- #20168 of 47926
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Re: Two in a row [theatasigma]
by chikoo
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Oct 27, 2007 (10:17 am)
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Replying to: theatasigma (Oct 27, 2007 9:08 am)
I am about 10 months ahead on the car I am trading in
Which money lender wants the principal amount back that fast? their livelihood is in earning the interest on the principal. Fact of life.
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- #20169 of 47926
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Re: Two in a row [theatasigma]
by joel0622
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Oct 27, 2007 (10:40 am)
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Replying to: theatasigma (Oct 27, 2007 9:08 am)
I think that Ford Credit wants people with bad credit so they can give them high loans, earn some money off them till they default, so they can get the car back and then sell it to someone else. People like me who pay more than the loan amount each month and pay it off are not liked as they do not earn the full interest on the life of the loan.
That is so incorrect. It cost a finance company $1000's of $$ to repo a car. If the consumer rolled neg into the loan then it does not just disappear when it is reposed. Also Ford Credit does not sell the cars they repo. They send them to auction and then sue the consumer for the balance which they never get and it ends up being a loss.
No bank in goes into a loan hoping the consumer defaults.
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- #20170 of 47926
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Re: #1000 [jipster]
by benderofbows
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Oct 27, 2007 (11:01 am)
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Replying to: jipster (Oct 26, 2007 4:19 pm)
"Now benderofbows(?) needs to change her username. I always read it as bender of elbows... makes me want to throw back a couple brewskis every time I read it.  "
LOL, there is nothing wrong with your interpretation.
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- #20171 of 47926
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Re: Two in a row [snakeweasel]
by dino001
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Oct 27, 2007 (11:46 am)
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Replying to: snakeweasel (Oct 27, 2007 8:27 am)
One thing you should not do is close the one you have paid off as it could have a negative effect on your credit. Also to keep the company from closing it on you use it occasionally and pay it off at the end of the month.
Closing a credit card would probably not hurt at all as long as remaining cards have long history and low debt to limit ratio. So I think it's OK to cut off the real excess if what's left is in good and long standings.
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- #20172 of 47926
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Re: Two in a row [dino001]
by snakeweasel
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Oct 27, 2007 (12:13 pm)
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Replying to: dino001 (Oct 27, 2007 11:46 am)
The problem with closing a credit card is it reduces your available credit. Reporting agencies use as part of their scoring the actual debt to available credit. That means if you have 5 Credit cards each with $2K available credit and only use 3 of them and those three have a total of $2,500 owed on them you owe 25% of your available credit which is good.
But if you close the two you know longer have you now shoot up to owing 42% of your available credit, that will hurt your credit rating.
So its always a good ideal to keep cards open and used (if only lightly used).
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- #20173 of 47926
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Re: Two in a row [richard64]
by british_rover
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Oct 27, 2007 (12:30 pm)
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Replying to: richard64 (Oct 27, 2007 5:37 am)
$130k a month is correct and that is not the highest I have ever seen on a credit app. The highest I have ever seen was 700,000 dollars a month claimed income.
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- #20174 of 47926
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Re: Two in a row [british_rover]
by jmonroe
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Oct 27, 2007 (1:35 pm)
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Replying to: british_rover (Oct 27, 2007 12:30 pm)
The highest I have ever seen was 700,000 dollars a month claimed income.
There must be something wrong with the water/air in you neck of the woods.
When I made $700K a month (even $130K), I paid cash for everything, couldn't be bothered with credit application paperwork. 
jmonroe
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- #20175 of 47926
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Re: Two in a row [british_rover]
by richard64
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Oct 27, 2007 (1:48 pm)
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Replying to: british_rover (Oct 27, 2007 12:30 pm)
Mercy me. You really do deal with the high rollers. Chikoo pointed out the yearly cost of the Disco. Guess I don't know my cars. The amount of discretionary money that people have today is amazing, isn't it? Guess being a millionaire today is nothing to brag about---Newsweek said that there were literally thousands of them across the country now. It also said that there was a fair number of billionaires in the US now. We used to think years ago that only Uncle Sam had that kind of wallet.
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- #20176 of 47926
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Re: Two in a row [jmonroe]
by snakeweasel
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Oct 27, 2007 (1:49 pm)
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Replying to: jmonroe (Oct 27, 2007 1:35 pm)
Read his post carefully, it says claimed income. I claim a million a month in income (especially to young blonde haired beauties), the reality is much different. 
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- #20177 of 47926
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Re: Two in a row [jmonroe]
by joel0622
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Oct 27, 2007 (1:51 pm)
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Replying to: jmonroe (Oct 27, 2007 1:35 pm)
Your spending is usually commensurate with your income. $185K a month is the highest I have seen and they had a $8500 house note, 3 other cars totaling $2600 a month, and who knows how much you get nailed for taxes on $185K
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