MusicMan
TUG Member
I just took out $15K on my HELOC today . . . from Wachovia...
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Any TUGgers recently get new mortgage, car loan, credit card?
- Thread starter Carol C
- Start date
dmharris
TUG Member
Having lived in Cincinnati for 20 years, it is an old bank that got it's name from the merger of two banks. Here is what I got from the bank:
Fifth Third Bank traces its origins to the Bank of the Ohio Valley, which opened its doors in Cincinnati in 1858. In 1871 the Third National Bank purchased that bank. With the turn of the century came the union of the Fifth National Bank and the Third National Bank, and eventually the organization became known as "Fifth Third Bank."
It is a good bank and Johnny Bench was their spokesperson for a long time.
We got a Lowes credit card a couple weeks ago to buy a dishwasher. Approved. Applied for LLBean new card as their old one was changed to a different bank. Denied even when we have good credit and an old LLBean card. Go figure.
Fifth Third Bank traces its origins to the Bank of the Ohio Valley, which opened its doors in Cincinnati in 1858. In 1871 the Third National Bank purchased that bank. With the turn of the century came the union of the Fifth National Bank and the Third National Bank, and eventually the organization became known as "Fifth Third Bank."
It is a good bank and Johnny Bench was their spokesperson for a long time.
We got a Lowes credit card a couple weeks ago to buy a dishwasher. Approved. Applied for LLBean new card as their old one was changed to a different bank. Denied even when we have good credit and an old LLBean card. Go figure.
I just bought a second home and my young son just bought his first home; 20% down talks!
Jennie
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Yesterday I dropped into my local branch of Bank of America to make a deposit. The branch manager, who is always so cheerful and friendly, looked very harried and upset. Thinking that she might be dealing with a serious personal problem, I went over to ask if everything is "okay."
She told me that everything has been chaotic at the bank for the past few weeks because many irate customers have had their HELOC's "frozen" or greatly reduced. This is a very affluent community in Westchester County (35 miles north of midtown Manhattan). There's a lot of "old" money here. The home values have remained stable. In fact, the average price of single family homes rose 2% in 2008. Most homes are in the 1-5 million dollar range. The owners include doctors, lawyers, business owners, movie, television, and sports celebrities, foreign royalty, etc...
These customers had fully paid first mortgages, high FICO scores, high salaries or high net worth. There was no logical reason to reduce or freeze their HELOCs. One man was so outraged that he closed out an investment account he had with Bank of America worth several million dollars and transferred it to Scottrade. His HELOC that had been frozen was for $200,000 and had been used only sporadically over the 15 years it was in existence, and never for more than 50% of the total available.
We have two accounts with Scottrade which include a high margin line of credit. But I have never seen any notation of these accounts, or asset value, or margin debt, listed on any of our credit reports from the 3 major agencies. If this is the norm, how can banks properly assess a customer's true net worth and credit worthiness?
The bank manager told me that if I thought I would need to draw against my HELOC anytime soon, I better do it now and "park" the money elsewhere in the meantime. Our first mortgage was paid off years ago and we have no consumer debt. We used a small portion of the HELOC to buy a car a couple of years ago but paid it off quickly. Hubby and I have been considering doing a major home renovation project.
So I called the HELOC department and asked how much of our credit line we could access "today." The representative checked and said that the entire amount was available. Then she asked if she could put me on hold. When she returned, she said that her supervisor said they should be able to approve us for a 100% increase in the HELOC amount within 24 hours, if we want more. So go figure!
Through the years, hubby and I have taken advantage of many 0% balance transfer offers. As most of you know, they now typically come with a 3% transaction fee with no cap, so we toss those in the recycle bin. Recently I received a 0% offer from Bank of America for a year with a max $99. transaction fee. When I called to arrange for it, the representative found another old credit card that B of A now owned as part of a bank take-over. He asked if I would like him to combine the two card's which would then double my credit limit. There would be no extra fee for doing so. I agreed and now have a $60,000. unsecured 0% interest loan for a year with the same bank that is closing HELOCs on multi-millionaires
.
And meanwhile, on an almost daily basis, we receive letters from Bank of America offering us a $50,000. debt consolodation loan at a rate of 8.99% a year. Sometimes two letter arrive the same day, one in my name and one in my husband's name. No two are alike. The amounts each of us are offered can vary between $40,000 and $80,000 and the annual interest varies between 7.99 and 9.99%.
Is it any wonder that the banks are in serious trouble?
She told me that everything has been chaotic at the bank for the past few weeks because many irate customers have had their HELOC's "frozen" or greatly reduced. This is a very affluent community in Westchester County (35 miles north of midtown Manhattan). There's a lot of "old" money here. The home values have remained stable. In fact, the average price of single family homes rose 2% in 2008. Most homes are in the 1-5 million dollar range. The owners include doctors, lawyers, business owners, movie, television, and sports celebrities, foreign royalty, etc...
These customers had fully paid first mortgages, high FICO scores, high salaries or high net worth. There was no logical reason to reduce or freeze their HELOCs. One man was so outraged that he closed out an investment account he had with Bank of America worth several million dollars and transferred it to Scottrade. His HELOC that had been frozen was for $200,000 and had been used only sporadically over the 15 years it was in existence, and never for more than 50% of the total available.
We have two accounts with Scottrade which include a high margin line of credit. But I have never seen any notation of these accounts, or asset value, or margin debt, listed on any of our credit reports from the 3 major agencies. If this is the norm, how can banks properly assess a customer's true net worth and credit worthiness?
The bank manager told me that if I thought I would need to draw against my HELOC anytime soon, I better do it now and "park" the money elsewhere in the meantime. Our first mortgage was paid off years ago and we have no consumer debt. We used a small portion of the HELOC to buy a car a couple of years ago but paid it off quickly. Hubby and I have been considering doing a major home renovation project.
So I called the HELOC department and asked how much of our credit line we could access "today." The representative checked and said that the entire amount was available. Then she asked if she could put me on hold. When she returned, she said that her supervisor said they should be able to approve us for a 100% increase in the HELOC amount within 24 hours, if we want more. So go figure!
Through the years, hubby and I have taken advantage of many 0% balance transfer offers. As most of you know, they now typically come with a 3% transaction fee with no cap, so we toss those in the recycle bin. Recently I received a 0% offer from Bank of America for a year with a max $99. transaction fee. When I called to arrange for it, the representative found another old credit card that B of A now owned as part of a bank take-over. He asked if I would like him to combine the two card's which would then double my credit limit. There would be no extra fee for doing so. I agreed and now have a $60,000. unsecured 0% interest loan for a year with the same bank that is closing HELOCs on multi-millionaires
. And meanwhile, on an almost daily basis, we receive letters from Bank of America offering us a $50,000. debt consolodation loan at a rate of 8.99% a year. Sometimes two letter arrive the same day, one in my name and one in my husband's name. No two are alike. The amounts each of us are offered can vary between $40,000 and $80,000 and the annual interest varies between 7.99 and 9.99%.
Is it any wonder that the banks are in serious trouble?
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my son sold his house earlier this month and closed on a home last weekend. I am sure he got a $400,000 mortgage. he had no problem at either end.
Beags - he will be living in Westborough - do you know it?
Beags - he will be living in Westborough - do you know it?
I haven't applied for any loans or credit cards lately, but I shredded 4 credit card offers that came in the mail yesterday.
Someone mentioned having to put 20% down on a house - when I bought my first house in 1980, the credit union asked for 40% down. Of course the house was only $36,900, but not many people at that time had that kind of money available.
Someone mentioned having to put 20% down on a house - when I bought my first house in 1980, the credit union asked for 40% down. Of course the house was only $36,900, but not many people at that time had that kind of money available.
I continue to receive offers from Chase for balance transfers with no fee and no interest for 15 months. The last one I did Chase limited the initial credit line but when I called to activate the credit card Chase increased the line and did another no fee balance transfer to the new line limit.
I'm still using these no interest, no b/t fee credit cards to pay my mortgage. I keep trusting that the banks know what they are doing and have a way to make money somewhere while they offer these sweet deals to me.
bogey21
TUG Member
Bought a new Mazda MX-5; 100% loan; 10.25% interest rate. Rate is high, but after all it is a 100% loan. But heck, I'm 73 and like the car!!
GEORGE
GEORGE
caribbeansun
TUG Member
Interesting how things differ from one country to the next - lots of offers for 0% financing for 6 years on new vehicle purchases in Canada.
bogey21
TUG Member
People with my credit history don't usually qualify for these promotional rates
GEORGE
I am working on a debt free lifestyle (thanks Dave Ramsey). We continue to get CC offers daily that I have to rip up. My dream is to never need to apply for credit again.
I know this approach is not for everyone, but it has been a load off my mind in recent days.
I know this approach is not for everyone, but it has been a load off my mind in recent days.
Beaglemom3
TUG Member
IngridN
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It's an absolutely incredible feeling to be totally debt free. Over the years I kept reading articles about how "foolish" people were to agressively pay off their mortage instead of leveraging and investing those funds instead. We were one of the "foolish" ones
.Ingrid
Beaglemom3
TUG Member
Very nice town, about 20 miles from me. Let me know when you visit !
Maxed Out
I just watched a very revealing and prophetic documentary from 2006 called "Maxed Out: Hard Times, Easy Credit and the Era of Predatory Lenders" about the consumer lending industry. It touches on all aspects: debt collections, FICO scores, credit card companies targeting those least likely to be able to pay, because they are the most profitable customers, foreclosures, etc.
Did you know that major banks own all those little check cashing stores in small or urban towns?
Did you know that Suze Orman is paid by the FICO organization? It is implicated by the doc that this affects her advice regarding keeping high credit limits.
They touch on Dave Ramsey. Eliot Spitzer is interviewed (pre-scandal).
It next airs on TMC, 10/24, 9:20 AM, if you want to set your DVR to record it.
I just watched a very revealing and prophetic documentary from 2006 called "Maxed Out: Hard Times, Easy Credit and the Era of Predatory Lenders" about the consumer lending industry. It touches on all aspects: debt collections, FICO scores, credit card companies targeting those least likely to be able to pay, because they are the most profitable customers, foreclosures, etc.
Did you know that major banks own all those little check cashing stores in small or urban towns?
Did you know that Suze Orman is paid by the FICO organization? It is implicated by the doc that this affects her advice regarding keeping high credit limits.
They touch on Dave Ramsey. Eliot Spitzer is interviewed (pre-scandal).
It next airs on TMC, 10/24, 9:20 AM, if you want to set your DVR to record it.
TimeshareFan
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Very interesting thread to read! I enjoyed hearing the experiences from everyone.
Thanks Carol!
Thanks Carol!