Us Credit Card Holders

[Scott]

I always enjoy watching the 'Suze Orman Show' (so yes, you economic folks can go ahead and flame away). Quite sometime ago, I started taking some of her advice--not all, because some of it doesn't apply to Thailand. I did, however, make sure I have no credit card debt. Have 1 card, always pay the balance and rarely use it. It's nice for buying things on line, booking airlines etc. I did buy a new television with a 0% for 10 months or something like that, otherwise I carry a balance of zero.

I also had some property in the US, which had little value and decided a couple of years ago to get rid of it, which I did and I am sure glad I did.

I now live within my means (mostly) and, at least for right now, don't have too much to worry about.

I sure am glad. I enjoy reading threads like this and learn a lot, so thanks for all the helpful information--even if everyone doesn't agree with each other.

[VegasVic]

I think that, like other bubbles of late, is likely to work its way thru the real estate market in the coming months.

I am continually reading forecasts of a bottom in the US housing bust coming in a few months or late next year. I think that people just can't grasp the scope of this problem, which is hardly surprising since there has never been such an economic event in US history before. The nearest example is the Japanese housing bubble. Houses in Japan peaked around 1989 and are now down 65% to 75% from the peak values. Those peak values will never return. Because Japan went through credit, equities. and housing bubbles that burst, just as the US now has, Japan is the best available, though an imperfect, indicator of what to expect here in the US.

Therefore, I expect US housing to bottom out in the period 2012 to 2020. Houses will never regain their peaks of 2005/2006. Those homeowners who wish to sell, but are unwilling to accept the current market value will be holding a house worth much less five years from now.

"I expect" that you and jingthing haven't the first clue as to what is occuring in the U.S. real estate market at the present time First of all lets start dealing with the facts! Currently there are 2.75% of all U.S. homes (including condos and manufatured housing as well) that are in "some stage" of foreclosure, this number includes houses that have already been foreclosed upon and are up for sale by the banks, all the way down to houses that have just recieved their first notice of foreclosure due to payments in arrear! The U.S. housing market is not a singular entity, but rather a colection of regional markets and micro markets, even in California where there are the most U.S. foreclosures filed, there are areas where home prices are only down about 15% from the peak all the way down to areas that are off over 50% from the peak (of course to put this in perspective you must realize that these areas most severely affected are also the areas that rose over 100% between 2004-2006) . There are some areas of the U.S. housing market that have already "bottomed out", and there are others that may not see a bottom for another 1-2 years. As far as your broad statement that "houses will never regain their peaks of 2005-2006" this sounds like a statement from someone who is a bit bitter because he bought in at the top of the bubble. The historical facts of course tell us quite a different story I suggest you take a look back at the past boom and bust cycles of U.S. real estate and you will find out that those homes will not only regain their peaks, but many will do so far in advance of your dire prediction of when "you feel" the housing market will bottom out! I am sorry for whatever situatuion that you put yourself in, and the repercusions that you are currently going through to make you so bitter and unrealistic about what is actually occurring in the U.S. housing market, but to try and "drag those around you down" even in a rhetorical sense is really pathetic New housing starts have been on the decline for well over a year now and the existing pool of homes for sale in most areas of the country is already showing signs of improvement by the "average days on the market " yardstick, and this trend will continue throughout 2009. There will always be some isolated areas of the real estate market like inner city Detroit or Lancaster CA that may never come back, and while these areas get a great deal of press coverage, they represent less than 1/10th of 1% of the U.S. real estate market! I hope your situation improves Capt.

[Wrong Turn]

Full details about this at washingtonpost.com:

Having Less Purchasing Power

The credit card companies are getting hard core:

-- canceling inactive cards

I have 2 credit cards with a $0 balance here in case of an emergency. (Yes, I have cash, also.)

I use these cards once a year to buy a small item to keep the cards current.

I better call the company and check if they are still active.

This is expat relevant as many of us living here maintain US cards. Happy recession!

The credit card companies are apparently next in line for pain.

If the auto-makers run out of money at the end of December because of a lack of a bailout (I don't agree with the bailout), then unemployment will hit 10% in my opinion.

Yes, and 2009 will be worse.

[teacup]

Well it's also depending on your credit score also....ME THINK

Mine is 810, so I still have plenty offers from the credit card companies, and many of them at 1.99% for the balance transfer until paid off.

.....still haven't seen any reduction in my credit limit, as yet....esp with my CITI card

Where can you look up your credit score?

You just can’t look it up, YOU have to buy it….costs around $15-30 - depending on what it is for, and who’s ordering it.

There are 3 main companies, I think they are….

Experion, Equifax, and Trans Union====they basically run your life!!….

Well we are talking about normal/ everyday people here

Well that’s if you still need any loan for any reasons

and…

Most people know their score when they applying for certain jobs that requiring credit report, applying home mortgage, renting an apartment, etcs. Or you can just buy directly from these agency,…just go to their websites.

[jfchandler]

To VegasV... Not sure who all you're directing your comments to.... But I think what you said above doesn't conflict at all with the views I expressed here...

Edited November 18, 2008 by jfchandler

[teacup]

Well it's also depending on your credit score also....ME THINK

Mine is 810, so I still have plenty offers from the credit card companies, and many of them at 1.99% for the balance transfer until paid off.

.....still haven't seen any reduction in my credit limit, as yet....esp with my CITI card

my last fàco score in 2004 was 812. but i couldn't care less what my/our score is as i haven't used any of my platinum/palladium/quantum or what have you U.S. credit cards after i left the greatest Nation on Earth™. credit score for me has as much value and relevance as last week's weather forecast for the Pattaya/Sattahip/Rayong area or the price Jingthing pays for a mafia taxi from Jomtien to Boys Town. my wife and me hold each as main cards to use a Master/Visa card double issued by our bank where we keep our portfolio. there is no stated limit. i am however sure i can buy a Ferrari with any of the cards but might have problems acquiring a Learjet or a 285' yacht

Well I'm not rich and old ....like you....DUH

Still young and ratracing here.......so due to my credit rating, I had the offer of.... 1.99% from Citicards (until paid off) on any purchases more than $600.

So I went out and bought my little used Honda crv - $13000 using the card - I think it’s pretty good deal - FOR ME!!

[VegasVic]

Sorry Jing, I'm NOT confident about anything when it comes to real estate in the U.S., and I didn't say I was...

But, there are a variety of things happening.. the U.S. govt is heading toward/considering some kind of foreclosure relief measure, the initial wave of subprime loan-related foreclosures is already in the system and frankly, with all the trouble banks are having, they're not really anxious right now to be taking on all kinds of additional distressed/foreclosed properties to add to their balance sheets.

So, my guess is, even if the economy continues to worsen, which it probably will for some time, I repeat, my guess is, the worst/largest collection of the foreclosures are already in the pipeline and getting handled one way or the other.

Does that mean that I think or said housing prices are going to rebound next year... NO... I didn't say that at all... just that the volume of foreclosures probably has already reached its peak..

About values, my first owned house in the U.S. was purchased just before the real estate crash of 1989, which was a pretty big one in Southern California. It was a great house and we enjoyed living there for almost 10 years. It was our home, not so much an investment. But nonetheless when we finally had to move a decade later, the house's market value was HALF of what we had paid originally...and that was TEN years later.

However, up until last year, the value of that same house, then 15-17 years after our original purchase, was probably double what we had paid back in 1989... Today, it's probably back to about what we paid back then. Unfortunately, we finally HAD to move after 10 years. It would have been great if we could have held on another 5-7 years more. But life didn't happen that way.

I guess, thankfully, I can't say the same for the house I currently own in the USA. (Bought back in 1990) CA homes, like Las Wages and other areas are (and have always been) the most fluctuating areas in the USA. Great when the market is in an 'up tick' but can go down very fast as well.

Three words when it comes to real estate (but I am sure you know that):

Location Location Location

Ding dong, I see that you have no first hand knowledge of the Las Vegas real estate market The Las Vegas market was flat from the early 1970's through about 1986 (so much for your theory about wild fluctuations there) and then it made regular steady annual gains of 4-6% from 1986-2003. In late 2003 Las Vegas remained and extremely undervalued real estate market despite those steady gains over the previous 17 years, and then in 2004 it caught the flipper fever that started in So. Cal. Housing more than doubled in many areas of Vegas from early 2004 until late 2006 and then the bubble burst, just as it burst in Cali, Florida and other areas that shot up in an unrealistic manner. Real estate values currently in Las Vegas are higher than they were in 2003 in 90% of the neighborhoods, despite all the foreclosures! Any home bought in 1990 in Las Vegas is likey worth 70-80% or more than you paid for it desipte all the carnage over the past 24 months. Cali homes have been overvalued in my mind for many years now and if you had kept your comments to Cali (which my guess is whre you lived in 1990) you might have been correct I just hate to see disinformation spread, especially about a city that I have known like the back of my hand since the eraly 1980's

[jfchandler]

You just can’t look it up, YOU have to buy it….costs around $15-30 - depending on what it is for, and who’s ordering it.

There are 3 main companies, I think they are….

Experion, Equifax, and Trans Union====they basically run your life!!….

Well we are talking about normal/ everyday people here

Well that’s if you still need any loan for any reasons

and…

Most people know their score when they applying for certain jobs that requiring credit report, applying home mortgage, renting an apartment, etcs. Or you can just buy directly from these agency,…just go to their websites.

Teacup, U.S. citizens are entitled, under federal law, to request a free copy of their credit reports individually from those three agencies once a year, or, if you are denied some credit on the basis of info in your credit reports...

The link is here: www.annualcreditreport.com

But, for the record, since this service is for U.S. folks, the site wants to see a U.S. IP address in order to give you access, something that can be accomplished without too much trouble, even if one is living here in LOS.

This approach is different than the one offered directly thru the three private agencies, where they are in the business of SELLING you access to credit report info along with all kinds of other "security" and credit protection services...

As an example, here's the text that appears on Experian.com's home page...

IMPORTANT INFORMATION: This offer is not related to the free credit report that you are entitled to under federal law. To obtain that report, you must go to www.annualcreditreport.com. The free credit report and score offer above requires enrollment in a trial of Triple AdvantageSM. Cancel anytime during the 7-day trial period* and pay nothing. Otherwise, you will be billed just $14.95 for each month that you continue your membership.

[VegasVic]

To VegasV... Not sure who all you're directing your comments to.... But I think what you said above doesn't conflict at all with the views I expressed here...

JFChandler, I'm not quite sure why you would not know who my comments were directed towards? I thought I was quite explicit in naming jingthing and Capt. Haddock in replying directly to Capt. Haddocks' post. Sorry for any confusion, reread my post and perhaps you will now see who my comments were intended for

[teacup]

You just can’t look it up, YOU have to buy it….costs around $15-30 - depending on what it is for, and who’s ordering it.

There are 3 main companies, I think they are….

Experion, Equifax, and Trans Union====they basically run your life!!….

Well we are talking about normal/ everyday people here

Well that’s if you still need any loan for any reasons

and…

Most people know their score when they applying for certain jobs that requiring credit report, applying home mortgage, renting an apartment, etcs. Or you can just buy directly from these agency,…just go to their websites.

Teacup, U.S. citizens are entitled, under federal law, to request a free copy of their credit reports individually from those three agencies once a year, or, if you are denied some credit on the basis of info in your credit reports...

Well too late for me then, but it's good to know - there are actually free stuffs - out there - nowadays!!!....haha

Thanks ja

[jfchandler]

Hopefully, Teacup, that's why we're here on TV... to occasionally share helpful and accurate information with each other... I think that more than makes up for all the other c**p that sometime occurs...

[teacup]

Hopefully, Teacup, that's why we're here on TV... to occasionally share helpful and accurate information with each other... I think that more than makes up for all the other c**p that sometime occurs...

Well.....I concur here with you UNCLE !!.........err...about the "other c***ps elsewhere

[dingdongrb]

Sorry Jing, I'm NOT confident about anything when it comes to real estate in the U.S., and I didn't say I was...

But, there are a variety of things happening.. the U.S. govt is heading toward/considering some kind of foreclosure relief measure, the initial wave of subprime loan-related foreclosures is already in the system and frankly, with all the trouble banks are having, they're not really anxious right now to be taking on all kinds of additional distressed/foreclosed properties to add to their balance sheets.

So, my guess is, even if the economy continues to worsen, which it probably will for some time, I repeat, my guess is, the worst/largest collection of the foreclosures are already in the pipeline and getting handled one way or the other.

Does that mean that I think or said housing prices are going to rebound next year... NO... I didn't say that at all... just that the volume of foreclosures probably has already reached its peak..

About values, my first owned house in the U.S. was purchased just before the real estate crash of 1989, which was a pretty big one in Southern California. It was a great house and we enjoyed living there for almost 10 years. It was our home, not so much an investment. But nonetheless when we finally had to move a decade later, the house's market value was HALF of what we had paid originally...and that was TEN years later.

However, up until last year, the value of that same house, then 15-17 years after our original purchase, was probably double what we had paid back in 1989... Today, it's probably back to about what we paid back then. Unfortunately, we finally HAD to move after 10 years. It would have been great if we could have held on another 5-7 years more. But life didn't happen that way.

I guess, thankfully, I can't say the same for the house I currently own in the USA. (Bought back in 1990) CA homes, like Las Wages and other areas are (and have always been) the most fluctuating areas in the USA. Great when the market is in an 'up tick' but can go down very fast as well.

Three words when it comes to real estate (but I am sure you know that):

Location Location Location

Ding dong, I see that you have no first hand knowledge of the Las Vegas real estate market The Las Vegas market was flat from the early 1970's through about 1986 (so much for your theory about wild fluctuations there) and then it made regular steady annual gains of 4-6% from 1986-2003. In late 2003 Las Vegas remained and extremely undervalued real estate market despite those steady gains over the previous 17 years, and then in 2004 it caught the flipper fever that started in So. Cal. Housing more than doubled in many areas of Vegas from early 2004 until late 2006 and then the bubble burst, just as it burst in Cali, Florida and other areas that shot up in an unrealistic manner. Real estate values currently in Las Vegas are higher than they were in 2003 in 90% of the neighborhoods, despite all the foreclosures! Any home bought in 1990 in Las Vegas is likey worth 70-80% or more than you paid for it desipte all the carnage over the past 24 months. Cali homes have been overvalued in my mind for many years now and if you had kept your comments to Cali (which my guess is whre you lived in 1990) you might have been correct I just hate to see disinformation spread, especially about a city that I have known like the back of my hand since the eraly 1980's

Vegas Vic,

You didn't understand what I was trying to convey. I meant to express that there are areas that definitely reaped the rewards over the years and are definitely the highest for losses as well now... (i.e. called fluctuations) and LV is one of these areas currently at the highest in the nation for losing.... Yes, it depends on when you bought, and at what price if you are still ahead of the game or not. But my guess would be that there in LV many are losing. Do you disagree with this?

How about looking at the numbers from the first of 2008..... I am sure it has gotten a lot worse since then and I would be even think more so there in LV.

http://www.forbes.com/2008/01/27/homes-und...realestate.html

Oh by the way, you have guessed wrong, my house is located in the beautiful state of Colorado.... Any by the way the value of my house has only declined a little less than 3% over the past few years. (Can you say that for someone who owns in LV?) Unlike the Boulder area where housing has actually increased..... So once again:

Location Location Location

[dingdongrb]

Oh.....I forgot to add some pretty details to my LV graph..... Looks like a freakin sinusoidal wave to me...down and up and down.....Hmmmmm

[sendbaht]

American Express card works best for the wife and I here in CM.

They to me are the best card around. We pay it off each month online and that's it.

[VegasVic]

Sorry Jing, I'm NOT confident about anything when it comes to real estate in the U.S., and I didn't say I was...

But, there are a variety of things happening.. the U.S. govt is heading toward/considering some kind of foreclosure relief measure, the initial wave of subprime loan-related foreclosures is already in the system and frankly, with all the trouble banks are having, they're not really anxious right now to be taking on all kinds of additional distressed/foreclosed properties to add to their balance sheets.

So, my guess is, even if the economy continues to worsen, which it probably will for some time, I repeat, my guess is, the worst/largest collection of the foreclosures are already in the pipeline and getting handled one way or the other.

Does that mean that I think or said housing prices are going to rebound next year... NO... I didn't say that at all... just that the volume of foreclosures probably has already reached its peak..

About values, my first owned house in the U.S. was purchased just before the real estate crash of 1989, which was a pretty big one in Southern California. It was a great house and we enjoyed living there for almost 10 years. It was our home, not so much an investment. But nonetheless when we finally had to move a decade later, the house's market value was HALF of what we had paid originally...and that was TEN years later.

However, up until last year, the value of that same house, then 15-17 years after our original purchase, was probably double what we had paid back in 1989... Today, it's probably back to about what we paid back then. Unfortunately, we finally HAD to move after 10 years. It would have been great if we could have held on another 5-7 years more. But life didn't happen that way.

I guess, thankfully, I can't say the same for the house I currently own in the USA. (Bought back in 1990) CA homes, like Las Wages and other areas are (and have always been) the most fluctuating areas in the USA. Great when the market is in an 'up tick' but can go down very fast as well.

Three words when it comes to real estate (but I am sure you know that):

Location Location Location

Ding dong, I see that you have no first hand knowledge of the Las Vegas real estate market The Las Vegas market was flat from the early 1970's through about 1986 (so much for your theory about wild fluctuations there) and then it made regular steady annual gains of 4-6% from 1986-2003. In late 2003 Las Vegas remained and extremely undervalued real estate market despite those steady gains over the previous 17 years, and then in 2004 it caught the flipper fever that started in So. Cal. Housing more than doubled in many areas of Vegas from early 2004 until late 2006 and then the bubble burst, just as it burst in Cali, Florida and other areas that shot up in an unrealistic manner. Real estate values currently in Las Vegas are higher than they were in 2003 in 90% of the neighborhoods, despite all the foreclosures! Any home bought in 1990 in Las Vegas is likey worth 70-80% or more than you paid for it desipte all the carnage over the past 24 months. Cali homes have been overvalued in my mind for many years now and if you had kept your comments to Cali (which my guess is whre you lived in 1990) you might have been correct I just hate to see disinformation spread, especially about a city that I have known like the back of my hand since the eraly 1980's

Vegas Vic,

You didn't understand what I was trying to convey. I meant to express that there are areas that definitely reaped the rewards over the years and are definitely the highest for losses as well now... (i.e. called fluctuations) and LV is one of these areas currently at the highest in the nation for losing.... Yes, it depends on when you bought, and at what price if you are still ahead of the game or not. But my guess would be that there in LV many are losing. Do you disagree with this?

How about looking at the numbers from the first of 2008..... I am sure it has gotten a lot worse since then and I would be even think more so there in LV.

http://www.forbes.com/2008/01/27/homes-und...realestate.html

Oh by the way, you have guessed wrong, my house is located in the beautiful state of Colorado.... Any by the way the value of my house has only declined a little less than 3% over the past few years. (Can you say that for someone who owns in LV?) Unlike the Boulder area where housing has actually increased..... So once again:

Location Location Location

dingdong, What you meant to express and what you actually posted appear to be two different things. With that said, your own graph clearly shows that if you bought a home in Las Vegas in late 2003 your home would have appreciated quite hansomely up to now (exactly what I posted, and apparently not what has occured in your neighborhood in CO!!!), and since the vast majority of homes in Las Vegas were purchased prior to 2004 then most homeowners in Vegas have enjoyed a very nice appreciation in their homes just in the last 5 years even with the large ammount of foreclosures as of late. Q.E.D.

[Jingthing]

It is projected that soon 1 in 3, yes 1/3 of all US homes for sale will be in foreclosure. This is going to take years to shake out of. It really is the most severe economic situation almost all of us have ever seen (exception for the oldies who loved through the great depression).

Jingthing, the rubbish you just posted moved you on top of the list of those for whom i will issue a certificate stating:

"This is to certify that the holder of this certificate has no fàcking idea as far as economics are concerned, however it is certified too that he possesses a wealth of that "no fàcking idea".

signed:

Naam

Like I said, it is a fact that: It is projected that soon 1 in 3, yes 1/3 of all US homes for sale will be in foreclosure.

[dingdongrb]

Sorry Jing, I'm NOT confident about anything when it comes to real estate in the U.S., and I didn't say I was...

But, there are a variety of things happening.. the U.S. govt is heading toward/considering some kind of foreclosure relief measure, the initial wave of subprime loan-related foreclosures is already in the system and frankly, with all the trouble banks are having, they're not really anxious right now to be taking on all kinds of additional distressed/foreclosed properties to add to their balance sheets.

So, my guess is, even if the economy continues to worsen, which it probably will for some time, I repeat, my guess is, the worst/largest collection of the foreclosures are already in the pipeline and getting handled one way or the other.

Does that mean that I think or said housing prices are going to rebound next year... NO... I didn't say that at all... just that the volume of foreclosures probably has already reached its peak..

About values, my first owned house in the U.S. was purchased just before the real estate crash of 1989, which was a pretty big one in Southern California. It was a great house and we enjoyed living there for almost 10 years. It was our home, not so much an investment. But nonetheless when we finally had to move a decade later, the house's market value was HALF of what we had paid originally...and that was TEN years later.

However, up until last year, the value of that same house, then 15-17 years after our original purchase, was probably double what we had paid back in 1989... Today, it's probably back to about what we paid back then. Unfortunately, we finally HAD to move after 10 years. It would have been great if we could have held on another 5-7 years more. But life didn't happen that way.

I guess, thankfully, I can't say the same for the house I currently own in the USA. (Bought back in 1990) CA homes, like Las Wages and other areas are (and have always been) the most fluctuating areas in the USA. Great when the market is in an 'up tick' but can go down very fast as well.

Three words when it comes to real estate (but I am sure you know that):

Location Location Location

Ding dong, I see that you have no first hand knowledge of the Las Vegas real estate market The Las Vegas market was flat from the early 1970's through about 1986 (so much for your theory about wild fluctuations there) and then it made regular steady annual gains of 4-6% from 1986-2003. In late 2003 Las Vegas remained and extremely undervalued real estate market despite those steady gains over the previous 17 years, and then in 2004 it caught the flipper fever that started in So. Cal. Housing more than doubled in many areas of Vegas from early 2004 until late 2006 and then the bubble burst, just as it burst in Cali, Florida and other areas that shot up in an unrealistic manner. Real estate values currently in Las Vegas are higher than they were in 2003 in 90% of the neighborhoods, despite all the foreclosures! Any home bought in 1990 in Las Vegas is likey worth 70-80% or more than you paid for it desipte all the carnage over the past 24 months. Cali homes have been overvalued in my mind for many years now and if you had kept your comments to Cali (which my guess is whre you lived in 1990) you might have been correct I just hate to see disinformation spread, especially about a city that I have known like the back of my hand since the eraly 1980's

Vegas Vic,

You didn't understand what I was trying to convey. I meant to express that there are areas that definitely reaped the rewards over the years and are definitely the highest for losses as well now... (i.e. called fluctuations) and LV is one of these areas currently at the highest in the nation for losing.... Yes, it depends on when you bought, and at what price if you are still ahead of the game or not. But my guess would be that there in LV many are losing. Do you disagree with this?

How about looking at the numbers from the first of 2008..... I am sure it has gotten a lot worse since then and I would be even think more so there in LV.

http://www.forbes.com/2008/01/27/homes-und...realestate.html

Oh by the way, you have guessed wrong, my house is located in the beautiful state of Colorado.... Any by the way the value of my house has only declined a little less than 3% over the past few years. (Can you say that for someone who owns in LV?) Unlike the Boulder area where housing has actually increased..... So once again:

Location Location Location

dingdong, What you meant to express and what you actually posted appear to be two different things. With that said, your own graph clearly shows that if you bought a home in Las Vegas in late 2003 your home would have appreciated quite hansomely up to now (exactly what I posted, and apparently not what has occured in your neighborhood in CO!!!), and since the vast majority of homes in Las Vegas were purchased prior to 2004 then most homeowners in Vegas have enjoyed a very nice appreciation in their homes just in the last 5 years even with the large ammount of foreclosures as of late. Q.E.D.

Oh thank you wise one for placing words in my mouth since you obviously know all... Now please place your foot in yours..... I stated (my original post) that housing prices in LV were fluctuating, did I not? (Did I say over 100 years, 5 years, 1 year?) I showed this, did I not? Get over it, your house is worth less today by a much larger amount than my house in Colorado from what they priced out 2 years ago. My equity lowered slightly, yes, but yours lowered 'big time'...... As I said.......and will say again:

Location Location Location

[dingdongrb]

BTW, I thought this post was about CCs, not housing........ Hmmmmmmmmm

Back on topic: I love my 0 balance CC........

[Gary A]

I think your information is confusing. Check the below link and you will see that in the US, 1 of 416 homes have received foreclosure notices. That doesn't mean the bank will actually foreclose. The data is from August so not totally up to date.

http://www.economicnews.ca/cepnews/wire/article/118901

[Livinginexile]

I hold and American Express card. Got it when I lived in the USA. They currently have my LOS address (CM) on file as I notified them when I moved over here over 2 years ago. They had no problem with that. In the past year they have increased my credit limit over $8k without making a request. Likewise they have lowered my interest rate for purchases (not cash advances, no problem since I don't use this service) without me requesting them to do so.

I guess this is what happens when you use your card to purchase k's of $$$ and pay off your balance each and every month.....

I have a visa & Mastercard with HSBC. Two weeks ago they increased my credit limits on both cards!

I live in Dubai so perhaps the credit limit downgrading is only confined to US banks.

[midas]

I think that, like other bubbles of late, is likely to work its way thru the real estate market in the coming months.

I am continually reading forecasts of a bottom in the US housing bust coming in a few months or late next year. I think that people just can't grasp the scope of this problem, which is hardly surprising since there has never been such an economic event in US history before. The nearest example is the Japanese housing bubble. Houses in Japan peaked around 1989 and are now down 65% to 75% from the peak values. Those peak values will never return. Because Japan went through credit, equities. and housing bubbles that burst, just as the US now has, Japan is the best available, though an imperfect, indicator of what to expect here in the US.

Therefore, I expect US housing to bottom out in the period 2012 to 2020. Houses will never regain their peaks of 2005/2006. Those homeowners who wish to sell, but are unwilling to accept the current market value will be holding a house worth much less five years from now.

I agree with your perception of things and your analogy with Japan is interesting

because if that can happen in a country of prolific savers and still be so bad,

think of what it is going to be like in America where they haven't a clue about

fiscal restraint and I read somewhere in the last few weeks the average

50-year-old has no more than $2500 personal savings. What do you think about that

Vegas Vic

[Phil Conners]

Where can you look up your credit score?

You just can’t look it up, YOU have to buy it….costs around $15-30 - depending on what it is for, and who’s ordering it.

There are 3 main companies, I think they are….

Experion, Equifax, and Trans Union====they basically run your life!!….

Well we are talking about normal/ everyday people here

Well that’s if you still need any loan for any reasons

and…

Most people know their score when they applying for certain jobs that requiring credit report, applying home mortgage, renting an apartment, etcs. Or you can just buy directly from these agency,…just go to their websites.

Holy Moly, I thought there was some kind of freedom of information act that required those who keep personal information about individuals to inform them of what they hold. At least I know some countries have that.

Anyway I don't have any debt so was just curious to see if I had a credit score at all...

[Jingthing]

I said;

It really is the most severe economic situation almost all of us have ever seen (exception for the oldies who loved through the great depression).

Naam, you said:

Jingthing, the rubbish you just posted moved you on top of the list of those for whom i will issue a certificate stating:

"This is to certify that the holder of this certificate has no fàcking idea as far as economics are concerned, however it is certified too that he possesses a wealth of that "no fàcking idea".

signed:

Naam

So Naam, are you saying the economy is NOT in the toilet, or what?

From today's Washington Post, Richard Cohen where he suggests that Obama needs to more of a fighting warrior like DEPRESSION ERA FDR than glum old Abraham Lincoln (who is apparently Obama's main role model)

Obama's challenge is much different (than President Lincoln's). He faces an economic catastrophe not seen since the Great Depression. The unemployment rate is still a modest 6.5 percent -- a trifle by Depression standards -- but back then only about 10 percent of Americans owned stock. Now nearly 50 percent do, and 68 percent live in homes they own. They all have been severely hurt. These people may not necessarily be out of work but they are certainly out of optimism and, if they are about to retire, out of their minds with worry.

In the past week, I've spoken with a gaggle of experts, some of them in finance, some in real estate and some in just plain investments. I've interviewed media magnates, both foreign and domestic, an investment banker, a manufacturer, and a former banker. This is what I have to report: Economically, we're in a recession. Psychologically, we're in a depression. The reason: None of these experts knows what to do.

Edited November 18, 2008 by Jingthing