates to zero. Makes a nice spread if you pay 5% and the
government will bail them out.

Bank loans
 

"Wayne.B" wrote in message
...
On Fri, 05 Dec 2008 13:10:55 -0500, "Reginald P. Smithers III, Esq."
wrote:

Yes, it had to do with packaging bad loans with a high probability of
default, the loans I mentioned above. Those investment instruments
would be a great investment, if the loans were going to be paid, or they
could recoup the money in foreclosure. neither can be done, when there
is no down payment, and the mortgage was for more than the home was
worth. Home loans have been packaged as investments for over 50 yrs,
and probably much longer, and were considered a fairly safe investment,
when we used reasonable criteria for determining who would get the loan.
Once Fannie Mae said, guaranteed that they would buy and resell the
loan, regardless of risk, it opened the flood gates for all banks and
mortgage companies to disregard the ability of the person to repay the
loan.

The problem was that the demand for packaged loans became almost
infinite as people discovered the so called "carry trade" which used
inexpensive borrowed money from Japan to buy high yielding bonds. It
was almost a license to steal limited only by the supply of bonds to
invest in. Packaging and selling these bonds was also highly
profitable to the investment bankers. Mortgage brokers sprang up on
every corner to help meet the demand, and the money was flowing like
water to anyone who wanted to buy a house or speculate in the housing
market. That pushed up real estate prices across the country
creating the bubble which eventually broke as all bubbles must.

The rest is becoming history.

Well put. But I might add a blurb on how because the the government
controls interest rates there is no counter balance towards infinite debt.
When the market ran it, if borrowers exceeded savers, the rates went up
encourgaing savings. If borrowers paid debts down then rates would go down
for savers and allow inexpensive debt. Eventually finding a long term
stable rate that encurges more equity savings, real wealth that is.

Government, was it Carter? Broke this mechanism some years ago.

Bank loans
 

"Wayne.B" wrote in message
...
On Fri, 05 Dec 2008 15:00:18 -0500, Tom Francis - SWSports
wrote:

Go get a car loan from a bank with a 720 credit score.

Go ahead - I'll wait.

Might depend on who made the car.

Hahaha. Quite true. 4 year loan, warranty and union issues, GM goes under
and tranny is fried....not good news.

Good point. Back to the good old days where risk is factored in. The way
it should be.

Bank loans
 

On Sat, 6 Dec 2008 16:45:36 -0400, "Don White"
wrote:

i love the smell of 2stroke in the morning.
/snip

Although, I do not care much for the smell of that racing fuel they
use at the events.

My race car burns methanol and with 20 cars guzzling it at a rate of
100 gallons per hour, the formaldehyde will make your eyes water.

Casady

Bank loans
 

Tim wrote:
On Dec 6, 2:49 pm, BAR wrote:
Tim wrote:
On Dec 6, 12:51 pm, BAR wrote:
Eisboch wrote:
"JohnH" wrote in message
...
On Sat, 6 Dec 2008 11:30:04 -0500, "Eisboch" wrote:
"D.Duck" wrote in message
...
I'm pretty much in the same position. I haven't had a loan payment in
over 20 years (FICO now 800+) and hopefully won't need one again in this
lifetime. For those that will need credit, the extra baggage on the
credit report won't help.
The last credit report I read indicated that my score was not as high as
it
could be because I didn't have a mortgage.
??????????
I am like you and JohnH now. Now that I don't need it, I have all kinds
of
credit available and I don't use any of it.
But, I also remember that it took me 10 years to pay off a small balance
on
a stupid Hechinger's credit card that I had back in the Navy. Every penny
counted for many years.
Eisboch
For me it was Sears, and a wife who couldn't control herself.
--
John H.
Do they still have Hechinger's around that area? It was sorta like a
hardware/mini Lowes type place back in the late 70's.
As soon as Home Depot opened up Hechinger's got real friendly and
helpful but it was too late. Hechinger's had been mistreating their
customers for too many years. The closed within a couple of years.
They're still around, though
http://www.hechinger.com
Looks like it is just a web presence.

you mean like no brick n' mortar, box type stores?

Only web purchases?

Yes, no snotty people to not greet you and not help you when you walk in
the door.

Bank loans
 

Richard Casady wrote:
On Sat, 6 Dec 2008 16:45:36 -0400, "Don White"
wrote:

i love the smell of 2stroke in the morning.
/snip

Although, I do not care much for the smell of that racing fuel they
use at the events.

My race car burns methanol and with 20 cars guzzling it at a rate of
100 gallons per hour, the formaldehyde will make your eyes water.

Casady


Don's a pussy.