Poll Are You having trouble getting credit?

Are you having trouble getting credit?

  • Yes having trouble getting credit

    Votes: 12 14.3%

  • No problems getting credit

    Votes: 72 85.7%
  • Total voters
    84
  • Poll closed .
Quote from Aaron Copland:

What happened to saving fot what you want. When I was growing up we put things on lay away, and made payments to the store until we had paid in full. Then we got the product with ZERO interest.

But now it's GIVE ME.... NOW NOW NOW. No disipline, credit is ok for large purchases.

But now here is the rub, everything costs so much and wages have not kept up with inflation we sit in this Fed made mess, yes the fed created this mess.
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Aaron you make a good point. What happened to the layaway programs ? 90 days same as cash -- with no credit check...

Or even if you make a bad credit loan -- actually checking HOW MUCH A PERSON MAKES AND ALL OF THEIR EXPENSES [not just listed debts but electric bill, water, cell phone -- etct] to see if the person can actually AFFORD what there trying to purchase?

It was greed. Everyone was being greedy. Companies got rid of their layaway plans because they could not get in on the issuer fees being paid to other firms for having private label/cobranded cards. Consumers were keeping up with the Jones -- because TV & Magazines told them they had to. Congress turning taxes into a roller coaster ride, writing a post dated check out of the back of the "national check book", all while having not raised the minimum wage in years. Can you say squeezing blood from a turnip. That's what it feels like.
 
I don't use credit. I buy with cash, or not at all.

The only credit I use is broker' margin.
And I don't have a problem getting that.
 
Quote from huh:

Lets see I have about 35K in credit card debt and just bought a new house last month that I am using as my primary residence and put 5% down. I have also rented out my previous residence so yes last month my wife and I were able to qualify for a mortgage loan putting 5% down despite having an existing mortage on my previous residence......

So no I see no credit crunch in my case, they whined a little bit about my remaining 3K balance on my timeshare in Maui of all things.....nevermind the 35K in credit card debt or the fact I"m putting 5% down, or that I have 2 mortgages now.....the only thing they whined about was a 3000 dollar timeshare...lol.

Oh well got the mortgage done on my terms so can't complain!:D
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I wouldnt find this encouraging. Credit conditions probably have a lot more to tighten
 
Quote from Aaron Copland:

Look here is the bottom line. Consumers with good credit and a track record of paying back loans on time are having no trouble getting access to credit.

It’s the people with bad credit and charge offs, repos, and late pays that are not able to access the credit markets.

AND THAT’S HOW IT SHOULD BE. THAT’S HOW WE GOT IN THIS MESS IN THE FIRST PLACE GEESH.
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Yea, na na na boo boo,, and that right,, and when the teacher gets back to class , i am telling on them...

what a tool..

EF
 
Quote from Eric215:

Debt in the right hands can create wealth. Most wealthy people will tell you that debt is good if managed properly. The people who use debt well will thoughtfully and responsibly use debt to lever themselves to increase their wealth. I have friends who do this and are doing fine right now. The irresponsible use of debt is to over leverage yourself and/or buy things (toys, vacations, etc.) that do not add to wealth creation. It's kind of the same as running a solid growth company; if debt is used responsibly to grow the company it is considered good management.

By the way many people believe that having debt in their house is responsible if done right because of the low interest rate and the tax deductabillity of the interest paid. If you can borrow money against a house at 6.5%, and deduct the interest, then invest it responsibly this would be sound financial management in my opinion.
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You've nailed it right on the head. When debt is used properly its AMAZING how much wealth you can build up. Debt is just like anything else, in the hands of irresponsible people its a grenade but in the hands of a responsible person its like finding buried treasure. :)
 
A good point was brought up during the questioning what if the banks just sit on the cash, or invest it in foreign markets. There is no guarantee that the banks are going to lend this money.
 
I would say 85:15 saying they have no problems getting credit says it all.

The only ones I've been rejected on have been on unlimited lines with flexible schedules. Otherwise, the limit is so high I'm not even ever going to spend it in the next several years.

I don't like having a six figure mortgage, but even worse would be $50k of unsecured debt at 7-22%.
 
Quote from bwolinsky:

I would say 85:15 saying they have no problems getting credit says it all.

The only ones I've been rejected on have been on unlimited lines with flexible schedules. Otherwise, the limit is so high I'm not even ever going to spend it in the next several years.

I don't like having a six figure mortgage, but even worse would be $50k of unsecured debt at 7-22%.
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If you have access to that much credit why not put it to work? I'm assuming you have pretty good credit therefore you should be able to get decent interest rates, much lower than 7-22% seeing as banks and credit card companies are hurting to find customers with good credit.

I'm not sure what your risk tolerance is but it might be something to consider, right now seems like a good opportunity for anyone with access to cheap credit.....
 
Quote from Aaron Copland:

Paulson can not be trusted period.
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I was going to ask you which Fed you wanted to blame, and you picked the wrong one as I expected.
 
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