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So here's the deal...I have great credit, no BK, 20 years in industry, and verifiable assets and income. And I have owned and paid off homes in the past. Turns out if I want to get a loan for less than 20% down I have to pay out the ass in PMI fees upfront and monthly, provide an incredible amount of documentation, while the losers that bought WAY MORE home than they can afford are getting loan modifications, ultimately ending up paying less than I will by a mile.
Why am I subsidizing a bunch of losers who cannot pay their bills? And, since they are the ones getting the workouts and modifications, aren't I the real loser for being prudent and responsible while they acted recklessly and were rewarded for it?
You better believe I am pissed.
To anyone that is crying because their credit is bad, or they can't get a loan because they were foreclosed on, or had to do a short sale, you people deserve NO empathy. You screwed the entire system up for those of us that are responsible.
I guess you haven't seen the loan modification terms that most people are getting huh? I don't think you would be so pissed if you had.
The good 'ole days of zero down, or even 10% down w/ no PMI are over. They will eventually return, but we're talking 3-5 years from now.
And if you really want someone to blame, besides the people who screwed themselves and the rest of us, look directly at the people we're bailing out with our money right now. They first and foremost are the one's responsible.
I fully agree with you rob...my father is retired and has been for more then 40 years. He retired at 45 years old. I know must be nice.
Anyways, he saved and invested over the years. And always paid cash for everything. Homes, car, property. He even carried notes on homes people couldn't purchase on their own but he knew they were good for the money. And along the way he has done very well for himself. So five years ago he wanted to stop carrying money and have a credit card he would just use and pay off. He got a great cc, 10,000 limit. He charge 5000-6000 every month, groceries, gas, you know your typical items and then some. Anyways- this year he was at the gas pump (oh about three weeks ago) he goes to get gas on his card that he has had for several years now and paid in full every month only to get told his card was denied. My dad was PISSED> He went home called the card company and they said they dropped his limit to 1500.00 and he was over limit. Their explaination was due to the economy and the amount debt out there as well as the fact that he pays his cc on time and in full that they are not making any money on him.
He is NOT a happy camper.
I fully agree with you rob...my father is retired and has been for more then 40 years. He retired at 45 years old. I know must be nice.
Anyways, he saved and invested over the years. And always paid cash for everything. Homes, car, property. He even carried notes on homes people couldn't purchase on their own but he knew they were good for the money. And along the way he has done very well for himself. So five years ago he wanted to stop carrying money and have a credit card he would just use and pay off. He got a great cc, 10,000 limit. He charge 5000-6000 every month, groceries, gas, you know your typical items and then some. Anyways- this year he was at the gas pump (oh about three weeks ago) he goes to get gas on his card that he has had for several years now and paid in full every month only to get told his card was denied. My dad was PISSED> He went home called the card company and they said they dropped his limit to 1500.00 and he was over limit. Their explaination was due to the economy and the amount debt out there as well as the fact that he pays his cc on time and in full that they are not making any money on him.
He is NOT a happy camper.
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Weird. What company?
I have a Merrill card with a 25k limit that I never carry a balance on. I had a 7.9% APR which was increased to 10.9% last I checked but they have never dropped my balance. I use it for everything I possibly can and pay it off monthly. It's kind of like using cash but I get rewards. They haven't been as quick to increase my limit as they once were though.
I have a Merrill card with a 25k limit that I never carry a balance on. I had a 7.9% APR which was increased to 10.9% last I checked but they have never dropped my balance. I use it for everything I possibly can and pay it off monthly. It's kind of like using cash but I get rewards. They haven't been as quick to increase my limit as they once were though.
GE Money Bank.....he was and still is pissed.
We (hubby and I) had a card with Washington Mutual with no balance on it and they just closet it. I know they are merging but they didn't have to close my cc account. I kept that one in a safe for emergancy.
Limit was 8000, so that dinged our credit.
I fully agree with you rob...my father is retired and has been for more then 40 years. He retired at 45 years old. I know must be nice.
Anyways, he saved and invested over the years. And always paid cash for everything. Homes, car, property. He even carried notes on homes people couldn't purchase on their own but he knew they were good for the money. And along the way he has done very well for himself. So five years ago he wanted to stop carrying money and have a credit card he would just use and pay off. He got a great cc, 10,000 limit. He charge 5000-6000 every month, groceries, gas, you know your typical items and then some. Anyways- this year he was at the gas pump (oh about three weeks ago) he goes to get gas on his card that he has had for several years now and paid in full every month only to get told his card was denied. My dad was PISSED> He went home called the card company and they said they dropped his limit to 1500.00 and he was over limit. Their explaination was due to the economy and the amount debt out there as well as the fact that he pays his cc on time and in full that they are not making any money on him.
He is NOT a happy camper.
That is total BS. So since he was over his limit, did they hit him up for additional fees?
I have a Merrill card with a 25k limit that I never carry a balance on. I had a 7.9% APR which was increased to 10.9% last I checked but they have never dropped my balance. I use it for everything I possibly can and pay it off monthly. It's kind of like using cash but I get rewards. They haven't been as quick to increase my limit as they once were though.
Home equity lines of credit and credit cards have been reeling in unuesd limits and closing accounts all over the country in the last year due to the credit crunch.
Same thing happened to my MIL. She did a add-on to her house (added a den), charged $5k+ in supplies - paid it all off within 12 mos. to get the zero interest/12mo. deal (Lowes). It was a new card - she had no previous balance. She pays off the balance before the end of the year. January rolls around and her credit line of $10,000 is chopped to $1,500. They were basically counting on her not paying it off within the 12 months. The interest rate would have been 21% or something like that. Lady in the doctor's office was telling us she put one of her credit cards away for several months once she lost her job, it had a $20 balance and she would charge a little to keep it open and pay it off the next month - had a $2,500 credit line. She gets a job and her and her husband decide to go celebrate with dinner using the card to pay for it. No problem. She gets her next statement and her credit line had been cut back from $2,500 to the cost of the dinner (under $100).
DHs parents practically own their home - one more year and they own it and they are not carrying debt. It just floors me that they can cut your credit limit with good credit! His dad just retired and MIL will retire in a few years. Amazing! MIL said she is getting rid of the lower credit lines for the newer cards (within the last year).
Last edited by justhere; 05-07-2009 at 12:21 PM..
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