zombieslayer
16 years ago

Zombie, partially correct. Only it was the Martgage companies that (Countrywide, USmortgage or something like that) that were doing those loans. Most banks wont do sub prime, or at the very least they will refer to a sub prime lender. Also, banks have way too many dual checks to allow the lying. Mortgage companies didn't because the lenders and the underwriters were too close of a relationship.

What cause the issues is that theSubPrimes then repackaged all those bad loans (with good ones) worth millions and resold them to investment firms as mortgage backed securities. Then the
Investment companies sold them. When the properties went under so did the underlying securities....bringing everyone down.

What investment companies were heavily involved? Shearson Lehman, Bear Stearns, AIG. Not the Banks. the banks invested with Shearson Lehman, AIG etc.....

No one really did enough due diligence into what was really in the mortgage bundles that were being resold. that was a huge part of the problem. Add to that because of the need for profit to increase stock prices and there was never a real desire to kill the cash cow. However, many people even within AIG brought this to their bosses attention without results.

"Trippster" wrote:



Yes. You are indeed correct.

Let me ask you a question though. Would you invest in something you didn't know about? I can't speak for anyone else, but I have to know about what I'm investing in before investing in it.

What AIG did was completely irresponsible. As far as I'm concerned, they got what they deserved. It's a shame they left our children the bill.
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zombieslayer
16 years ago

Credit Cards:


Like anything else, if used properly is a very usefull tool. Here are some rules I would encourage everyone to follow.

1. Yes, you need one. Many hotels, car rentals, etc will not do business if you do not have one.

2. Own two of them. That is all. Put one in your dresser drawer in case the other one is stolen. We are talking about major cards (VISA, MC, AMEX) do not keep any store cards.

3. Use it every month. not a lot, but every month. You need to show activity.

4. Never let the ballance be over 30% of your credit limit. High than that reflects negitively on your credit report.

5. Zero balances and high credit limits also reports negitively.

6. Not having one ususally shows up on credit reports as "insufficiant credit".

Most importantly, before EACH AND EVERY PURCHASE ask your self, including this purchase, can I pay off my credit card with THIS MONTHS INCOME? If so, go ahead and use it.

High credit scores are incredibly important these days. Revolving credit (credit cards) are an intregal part of your score.

Credit cards are not bad anymore than guns are. It is all in the application.


and for those of you who do not know me, yes, this is counsel from a professional.

"Trippster" wrote:



Tripp - Urgh!

Where were you years ago? I seriously wish I read this back then. Took years to pay off credit debt. You miss one payment and it skyrockets.

Now that mine are almost paid off, I have to close a few of them (see Tripp's #5).

The good thing is because I used so much credit, my credit score is very high. I do have lates but they're 4 years ago.

I strongly advice everyone on the forum to take what Tripp just said and print it out. This is some of the best financial advice I've seen in a long time.

It's going on my fridge tonight.
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Pack93z
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  • Select Member Topic Starter
16 years ago
My wife had incredibly high balances on her cards when I met her, cost me a arm and a leg to pay them off.. they kept the leg. ;)

Damaged my credit rating..

We are down to two cards, a BP on for gas purchases.. and the Discover card.

The rest are snipped, clipped and closed.
"The oranges are dry; the apples are mealy; and the papayas... I don't know what's going on with the papayas!"
IronMan
16 years ago

Credit Cards:


Like anything else, if used properly is a very usefull tool. Here are some rules I would encourage everyone to follow.

6. Not having one ususally shows up on credit reports as "insufficiant credit".

"Trippster" wrote:


I guess I will just have to be "insufficient"

I don't need a credit card or "good credit"
Zero2Cool
16 years ago
Very insightful stuff Trippster, can I borrow your brain for a few years to repair my credit? lol
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Trippster
16 years ago

Credit Cards:


Like anything else, if used properly is a very usefull tool. Here are some rules I would encourage everyone to follow.

6. Not having one ususally shows up on credit reports as "insufficiant credit".

"IronMan" wrote:


I guess I will just have to be "insufficient"

I don't need a credit card or "good credit"

"Trippster" wrote:



Problem is, you do. Do you own your own home? If not, when you go to buy one, your mortgage rate will be based on your credit score. no score or insufficient will result in higher rates and will cost you tens of thousands over the life of your mortgage.

Wanna get a new job? Most companies now do credit reports before hiring. could be the difference between you and your competition getting the job.
"Let Your Light Shine!"
Trippster
16 years ago

Very insightful stuff Trippster, can I borrow your brain for a few years to repair my credit? lol

"SlickVision" wrote:



I can always lend a hand. just bring your old 401k's with you!
"Let Your Light Shine!"
Zero2Cool
16 years ago

Very insightful stuff Trippster, can I borrow your brain for a few years to repair my credit? lol

"Trippster" wrote:



I can always lend a hand. just bring your old 401k's with you!

"SlickVision" wrote:

This will solidify any doubt of how ignorant I am to this stuff. I just started a 401k last year and honestly don't know squat about it or how I'm supposed to utilize it to my advantage.
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Formo
16 years ago
I'm with IronMan on this.. Not that I think credit cards are bad or whatever.. But I want nothing to do with 'em. As far as credit.. Mine's already shot. (18 years old, I was dumb).

The nice thing is, the only thing I would need credit for would be to buy a house. And that isn't going to happen anytime soon, great credit or not.
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Cheesey
16 years ago

Very insightful stuff Trippster, can I borrow your brain for a few years to repair my credit? lol

"SlickVision" wrote:


You might as well...........it's not like he's using it.


(for those that don't know......i'm kidding! I LOVE the Trippmeister!!!) :thumbleft:
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