Have Your Credit Cards Been Cancelled?

[The Paperboy]

Mine haven't.

I bet if I walked into a car dealership right now with the proper down payment I would walk out with a new car.

I also bet if I wanted t0 buy a house right now I could with the normal 20% down.

 

[SwingVoter]

still great rates on 80/15/5s, where you only need a 5% down payment

this country needs to spend more time looking at hard data and less time getting emotional about the last news story on they saw on CNN

 

[Silence]

I don't have credit cards *shrug*

but I get offers in the mail all the time

 

[Ravi]

I haven't had any problem, but according to my local paper, banks are now demanding 40% down for real estate loans.

 

[The Paperboy]

I haven't had any problem, but according to my local paper, banks are now demanding 40% down for real estate loans.

Perhaps if your credit is poor but I highly doubt that if you have good credit.

 

[Ravi]

Perhaps if your credit is poor but I highly doubt that if you have good credit.

No, it was actually for everyone. The people the article feature interviewed were planning on putting 30% down on a condo that cost $435,000ish and the bank changed the terms to 40% down. From the article, they had good credit.

 

[user_name_guest]

I don't have credit cards *shrug*

but I get offers in the mail all the time

Do you mail them back in a box filled with rocks? Better yet, go to the barbershop, collect a handful of hair. Put the hair in the envelope, mail it back to the credit card companies. Then go back to normal routine. Works everytime.

 

[busara]

I don't have credit cards *shrug*

but I get offers in the mail all the time

i have 2 cards. use one (pay the full balance every month), the other isnt even activated. saved for emergencies. but i get an offer for a new card just about every day. i wish the companies would just save their $ and trees and stop already

 

[The Paperboy]

No, it was actually for everyone. The people the article feature interviewed were planning on putting 30% down on a condo that cost $435,000ish and the bank changed the terms to 40% down. From the article, they had good credit.

What city?

 

[Ravi]

Miami

 

[The Paperboy]

Miami

Now that makes sense. If I'm not mistaken Miami is extremely overbuilt and overpriced so naturally the banks will want a large down payment as the prices will likely fall even more, especially for a condo as there is probably a glut of them.

 

[The Paperboy]

i have 2 cards. use one (pay the full balance every month), the other isnt even activated. saved for emergencies. but i get an offer for a new card just about every day. i wish the companies would just save their $ and trees and stop already

You can actually get cards to stop sending you offers. It's part of the Lifelock service. Probably a way to do it yourself.

 

[Ravi]

Now that makes sense. If I'm not mistaken Miami is extremely overbuilt and overpriced so naturally the banks will want a large down payment as the prices will likely fall even more, especially for a condo as there is probably a glut of them.

Not really. The market has gone down in the last couple of years as the economy has started to lose ground. Now there is a glut, true, but charging people 40% instead of 30% down payment certainly isn't going to help that.

One good thing is that traffic is better as people start leaving.

 

[user_name_guest]

That's what they call market correction. They should let it work.

 

[The Paperboy]

Not really. The market has gone down in the last couple of years as the economy has started to lose ground. Now there is a glut, true, but charging people 40% instead of 30% down payment certainly isn't going to help that.

One good thing is that traffic is better as people start leaving.

A Real Agent friend of mine in the Tampa area tells me a lot of people are paying cash. I really can't blame a bank in a highly inflated area to wait until the dust settles.

 

[dilloduck]

Not really. The market has gone down in the last couple of years as the economy has started to lose ground. Now there is a glut, true, but charging people 40% instead of 30% down payment certainly isn't going to help that.

One good thing is that traffic is better as people start leaving.

np--I'm referring all illegals your way ! Your lonliness will be over soon.

 

[Ravi]

A Real Agent friend of mine in the Tampa area tells me a lot of people are paying cash. I really can't blame a bank in a highly inflated area to wait until the dust settles.

I wonder where they are getting the cash? Is this to snap up repos, or what?

 

[jusstyjonesy]

banks are now demanding 40% down for real estate loans

Eh %40 it'll do 'em good.