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Bank loans
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 |
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"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 Forgot .... also pitches for credit cards. Eisboch |
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Eisboch wrote:
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 Mostly unregulated handouts...the banks need to pay their Xmas bonuses first. |
Bank loans
"Boater" wrote in message ... Eisboch wrote: 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 Mostly unregulated handouts...the banks need to pay their Xmas bonuses first. Huh? |
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Eisboch wrote:
"Boater" wrote in message ... Eisboch wrote: 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 Mostly unregulated handouts...the banks need to pay their Xmas bonuses first. Huh? The funds the banks and brokerage houses received were mostly without strings, at least at first, and they're not making loans because the funds were used to pay bonuses and buy golden parachutes for the execs. Right? |
Bank loans
"Boater" wrote in message ... Eisboch wrote: "Boater" wrote in message ... Eisboch wrote: 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 Mostly unregulated handouts...the banks need to pay their Xmas bonuses first. Huh? The funds the banks and brokerage houses received were mostly without strings, at least at first, and they're not making loans because the funds were used to pay bonuses and buy golden parachutes for the execs. Right? So all the ads I see on TV inviting morgtage and loan applications are just a front? Eisboch |
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Eisboch wrote:
"Boater" wrote in message ... Eisboch wrote: "Boater" wrote in message ... Eisboch wrote: 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 Mostly unregulated handouts...the banks need to pay their Xmas bonuses first. Huh? The funds the banks and brokerage houses received were mostly without strings, at least at first, and they're not making loans because the funds were used to pay bonuses and buy golden parachutes for the execs. Right? So all the ads I see on TV inviting morgtage and loan applications are just a front? Eisboch Just the TV versions of the Nigerian email scams... :) |
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On Fri, 5 Dec 2008 12:01:41 -0500, "Eisboch"
wrote: So all the ads I see on TV inviting morgtage and loan applications are just a front? I think you need high FICO scores to acquire those loans. This country has been running on debt for years. So the mechanism is broken. All the squawking about money not being available is from those already too far in debt. The squeaky wheel is not getting the oil. --Vic |
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Eisboch wrote:
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 Loans are available for anyone with good credit. They are being selective on who they make loans to. The problem we had with Fanny Mae was making loans for more than the home was worth, to people with bad credit, and who were not putting any money down. It was a govt. plan to allow everyone to own a home. The problem is, without a down payment, the homeowner had no more invested in the home than when he was renting an apartment. |
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Reginald P. Smithers III, Esq. wrote:
Eisboch wrote: 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 Loans are available for anyone with good credit. They are being selective on who they make loans to. The problem we had with Fanny Mae was making loans for more than the home was worth, to people with bad credit, and who were not putting any money down. It was a govt. plan to allow everyone to own a home. The problem is, without a down payment, the homeowner had no more invested in the home than when he was renting an apartment. The "problem" with the home loans is just a teeny bitty bit deeper than that, and had mostly to do with the packaging of loans into investment instruments for resale to others. |
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Boater wrote:
Reginald P. Smithers III, Esq. wrote: Eisboch wrote: 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 Loans are available for anyone with good credit. They are being selective on who they make loans to. The problem we had with Fanny Mae was making loans for more than the home was worth, to people with bad credit, and who were not putting any money down. It was a govt. plan to allow everyone to own a home. The problem is, without a down payment, the homeowner had no more invested in the home than when he was renting an apartment. The "problem" with the home loans is just a teeny bitty bit deeper than that, and had mostly to do with the packaging of loans into investment instruments for resale to others. 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. |
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On Dec 5, 12:11*pm, Boater wrote:
Eisboch wrote: "Boater" wrote in message ... Eisboch wrote: "Boater" wrote in message ... Eisboch wrote: 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 Mostly unregulated handouts...the banks need to pay their Xmas bonuses first. Huh? The funds the banks and brokerage houses received were mostly without strings, at least at first, and they're not making loans because the funds were used to pay bonuses and buy golden parachutes for the execs. Right? So all the ads I see on TV inviting morgtage and loan applications are just a front? Eisboch Just the TV versions of the Nigerian email scams... * :)- Hide quoted text - - Show quoted text - Man you are an idiot. |
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wrote in message ... On Fri, 5 Dec 2008 11:26:55 -0500, "Eisboch" wrote: 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 Basically they are only lending to people who can guarantee to pay them back these days. That eliminates most of the businesses or homeowners in upside down mortgages and an unsecure job. The thing that is missing is people who will loan money for a dream. Sounds pretty much like how it was back in 1983 which was the last time I applied for and received a mortgage. As for businesses, banks have never been a good financing source, other than for a basic, limited credit line, backed by tangible collateral. In the case of small business, the collateral often consists of the equity in the business owner's personal house. I saw people's houses auctioned off and vowed to my wife that I'd never go there. The business I had grew to a $20M+/year operation and I never had a bank loan or line of credit. When I sold it, the buyer's financial people (large, public company) who were doing the due diligence raised some flags and temporarily held up the process. They simply didn't believe that we had no debt. There are much better ways to finance a dream. Eisboch |
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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. I would argue a healthy bank should be able to withstand the present default rates. It wasn't the default rates that brought banks down, it was leverage. 33 to 1 in Lehman's case. I would also point out, when you lose 1/2 million jobs, as we did in November, it isn't only the subprime loans that go into foreclosure. |
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On Dec 5, 1:46*pm, wrote:
On Fri, 5 Dec 2008 10:23:30 -0800 (PST), wrote: On Dec 5, 12:11*pm, Boater wrote: Eisboch wrote: "Boater" wrote in message ... Eisboch wrote: "Boater" wrote in message ... Eisboch wrote: 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 Mostly unregulated handouts...the banks need to pay their Xmas bonuses first. Huh? The funds the banks and brokerage houses received were mostly without strings, at least at first, and they're not making loans because the funds were used to pay bonuses and buy golden parachutes for the execs. Right? So all the ads I see on TV inviting morgtage and loan applications are just a front? Eisboch Just the TV versions of the Nigerian email scams... * :)- Hide quoted text - - Show quoted text - Man you are an idiot. L-I-A-R- Hide quoted text - - Show quoted text - You remind me of a little Doxie dog we rescued when I was a kid. She used to lurk in a small closet by the front door and bark at anyone who came in the door. The bitch was mean though, and would actually come out and attack if provoked, you just hide under your desk barking nonsense, not really making much difference to anyone. How does it feel to be Harry's little bitch, would you bend over for him too if he asked? |
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"Eisboch" wrote in message ... Forgot .... also pitches for credit cards. Eisboch Get those almost weekly. |
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On Fri, 05 Dec 2008 12:49:55 -0500, "Reginald P. Smithers III, Esq."
wrote: Loans are available for anyone with good credit. They are being selective on who they make loans to. Really? Go get a car loan from a bank with a 720 credit score. Go ahead - I'll wait. -- "An idealist is one who, on noticing that a rose smells better than a cabbage, concludes that it will also make better soup." H.L. Mencken |
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Tom Francis - SWSports wrote:
On Fri, 05 Dec 2008 12:49:55 -0500, "Reginald P. Smithers III, Esq." wrote: Loans are available for anyone with good credit. They are being selective on who they make loans to. Really? Go get a car loan from a bank with a 720 credit score. Go ahead - I'll wait. -- "An idealist is one who, on noticing that a rose smells better than a cabbage, concludes that it will also make better soup." H.L. Mencken My credit score is over 800, so it would be hard for me to do that. If I was looking for a car loan, I would do it at a credit union, and they are still making them way below market. I haven't check, but since 720 is still considered a excellent rating, I would guess they are still making them. While I have not check what the car/home loan rates are based upon FICO score, Forbes did and in a Dec. 3 rd article, they said: "If you do qualify for a loan, the higher your score is, the lower your interest rate will probably be. According to Fair Isaac, the interest you will be charged for a 30-year fixed interest rate mortgage on a $300,000 loan could be as low as 5.67% if your credit score is 760 to 850, while it might be as high as 6.99% if your credit score is 620 to 659. A three-year auto loan would be 6.68% if you have a credit score of 720 to 850, but if your credit score is 620 to 689, you will be charged as much as 12% for that same loan. " http://www.forbes.com/finance/2008/1...score_inl.html |
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On Fri, 5 Dec 2008 11:26:55 -0500, "Eisboch" wrote:
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 I applied for an LL Bean card over the internet last week. I filled out the application, hit the button, and was approved within about seven seconds. For $31,000! Hell, all I wanted was free shipping and monogramming. Don't ask me what's going on. I think the liberals just want to bitch about banks and anything that's non-union. It'll all get fixed when Obama takes office. -- John H. |
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On Fri, 05 Dec 2008 12:49:55 -0500, "Reginald P. Smithers III, Esq."
wrote: Eisboch wrote: 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 Loans are available for anyone with good credit. They are being selective on who they make loans to. The problem we had with Fanny Mae was making loans for more than the home was worth, to people with bad credit, and who were not putting any money down. It was a govt. plan to allow everyone to own a home. The problem is, without a down payment, the homeowner had no more invested in the home than when he was renting an apartment. Wait a minute here. The regulators wanted to hold Fanny and Freddie's feet to the fire and got their butts chewed by Barney and Chris. I remember seeing that! -- John H. |
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On Fri, 05 Dec 2008 11:12:19 -0600, Vic Smith
wrote: So all the ads I see on TV inviting morgtage and loan applications are just a front? I think you need high FICO scores to acquire those loans. This country has been running on debt for years. So the mechanism is broken. All the squawking about money not being available is from those already too far in debt. The squeaky wheel is not getting the oil. Old saying in the banking business: "Any fool can lend money out - the trick is to get it back." Once the gimmicks are gone, sometimes the old way makes sense. :-) |
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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. |
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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. |
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Tom Francis - SWSports wrote:
On Fri, 05 Dec 2008 12:49:55 -0500, "Reginald P. Smithers III, Esq." wrote: Loans are available for anyone with good credit. They are being selective on who they make loans to. Really? Go get a car loan from a bank with a 720 credit score. Go ahead - I'll wait. That's your problem, you need to get your credit rating up in the 800's. |
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"JohnH" wrote in message ... On Fri, 5 Dec 2008 11:26:55 -0500, "Eisboch" wrote: 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 I applied for an LL Bean card over the internet last week. I filled out the application, hit the button, and was approved within about seven seconds. For $31,000! Hell, all I wanted was free shipping and monogramming. Don't ask me what's going on. I think the liberals just want to bitch about banks and anything that's non-union. It'll all get fixed when Obama takes office. -- John H. Not really a good idea to open a lot of credit accounts for the sake of free shipping, etc. It can affect your FICO score negatively. |
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On Sat, 6 Dec 2008 08:33:40 -0500, "D.Duck" wrote:
"JohnH" wrote in message .. . On Fri, 5 Dec 2008 11:26:55 -0500, "Eisboch" wrote: 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 I applied for an LL Bean card over the internet last week. I filled out the application, hit the button, and was approved within about seven seconds. For $31,000! Hell, all I wanted was free shipping and monogramming. Don't ask me what's going on. I think the liberals just want to bitch about banks and anything that's non-union. It'll all get fixed when Obama takes office. -- John H. Not really a good idea to open a lot of credit accounts for the sake of free shipping, etc. It can affect your FICO score negatively. You get to a point in life where you don't really worry about your FICO score. I'm there. Anyone looking at the two credit cards I carry would never see a dime's worth of interest paid to either company. I've actually got a pretty good score, for a guy who was stupid enough to get drafted. -- John H. |
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"JohnH" wrote in message ... On Sat, 6 Dec 2008 08:33:40 -0500, "D.Duck" wrote: "JohnH" wrote in message . .. On Fri, 5 Dec 2008 11:26:55 -0500, "Eisboch" wrote: 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 I applied for an LL Bean card over the internet last week. I filled out the application, hit the button, and was approved within about seven seconds. For $31,000! Hell, all I wanted was free shipping and monogramming. Don't ask me what's going on. I think the liberals just want to bitch about banks and anything that's non-union. It'll all get fixed when Obama takes office. -- John H. Not really a good idea to open a lot of credit accounts for the sake of free shipping, etc. It can affect your FICO score negatively. You get to a point in life where you don't really worry about your FICO score. I'm there. Anyone looking at the two credit cards I carry would never see a dime's worth of interest paid to either company. I've actually got a pretty good score, for a guy who was stupid enough to get drafted. -- John H. 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. |
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"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 |
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On Sat, 6 Dec 2008 11:30:04 -0500, "Eisboch" wrote:
"D.Duck" wrote in message m... 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. I had a guy bug me with some crap about a magazine subscription my daughter had canceled. It was in my name. He said if I didn't pay (it was a lousy 15 bucks or so) my credit rating could be hurt. I basically told him to go ferk himself because I don't care about the credit score. Don't know how that turned out. I hung up. But I have heard that insurance companies use your FICO as an element in setting your premium. Don't know if it's true - but I use it as a "counseling" tool when preaching the evil of debt to my kids. --Vic |
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"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 haven't had a mortgage since 1994. Maybe there's something else in the Fair Isaacs formula. From what I understand their metrics and analysis tools are a closely guarded secret. |
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On Dec 6, 11:30*am, "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 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... |
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On Sat, 6 Dec 2008 11:30:04 -0500, "Eisboch" wrote:
"D.Duck" wrote in message m... 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. |
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Bank loans
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;) |
Bank loans
On Dec 6, 11:22*am, JohnH wrote:
On Sat, 6 Dec 2008 11:30:04 -0500, "Eisboch" wrote: "D.Duck" wrote in message m... 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.- Hide quoted text - - Show quoted text - Same thing from 1975-1978. I still hate sears. |
Bank loans
On Dec 6, 11:41*am, 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. I dont' even mail Visa a check, i transfer it over the phone. |
Bank loans
On Dec 6, 12:47*pm, Tim wrote:
On Dec 6, 11:41*am, 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. I dont' even mail Visa a check, i transfer it over the phone.- Hide quoted text - - Show quoted text - Well, yeah, that's what we do. And it was Sears that decided to bump us up/down as a matter of fact, they are the worst and we are dumping them... |
Bank loans
"JohnH" wrote in message ... On Sat, 6 Dec 2008 11:30:04 -0500, "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 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 |
Bank loans
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