I am just curious.. how many of you use your local banks, and credit unions (i.e. local or regional) versus some conglomerate for your mortgages, and credit cards?
For example, I have my main (personal) credit card through my CU, as well as my truck, SeaDoo, and now mortgage. In the past 2-3 years I have bought all of those things. Plus taken out a few loans... personal, business, and consolidation (now paid off) and never had issue. I closed most of my other credit cards in the last year other than my business CC.
I know when I went to two different mortgage brokers, their credit limits and restrictions were whack compared to my CU. For example, the mortgage brokers would only give me the loan if I paid off my truck in full because of the size of the payment. I refused. Their terms sucked, and I had to have a decent down payment. Keep in mind, my credit score was 710 at the time.
I put in an application at my CU, but figured they would come back with the same bullshit. I then went out and bought a SeaDoo (another mo. payment and tradeline). It took the CU a couple of weeks to get back to me, but they approved me for DOUBLE what the mortgage brokers did, I only needed 5% down, no paying off the truck, or SeaDoo, and 5% interest.
My point is, that locally, I do not feel any pinch at all from the credit crisis b.s.. However, seems to be that those who have national brands for mortgage, credit, etc are the one's feeling the pinch (i.e. Citi, AmexEx, BofA, etc).
Your thoughts? Or experience?
