financial melt down has already began

[The Heretic]

I dont owe a dime on any of them but I checked my report this morning and I'm up to $140K in available . A couple at $25K-$30K I dont see much reason to close any of them . I'm surprised they dont close them .

If you don't use a card, then they may close it.

If you go for a mortgage then that is too much available credit - if I understand how they rate it; they don't want you to have so much, then get loaded with a mortgage, and then go out and use all that credit. A moderate amount ($25-$50K) with a long good history is what they look for.

Available credit is just one of the factors.

 

[wired]

If you don't use a card, then they may close it.

If you go for a mortgage then that is too much available credit - if I understand how they rate it; they don't want you to have so much, then get loaded with a mortgage, and then go out and use all that credit. A moderate amount ($25-$50K) with a long good history is what they look for.

Available credit is just one of the factors.

Never been a problem . VA is a whole different world. Just did one 5 months ago. 3% on a 500k . At the time score of 820 but that dropped 50+ points once the mortgage went through as usual.

 

[bikemutt]

Even though I budget for insurance premiums (home, auto, boat, umbrella etc), Safeco does not charge a fee to pay by card. So, thanks for the additional 2% discount

I'm going to look into those 5% Category cards American123 mentioned, sounds like I may be leaving 3% on the table for certain purchases.

 

[The Heretic]

Even though I budget for insurance premiums (home, auto, boat, umbrella etc), Safeco does not charge a fee to pay by card. So, thanks for the additional 2% discount

I'm going to look into those 5% Category cards American123 mentioned, sounds like I may be leaving 3% on the table for certain purchases.

I have a Chase Amazon card: Earn Rewards | Amazon Rewards Card | Chase.com

Most cards, it varies by the purchase type and vendor. I buy a lot of stuff at Amazon so I like it. I used to have a Citi card thru Costco, but they went anti-gun so I cancelled it. Except for Costco merchandise, which I don't buy that often, I get the same rewards thru Chase - same for gas (which I get at Costco), less for merchandise at Costco.

 

[bikemutt]

One area I've noticed is hard to avoid a credit trap is new vehicles. I bought a new truck in 2018, practically had beg to pay cash. They almost had me with their 0% this, 0% that nonsense. What part of "I DON'T WANT TO FINANCE THE TRUCK" is so hard to understand?

I stood up, announced I was heading to Dave Smith in Idaho to buy the truck. Suddenly, they figured out a way I could pay cash for the rig. It's not like I sprung a surprise on them; from time=0 I told them I'm cash buyer. Apparently I have a personal credibility problem I need to work on

 

[coop44]

Finance is where they make their money, well that and dealer incentives from the manufacturer for meeting a certain number. Best thing to do is to let them run on until you get a number on a contract in front of you. You will usually get a better price if they think they can stick it to you on the finance end. At the last minute call your bank and get a check. It is a delight to see their heads spin. Just make sure you get a signed (by the manager) agreement.

just remember, there is no such thing as a free lunch.

 

[bikemutt]

Finance is where they make their money, well that and dealer incentives from the manufacturer for meeting a certain number. Best thing to do is to let them run on until you get a number on a contract in front of you. You will usually get a better price if they think they can stick it to you on the finance end. At the last minute call your bank and get a check. It is a delight to see their heads spin. Just make sure you get a signed (by the manager) agreement.

just remember, there is no such thing as a free lunch.

My first clue should have been the insistence, a prerequisite, that I fill out a credit application. Why on earth should I fill out a credit application to pay cash for anything? Maybe I just look like a drug dealer. And when I say cash, I don't mean $100 bills, I mean a cashier's check from a recognized financial institution, like JP Morgan Chase for example.

The auto industry needs to do a better job of treating potential customers like they ask to be treated. I don't think that's too much to ask.

 

[Cavedweller]

When the hell did this happen?

1940

Telephone surveys sound like a grossly inaccurate way of collecting data. If I receive a call at home during the day, odds are I am not working. I receive a call in the evening, I am likely to tell the caller to eff off.

Try reading the methodolgy. It's not quite as haphazard as you imply. Households are pre-enrolled, sampled for 4 months on a rotating basis.

Given the sample size compared to population I wouldn't consider it very accurate.

According to the BLS, they are sampling at the 90% confidence level. Regardless of how close the reported percentage of unemployment is to the actual percentage, it does reflect the trend. That is what is important to economists.

Actually surveys can be skewed by selecting locales, times of calls, precise wording of questions. It is a very manipulative process.

Sampling is stratified by state, rural/urban areas, predominant industries, etc. Questions are standardized. Is it a perfect system? No. Can the methods be criticized? Yes. Is it manipulated? By whom? There are thousands of people involved at both the federal and state levels. Much of the statistical work is done at the state level by 50 separate bureaucracies, although using standardized methods. Are they all coordinating a mass deception? Highly doubtful.

 

[coop44]

I recall weekly ui claim numbers being reported on nightly news, frequently in the post '08 meltdown. Frequently reported in the same breath as the unemployment rate.

my comments are about surveys as a whole not specifically about this one.

what I find strange is there are jobs for all the young illiterate our schools are graduating. Must be more new starbucks and gas stations than I thought.

 

[grandpaknowall]

I dont owe a dime on any of them but I checked my report this morning and I'm up to $140K in available . A couple at $25K-$30K. Some as low at $3K. I dont see much of any reason to close any of them . I'm surprised they dont close them for lack of use.

Chase did close my credit card without notice, because I had not used it in a year. I would have never known the account had been closed, but I was checking my annual credit reports.

 

[CLT65]

I hope I didn't offend.
yes, the willfully ignorant are especially annoying. They actually have a sort of pride in their ignorance.

so sad that they vote too. The problem with a government of the people, for the people, and by the people is just that, the people.

Not at all. Your thought were completely logical. We all tend to be knowledgeable about things that interest us, and ignorant of things that don't.

 

[CoastRange57]

Zerohedge for financial information ? I don't think so.

I have completed my life style change. I have a paid for brand new manufactured home on 2 acres on a hill top in Central Oregon. Paid for shop, my vehicles have been paid for for years. We are invested a bit more aggressively than most for 62 years old, but have some ground to make up there. Work part time, wife works part time. I am glad I am not in the business world to the extent I was some 10 years ago, the vibe is changing daily, and the lack of business ethics and simple treat your fellow man how you would like to be treated ethic is gone.

I have ran into more sh*tbag contractors and business people doing this build than I would ever thought. Taking one to court to recover some money, others simply don't care if they screw you. You can call and call and call, and ignoring the customer is what passes for customer service these days. I have ran into a few good ones, but overall business ethics sucks.

We don't owe anybody a dime, we never will owe anybody a dime ever again. I can live out my life fishing, shooting, flying and exploring and banks, credit card companies and other institutions can all kiss my old white azz. Well except for my financial guy, he is doing one hell of a job.

 

[Cavedweller]

I recall weekly ui claim numbers being reported on nightly news, frequently in the post '08 meltdown. Frequently reported in the same breath as the unemployment rate.

New weekly claims are one common indicator of labor market strength or weakness, and often reported in conjunction with the unemployment rate, however those numbers are not used in the unemplyment rate calculation.

what I find strange is there are jobs for all the young illiterate our schools are graduating. Must be more new starbucks and gas stations than I thought.

To be included in the unemployment rate, a person must be a member of the labor force. That means they must either be employed or, if unemployed, actively seeking work. That qualification probably doesn't apply the young, illiterate graduates of our government-run indoctrination centers.

 

[Caveman Jim]

Once we sell our place, cash in on our 401K, 403B and move we will tell the banking world to KMA!!!

 

[grandpaknowall]

Zerohedge for financial information ? I don't think so.

I have completed my life style change. I have a paid for brand new manufactured home on 2 acres on a hill top in Central Oregon. Paid for shop, my vehicles have been paid for for years. We are invested a bit more aggressively than most for 62 years old, but have some ground to make up there. Work part time, wife works part time. I am glad I am not in the business world to the extent I was some 10 years ago, the vibe is changing daily, and the lack of business ethics and simple treat your fellow man how you would like to be treated ethic is gone.

I have ran into more sh*tbag contractors and business people doing this build than I would ever thought. Taking one to court to recover some money, others simply don't care if they screw you. You can call and call and call, and ignoring the customer is what passes for customer service these days. I have ran into a few good ones, but overall business ethics sucks.

We don't owe anybody a dime, we never will owe anybody a dime ever again. I can live out my life fishing, shooting, flying and exploring and banks, credit card companies and other institutions can all kiss my old white azz. Well except for my financial guy, he is doing one hell of a job.

Being the same age as you, I have noticed a change in business ethics also. It appears as if the current corporate and business world is morally bankrupt......

 

[bikemutt]

Being the same age as you, I have noticed a change in business ethics also. It appears as if the current corporate and business world is morally bankrupt......

To quote the CEO of a business whom I came to know, when told a lot of his customers were not happy with the service, "I only need to be a tiny bit better than my closest competitor". Sad.

 

[CoastRange57]

To quote the CEO of a business whom I came to know, when told a lot of his customers were not happy with the service, "I only need to be a tiny bit better than my closest competitor". Sad.

Especially if it is not a product or service that is recurring. We bought a manufactured home from #HomesDirect in Redmond and it has been nothing but a pain in the azz to get things done and completed. They tell us it will be taken care of the next day, then they do not show up we call, repeat the same conversation, they say the same thing. The locks did not work, the cleaners did not clean, we are still waiting on two ceiling fans to just be delivered, there was a broken cabinet, they said it would take a week for setup, it has been three now.

The chances of us buying another home are zero, they know that and their competitors are a lot worse. They have our money, they met their profit parameters, and what we will say in a Goggle review does not seem to matter to them.

My main problem is that for a majority of my working career I was involved with a client base that was fixed and finite. I had a potential target group of about 500 potential clients for our services, and there were 3 companies providing those services in a three state area. You had to treat them right because you depended on that fixed group for recurring jobs and income year after year. F one of them over, screw up on the job and they could go to the next company real easy.

I guess I am just being a BOB. Bitter old boomer as the millennials like to blame all of business and society's problems on our generation. Oh well, this project will be done, it is my last construction project ever. If I never have to deal with another contractor again it will be a good thing.

Spring training baseball starts in 73 days. I plan on being there and trying to forget this entire period in my life. After we come back from a week there, the bug hatches start in earnest on the Crooked and Deschutes Rivers, trap shooting season will start in full, and the high lakes will open in June. That is what is important now.

 

[41mag]

the bug hatches start in earnest on the Crooked and Deschutes Rivers, trap shooting season will start in full, and the high lakes will open in June. That is what is important now.

...."you say that like its a GOOD thing".....

 

[bikemutt]

@CoastRange57, I feel your pain. We had a manufactured home delivered back in '98 to a place we owned in E WA.

Everything was going fine until the two tractors with each side of the house showed up. The driver announced he wasn't going up "that hill", he walked back to the highway turn off, said something to the other driver, they dropped both loads on the side of the road and drove off. Things got worse from there before they got better

 

[GWS]

Wow, this thread has drifted