I just got turned down for a secured loan!

Quote from peilthetraveler:

My score is low because I was sued back in 2002 and got a judgement against me. I have no deliquencies. I also just bought a house in august. DTI is 20.85%
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We do still give loans. Not to everyone. How it works if you are a member of a group we can and will fund any with credit worthiness. If the rate is too high then sorry. I wont lend either will my group in these times cheaper.
 
Quote from peilthetraveler:

Interest rates on secured loans are dirt cheap. About 3% over what the bank gives you. So if you put the money in a savings account at .5 you get a 3.5% interest rate on your loan. So lets say you put 100k in a saving account @ .5% interest and you get a loan for 100k at 3.5% interest for 5 years. Seems like you are losing money to the layman (THATS YOU!) But what I am really doing is keeping that loan for 2 years, then I throw that 100k(actually its 101k now with the interest i've accrued) into one of their CD's which pays 5%. Now i've already paid off 40k of the loan over 2 years so even though I will be paying 8% now for the next 3 years on the loan (unless they dont figure out what im doing and keep me at 3.5% which would be nice, but thats not what im trying for) Im getting 5% on the 100k and paying 8% on the 60k. If you do the math, you will see I actually make about 3500 dollars for getting this loan over the life of it. That means they basically paid ME $3500 to get a 0% interest loan.
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it sounds like you're assuming rates will climb. you're locking in the loan @ 3.5% and hoping cd's will pay a couple of % points above that in order to recoup the loss you're incurring now. is that right?

where did the 8% come from?

if i understand you right, you're getting 5% on 100k, paying 8% on 60k and paying 3.5% on 40k. that's not a money-maker.
 
Quote from blackjack007:

it sounds like you're assuming rates will climb. you're locking in the loan @ 3.5% and hoping cd's will pay a couple of % points above that in order to recoup the loss you're incurring now. is that right?

where did the 8% come from?

if i understand you right, you're getting 5% on 100k, paying 8% on 60k and paying 3.5% on 40k. that's not a money-maker.
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You can get a loan at the rates posted jump all over it.
 
I am about to close on a new home, have a FICO of about 785, and a little debt due to my son's college. I am still getting calls out of the blue from lenders, they were on me like stink on shit.

It was extremely easy to get this loan, and the bonus is that the builder is hustling to please me as they are scared of walk-aways in this housing environment.

There is, and never was, any credit problem for prime loans
 
Quote from traderpro:

Check out prosper.com. Borrow up to 25,000. I am a lender on there and if what you posted is true i have no problem funding part of that loan. Score 700 DTI 0 and good income shouldn't be a problem.
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what's your prosper handle

look at this poor bastard

http://www.lendingstats.com/lenders/carrey79

losing some 700,000$

prosper is one big scam, which ripped off alot of lenders

I am surprised no one is attempting to sue prosper, and hopefully get some money back in the process

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http://blog.prosper.com/2008/05/30/debt-sale-update-2/
 
... We also now learn that because of this incident Wandschneider, the Pepsi Cola executive and father of three, is no longer employed at Pepsi Bottling Group. Company officials refuse to comment on whether he was fired or whether he resigned from his position which has a $6 million dollar annual salary. ...

that is really sad, the guy lost his job for this bitch
 
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