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tical

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#1

Wow - over 400k of equity & only 50k line given

11-17-2008, 01:25 AM

That is nuts, whats the point of owning a home these days?

My line went from 250k to 10k and now after a new appraisal (that values my home at 400k more than the principal balance), up to 50k... holy crap.

How can I get the rest out of this thing?

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#2

11-17-2008, 01:31 AM

yeah they been slicing everyones loc

try http://www.lendingtree.com there are still many that will give you good numbers

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#3

11-17-2008, 01:34 AM

Credit is dry. Especially equity lines of credit. I am getting very used to the idea that shit is turning into a cash society very quickly.

It is not just home equity lines either. I have been excellent with my credit and payments etc. Paid off one of my main cards recently which I do often. Got a letter letting me know that they are now cancelling my account. Makes me nervous about paying off my other balance in full now.

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tical

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#4

11-17-2008, 01:50 AM

yeah man, i have excellent credit around 740-750 or something... this is crazy

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#5

11-17-2008, 01:52 AM

Originally posted by After Shock Media

Credit is dry. Especially equity lines of credit. I am getting very used to the idea that shit is turning into a cash society very quickly.

It is not just home equity lines either. I have been excellent with my credit and payments etc. Paid off one of my main cards recently which I do often. Got a letter letting me know that they are now cancelling my account. Makes me nervous about paying off my other balance in full now.

most subprime credit card companies like aspire etc are reducing everyones line by 90% some even closing shop

if it turns into a cash society prices of certain goods will drop rapidly

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#6

11-17-2008, 01:55 AM

It will take time to get out of this crisis.

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After Shock Media

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#7

11-17-2008, 01:57 AM

Originally posted by EscortBiz

most subprime credit card companies like aspire etc are reducing everyones line by 90% some even closing shop

if it turns into a cash society prices of certain goods will drop rapidly

I am OK with it, just sucks at the same time as I use 2 cards with my business's. Well now 1 card as the other was cancelled. Each business had its own card and account. They allowed me to build up points. Pay for everything I needed cost wise early on in the month without me having to keep a set amount in my debit account and then pay them off at the end of the month after all deposits were done.

Guess now I will just have to push less into the savings account and keep more on hand in the main checking account each month. Which also means less interest earned.

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#8

11-17-2008, 02:10 AM

A friend of mine is going through the same thing. To make a long story short he bought a new house and a day after they got the keys and he and his wife seperated and are now divorced. Their agreement on the house was that within 2 years he would either sell it and split the profit with her or he would refinance it and give her half of the cash he got in the refinance. They based the agreement on what the house was worth at the time of the agreement. He decided not to sell and refinanced. He has about 90K in equity in the house and they would only give him 30K in the refinance. He had to pay her the entire thing because at the time of the divorce the house had about 60K in equity so she was owed 30K. Pretty wild. The house actually went up in value in this market and he has never missed a payment but they would only give him about 35% of the equity he had in the house.
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#9

11-17-2008, 02:24 AM

Originally posted by After Shock Media

Paid off one of my main cards recently which I do often. Got a letter letting me know that they are now cancelling my account. Makes me nervous about paying off my other balance in full now.

Whoa...
That's madness nig.

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#10

11-17-2008, 03:05 AM

I'm down to one equity line now. Countywide killed my second line two months ago, my third got killed early on, when prices started dropping.

The beat advice is to simply get as much out of your lines of credit, park it in a bank account, and pay interest. I'm just not willing to do that just yet.

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#11

11-17-2008, 03:34 AM

I see the $700 billion dollar bailout did a lot to make banks lend money again.
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#12

11-17-2008, 04:33 AM

Originally posted by After Shock Media

Credit is dry. Especially equity lines of credit. I am getting very used to the idea that shit is turning into a cash society very quickly.

It is not just home equity lines either. I have been excellent with my credit and payments etc. Paid off one of my main cards recently which I do often. Got a letter letting me know that they are now cancelling my account. Makes me nervous about paying off my other balance in full now.

The simple fact is, if you pay your bills on time and have a good credit score you are worth less to them than some dead beat whom is always late. They make a much lower intrest rate on someone like yourself and have to give out a much larger credit line to keep you happy.

Meanwhile they can give out $500 to $1k limit cards to 10 deadbeats and have the riskl spread out while making much more profit because of higher intrest rates and late fees.. ect..ect..

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#13

11-17-2008, 06:24 AM

Originally posted by WiredGuy

I see the $700 billion dollar bailout did a lot to make banks lend money again.
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tical

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#14

11-17-2008, 10:51 AM

Originally posted by WiredGuy

I see the $700 billion dollar bailout did a lot to make banks lend money again.
WG

so true....

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tical

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#15

11-17-2008, 04:12 PM

Originally posted by SCORE-Cash

I'm down to one equity line now. Countywide killed my second line two months ago, my third got killed early on, when prices started dropping.

The beat advice is to simply get as much out of your lines of credit, park it in a bank account, and pay interest. I'm just not willing to do that just yet.

I was just thinking about this... do you think the crunch will get to the point where nobody can get decent equity from their homes?

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#16

11-17-2008, 04:16 PM

Originally posted by crockett

Meanwhile they can give out $500 to $1k limit cards to 10 deadbeats and have the riskl spread out while making much more profit because of higher intrest rates and late fees.. ect..ect..

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#17

11-17-2008, 04:19 PM

Originally posted by tical

I was just thinking about this... do you think the crunch will get to the point where nobody can get decent equity from their homes?

Most likely. Yes.

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#18

11-17-2008, 04:21 PM

Originally posted by EscortBiz

yeah they been slicing everyones loc

try http://www.lendingtree.com there are still many that will give you good numbers

lending tree will rock your credit score. they just submit your info to 100 different banks. Do your homework and find a real lender
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#19

11-17-2008, 04:30 PM

Short answer: Your house is not what you think its worth.
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#20

11-17-2008, 04:44 PM

Originally posted by EscortBiz

most subprime credit card companies like aspire etc are reducing everyones line by 90% some even closing shop...

When that happens, are they getting hit with over-limit fees until it's down to the new balance amount?
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#21

11-17-2008, 05:44 PM

Originally posted by IllTestYourGirls

Short answer: Your house is not what you think its worth.

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#22

11-17-2008, 08:08 PM

Financial markets' crash does that. Good thing you still have a 50K line. Thats a lot in light of the global situation.

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#23

11-17-2008, 08:13 PM

Originally posted by WiredGuy

I see the $700 billion dollar bailout did a lot to make banks lend money again.
WG

They're not done collecting your taxes to pay for it..
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#24

11-17-2008, 08:16 PM

Originally posted by Blingbaby

They're not done collecting your taxes to pay for it..

I thought all those payments were done already?
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#25

11-17-2008, 08:24 PM

1) lending tree will wreck your credit. 2) banks lost the big money backers. from mom and pop's to capital one.

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#26

11-17-2008, 08:26 PM

Originally posted by WiredGuy

I see the $700 billion dollar bailout did a lot to make banks lend money again.
WG

paulson should go to jail, they give money out with no strings or rules. its so fucked up.
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#27

11-17-2008, 08:31 PM

just because you put 100k down on a 400k house 4 years ago doesn't mean you have any equity. since the likelyhood is the house is worth 250 now, you are in worse shape than you think.

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#28

11-17-2008, 10:40 PM

Originally posted by supzdotcom

lending tree will rock your credit score. they just submit your info to 100 different banks. Do your homework and find a real lender

That is more myth than fact.

All credit checks for a home or car during a 14 or 45 day span (depending on the formula they are using to check your credit) are counted as just one check since it is typical that someone would be shopping around for the best loan.
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#29

11-17-2008, 11:32 PM

it's because they don't have the money to lend you, so they lower it.
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#30

11-17-2008, 11:45 PM

Originally posted by tony404

paulson should go to jail, they give money out with no strings or rules. its so fucked up.

And to his buddies...

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#31

11-17-2008, 11:56 PM

Originally posted by BigBen

When that happens, are they getting hit with over-limit fees until it's down to the new balance amount?

Likely no ... typically they won't reduce one's credit limit below what one already owes plus a small amount above that.

Ie. if one has a credit limit of $10,000, but is already carrying a balance of say $7,300, they'd likely reduce the credit limit to say around $7,500.

If they seek to reduce one's limit below what they already owe, they will typically cancel the card, though they'll still mail out monthly statements as usual for payments.

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#32

11-18-2008, 12:16 AM

Originally posted by crockett

The simple fact is, if you pay your bills on time and have a good credit score you are worth less to them than some dead beat whom is always late. They make a much lower intrest rate on someone like yourself and have to give out a much larger credit line to keep you happy.

Meanwhile they can give out $500 to $1k limit cards to 10 deadbeats and have the riskl spread out while making much more profit because of higher intrest rates and late fees.. ect..ect..

there is a lot of truth to that

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