Despite Fed Rate Cut, Loans Are Harder to Get

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liesktwilia of AL @ Oct 26, 2009 23:53:42 PM

We Will Pay

Guaranteed. If you have debt and they see any chink in your armor they will use any number of reasons to raise your credit card interest and it is legal of course. Be late with another creditor and they will be wringing their hands to raise theirs. Seem like a way of price fixing. "Hey Joe at (LoanSharkBank) he paid you late, I will raise their interest too. Hey, why are they having troubles paying 21% from 9% and why are they not getting out of debt. SUCKERS!" "Oops another subprime mortgage....look for more ways to get money.....our prime has went down so WE save a few more bucks"

Last resorts HSBC, Bank of America, Capital one. Yes I too have lost my job over the years and my credit score is shot. Get out of debt and use little of your credit, save if you can....

Oh and the funny part of the banks snubbing you. When you are late on payments and paying late fees, but keeping up for the most part. They make more money off your loan and scold you when you want to refinance...even though you had a rough patch and have a good job again. ANY excuse to make themselves money, BUT that is what they are in business to do. Don't get me started on the Credit Reporting....how does that black box help with "truth in lending" when there is not full disclosure of how you can improve SPECIFICALLY and the weights.

kevin of NC @ Feb 25, 2008 11:00:35 AM

Loans will be harder to get

Lenders took such a loss (at their own greedy doing) that they are going to try to make up their losses somehow. So look out!

Grouch of CA @ Jan 28, 2008 11:03:33 AM

Well, I am a person who just got an auto loan through Capital One, so I am at least grateful that some companies are still willing to work with those who have fell on hard times when it comes to paying down credit.

Chris Bolts Sr. of AZ @ Jan 24, 2008 20:06:15 PM

Lender of last resort

Isn't Capital One a lender of last resort anyway for someone who cannot get a regular loan?

Ben Dover of OH @ Jan 24, 2008 14:16:26 PM

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Alpha Consumer

Kimberly Palmer, senior editor for U.S. News & World Report, writes about how to save money, avoid scams, manage debt, and be a savvy shopper. Send your personal finance questions to her for expert money advice.


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