Are prices like this everywhere?

   / Are prices like this everywhere? #171  
My approach has served me well in that I shun those with charge offs and evictions...

The only way to overcome is by having a co-renter with no charge offs or evictions...

And if your family is unwilling to stand up for you why would you expect a stranger?

Along the way I had a purchase money loan from countrywide that came with a line of credit... didn't want it but part of the attractive package.

So a few years down the road I found a property that made investment sense but my money was mostly in CD so I said OK... I have this line of credit of 250k so no problem taking 75k.

Well, screwed again. When I attempted to draw I learned my line of credit had been closed at my request???

I never requested anything and until recently receiving regular reminders on how to use my line of credit...

Not one to accept the explanation as it was not true I dug into it and learned Countrywide had unilaterally closed all lines and coded it at borrowers request so the closing would not be a negative on credit reports.

So my line which runs with my loan term was arbitrarily terminated without a word to me with the ruse I did it...

Just shows institutions pretty much can do what they want including lies.

I went ahead and took the early withdrawal penalty of 3 months intrest by cashing my CD early...

The situation just left a bad taste as there were many buy opportunities 2010-12 but Countywide/Bank of America left me high and dry when it would have been prudent for me to use.

Plenty of equity in the home as I put 50% down...
 
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   / Are prices like this everywhere? #172  
I know of someone with a similar situation, had 8 grand in a domestic account but moved to an offshore address. Went to withdraw some funds and found out the account had been drained and the bank couldn't provide any plausible explanation. In fact they blew him off. Pretty strange I'd say. Don't know any particulars, just that.
 
   / Are prices like this everywhere? #173  
ultrarunner said:
My approach has served me well in that I shun those with charge offs and evictions...

The only way to overcome is by having a co-renter with no charge offs or evictions...

And if your family is unwilling to stand up for you why would you expect a stranger?

Along the way I had a purchase money loan from countrywide that came with a line of credit... didn't want it but part of the attractive package.

So a few years down the road I found a property that made investment sense but my money was mostly in CD so I said OK... I have this line of credit of 250k so no problem taking 75k.

Well, screwed again. When I attempted to draw I learned my line of credit had been closed at my request???

I never requested anything and until recently receiving regular reminders on how to use my line of credit...

Not one to accept the explanation as it was not true I dug into it and learned Countrywide had unilaterally closed all lines and coded it at borrowers request so the closing would not be a negative on credit reports.

So my line which runs with my loan term was arbitrarily terminated without a word to me with the ruse I did it...

Just shows institutions pretty much can do what they want including lies.

I went ahead and took the early withdrawal penalty of 3 months intrest by cashing my CD early...

The situation just left a bad taste as there were many buy opportunities 2010-12 but Countywide/Bank of America left me high and dry when it would have been prudent for me to use.

Plenty of equity in the home as I put 50% down...
Click to expand...
Perfect example of credit utilization not being used and therefore it's better to close than have a 0 in credit used or owed.
 
   / Are prices like this everywhere? #174  
When I was a kid, I remember a farmer telling my dad that in order to get a farm operating loan at the local bank you had to convince the banker that you actually didn't need the loan.
 
   / Are prices like this everywhere? #175  
In my research Countrywide violated the law by closing and not providing notice...

I would be sympathetic if they provided notice unused going away or even that my line was closed.

I used my HELOC check and only found out it was no good from the Title Company...

Only time in my life I ever wrote a check that turned out to be no good.

Countrywide/Bank of America unilaterally closed ALL no balance HELOCs (Tens of thousands) and froze the remainder with balances.

There was talk of a class action lawsuit but never did happen...

Just shows when you are too big to fail you can make your own rules.
 
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   / Are prices like this everywhere? #176  
PS... Sears sent out replacement cards as they do and I called in to activate the day I got it.

About two weeks later I saw a tire sale so I went to Sears and the clerk wrote it up and card declined???

I said I just got this and he said it's been happening all day...

Thought it was a glitch but turned out to be related to Sears financial problems.

Sears did say I could apply to one of their partner credit cards... why would I do that only to find it also went under?

Both examples happened through no fault of deficiency on my part...

When questioned as to why I was told good to go when I called in the explanation given is it's basically an automated process to confirm receipt...

I think grandma had the best advice... Cash in Hand but this also caused a problem.

I needed $2700 to close escrow and showed up with $2700 in cash and the Title Company refused...

I said how would I know and they said it's unwritten policy... go figure?

She said the liability of cash in the office is too great a risk... personal check and wait to clear, cashier's check good when verified, wire transfer and in limited cases for small amounts for document services credit and debit cards...

Funny how it works...

As a business person with the Sheriff evicting a tenant for non payment the father rushes to his daughters apartment with the $1900 owed in cash... this is happening with Sheriff, Tenant, me the manager and tenant father on the front porch.

Sheriff watched the father count out 19 hundred dollar bills and declared debt paid...
 
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   / Are prices like this everywhere? #177  
Snobdds said:
You just said the quite part out loud.

It amazes me people think they are entitled to good credit when they don't want to incur anything that resembles credit. In other words, they want good credit, for free. Having good credit is not free nor cheap. There is a cost involved to establish credit and one has to incur some debt to have credit. There is no mathematical way to reverse this truism in finance.

I did like your attempt earlier at trying to mathematically show your credit matrix. I chuckled reading that in the meeting I was in. The premise was there, but the delivery was wrong. You were working from a starting point that your true score was 850, and only a few dings dropped you from this 850 threshold. That is not how a factorized weighted averages works. For example, if you have no amounts owed or credit being utilized, it's 0, not the full 30% you gave yourself. Having no credit being utilized is a huge drag on your score, not a positive to your score.

To everyone else. Don't be so simplistic in your view of credit. Managing it is better than saying I don't use it, or paying cash for everything. There are huge opportunity costs in not using credit. Especially the last 20 years when other peoples money was cheap. If managed correctly, the principle of velocity of money will make your returns far outpace a strategy that only uses cash.

I also practice what I preach to people. I have no loans right now and I am very concerned I need to preserve my credit utilization. I have nothing I need to get for the need to obtain a small loan on. So today I am going to see my banker to take out a 5k loan, which I will just deposit into a money market account I have. I will make some return on the interest on the MM, however it will not be as much as I am going to pay for the interest on the loan. Effectively I am going to pay the difference between the two to keep my credit utilization up. Like I said, good credit is not cheap nor do I feel I am entitled to good credit simply by existing and paying my bills on time.
Click to expand...
I never said I don't use credit. I use it monthly. I rarely use cash. I pay it off every month, and have a credit rating above 800. Just that simple.

Borrowing money at a loss is money out of your pocket and unnecessary to maintain a good credit rating. Should I need a large sum of money, I have enough credit to get it.
 
   / Are prices like this everywhere? #180  
tallyho8 said:
? I have seen dumb replies before but this takes the cake.
Click to expand...
How am I not surprised you did not see the contradiction in less than 20 words...
 
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