Credit Crunch: Local v National
 

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?
:helpme

I bank with BofA so I get fucked on the national level there. However I have had a good relationship with CapitalOne, and they just increased my credit limit 50% for no reason. Sort of weird.

There is a national crisis but CU's I think are trying to strengthen the local communities.

That's interesting.

Most of what I have seen, and read lately, is about people getting their equity lines or credit lines cut, or cards canceled. Which surprises me to some extent.

Nice to see at least one national brand, CapitalOne, is still operating like normal. Or so it seems anyway in your case.

I use a CU in Florida for my personal accounts. Their service is great, and I'm about to ask them for a loan to buy a second home. I'll let you know what they say!

:thumbsup:thumbsup

I had to go with a local bank to buy my cars, several years back, Chase and BOFA, wanted 11%, while the local bank wanted 6.5%.

In general, I've had my credit lines reduced from the major banks, and just today my wife was notified from Citi, that her card would go up to 14.99%, from 9%.

I have a 20 year mortgage on a commercial warehouse thru a local bank. There is only 5 years left on it. The value of the property based on a conservative cap rate of 9.5% is more than a million five. The AAA rated tenant makes wire payments the 1st of each month, excess monies are put in my personal account. Payment has NEVER been late.

I had a $50,000. line of credit, secured by the building of which the average yearly balance was never over $30,000. This line was cancelled last month ..... WTF?


.

WTF?!!?! indeed!!

Yep. I bought my truck with the financing on the lot a year prior. Then about 6 months in, I re-fi'd to my CU. Better interest rate, cut out a year, and I received back a $4000.00 check from the warranties or whatever. I would say that is nice, but that is how bad a car lot will fuck you. I will not make that mistake again.

Yeah, most of my friends have their credit cards through Chase, Citi, BofA and so forth. Some have lost their credit lines completely, others cut. Some had their interested rate go to the max, so they canceled the cards.

Fucking crazy.

More than 80% equity ... The interesting thing is the banks security increases with each months payment .... It's never been more secure.


.

That's fucking crazy man.

Maybe there is something going on, behind the scenes, where banks are trying to get bad debt off their books, or whatever. With some of this shit.

In your case, 80% equity, never missed a payment. You should be a solid gold customer!

Who the fuck ARE they lending to? Must be my appearance.





.

Nah bro.

Must be they are not lending at all, and that is one of the things the news actually IS getting right. They are not lending to ANYONE.

Get with it people. New World Order. Government is openly discussing taking over pensions and 401ks. They aren't lending because they are intentionally crippling the economy. Go to youtube and look at the video of the list of 137 pages of foreclosures in Michigan. They aren't just squeezing us they are squeezing the whole world economy. England is in a recession, China is in a recession. Japan is in a recession. US is in a recession. This is a war on the people. If you aren't aware of whats going on you will either work for the people that will come in and take your home, car, all your belongings toss you in a slave labor camp until you work off your debt. Or you fight it and try to put a stop to it.

The money they loaned you never even existed. Every time money is deposited into the bank the bank can then lend out 9x the money. Once that money is deposited in another bank that bank creates another 9x. They are creating money out of thin air. If you don't pay they come take your belongings away. This is why they require you to make a down payment for a loan. In fractional banking they have to keep a reserve of 10%. So in reality the bank doesn't loan you anything. You pay them to give you numbers they create in the computer. All the loans in the world could never be paid off because there isn't enough money or gold or silver to do it. Congress is talking about passing a law where you will be obligated for your home loan if you default. If you can't pay it you go to work in the little slave labor camp.

Trade is freezing around the world. We all buy our food from other countries. That was the whole plan. Get all the countries to buy their food from another country so noone is self-sufficient. During the great depression the majority of the people were self-sufficient. They could grow their own foods on their land etc. Now it's the complete opposite.

.........................


.

I have switched my business accounts to my local credit union recently that I have all of my business accounts with. Chase wanted to decrease my business LOC and increase the interest rate. My interest rate with my CU is less than it originally was with chase and is a larger LOC.

The big banks seem to be having the issues and not the local credit unions or even local community banks(ones that are not owned by some large bank chain pretending to be local)

Yep. Seems to be the bigger monoliths are the one's with all the issues, and taking away people's credit.

Three banks in California, Georgia fail
Regulators close down two California thrifts and Community Bank of Loganville, Ga., raising the toll in the financial crisis to 22 banks.

http://money.cnn.com/2008/11/21/news...lure/index.htm

Little banks can have issues too. I would spread it around a little bit as having every loan and credit card at the same place is not such a good idea. If it fails it could cause problems that are easily solved by having an extra credit card and checking account.

True dat. But that was not my question.

I was mainly looking for people's input on their experiences with small, or regional credit unions and banks versus their credit with monoliths.