I remember receiving a pre-approved credit card in the mail recently. I recall my neighbors saying they are receiving credit card offers in the mail recently also.
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Be honest: Who here has noticed lack of credit, hardship borrowing, etc?
- Thread starter ByLoSellHi
- Start date
Quote from Pa(b)st Prime:
I made your point in a thread a couple of weeks ago and had people jumping down my throat for the next 10 pages. Sure there's visible signs-I see more and more retail vacancies-but there's been so much wage inflation the past decade it's apparent there's an almost untouchable consumer class still out there. While I THINK the economy has bigger risks than in past mini-recessions, I'm cognizant than many folks will breeze by. I know ET skews young but much of middle aged America owns assets pretty darn cheap.
Wage inflation ? I live in Florida and the workers wages are the same for at least 10-15 years .Maybe it is different somewhere else .
in regards to the op: high credit score and no problems getting credit. Just moved a Visa to 5.7 APR, the other stands at 6.5 for the past 5 years. 3 close friends just pulled 400k + mortgages at below 6%....no problems.
Quote from Trvlwanderer:
in regards to the op: high credit score and no problems getting credit. Just moved a Visa to 5.7 APR, the other stands at 6.5 for the past 5 years. 3 close friends just pulled 400k + mortgages at below 6%....no problems.
You on the CFC VIP lending program with rates like those?
Edit: the mortgage rates above were secured over the past 7 months. latest was in July.
I personally haven't had any problems but know first-hand that a lot of the reasons that Ford's car sales were down is because of people not being approved for credit.
I wouldn't be surprised if they were more details behind it like they weren't approved as they couldn't put down very much money.
I think this whole thing will impact the people the most that have a lower credit score where in the past they just charged higher rates.
Eric
I wouldn't be surprised if they were more details behind it like they weren't approved as they couldn't put down very much money.
I think this whole thing will impact the people the most that have a lower credit score where in the past they just charged higher rates.
Eric
Quote from Trader922:
I personally haven't had any problems but know first-hand that a lot of the reasons that Ford's car sales were down is because of people not being approved for credit.
I wouldn't be surprised if they were more details behind it like they weren't approved as they couldn't put down very much money.
I think this whole thing will impact the people the most that have a lower credit score where in the past they just charged higher rates.
Eric
Agreed creditors are being much more stringent on poor credit apps.
Party may be over for those who cannot control their irresponsible lifestyles. Ass hole down the road abandoned his 500k home while driving their 2 new lincoln navigators and house full of thomasville furniture. pisses me off that it is him and his irresponsibility to blame for a large portion of this. Just a small piece in a much bigger, fucked up pie.
Government is a great role model in spending what you don't have! And our economy has evolved to rely on that irresponsibility.
Yeah, I'm pissed!
Quote from ByLoSellHi:
I honestly don't see any signs of any of this talk of 'frozen credit' markets due to this weird spike in LIBOR over the past few days.
This is what everyone on TV has been trained to say. I cannot count the number of times I have heard "You won't be able to get a car loan or send your kids to college! No really, it is all of our problems! We must pass this bill!" in the past week. My bullsh*t detector has been going off pretty much everytime anyone speaks on TV, regardless of channel.
my wife and I just bought a house and getting approved for the mortgage was a task. we both have good credit scores and put over 20% down, that was not the problem. the problem was coming up with all the documents that the lender requested. It seemed like everytime I fulfilled their request they would come back with another request for more documents.
I think that the new policies are the right policies. It was a pain at the time, but I understood. If someone asked ME to lend them some money, a sum that would take 30 yrs to repay, I would certainly make sure that they had the ability to pay me back.
I think that the new policies are the right policies. It was a pain at the time, but I understood. If someone asked ME to lend them some money, a sum that would take 30 yrs to repay, I would certainly make sure that they had the ability to pay me back.