Thats because banks are hoarding cash and not loaning it out.

They are flirting with their reserve amounts all the time and are in the business of making money for investors in their stock - NOT helping you out in any way shape or form.

They have the perfect scenario- you give them money -
They invest it how they see fit.

When it doesn't work out they get free money from our government to replace what they gamble away. Then to top it all off they give themselves bonuses with that money.

Then when they do decide to loan money- they "create money" out of thin air with the fractional system about 90% actually.

True- the government lets them do it, but the big banks are simply another batch of wall street thieves manipulating the system and skirting the rules whenever they dong think they'll get caught.

Lather- rinse repeat.


UD

America...the land of the free....

Not so free if you are a gun manufacturer and want to bank with Bank of America. They just cut ties with the McMillan group because they build guns.....guns that are used by the US military over seas to protect our freedom.

http://www.globaloutdoors.com/forums...-mc-millan-gro


No liquidity in the boat market and now BOA wont do business with Gun companies...this is whats scary

Another thing thats fun is actually pulling cash from a bank.

I pulled 50K in cash from BofA and stuck half in a safe (at less than 1% why leave it in a bank? )

They really didnt want to give up money and made me fill out a bunch of forms and wait, since I had to wait - I took it in 20's.

They begged me to transfer by wire or check and I asked WHY? so you can hold onto it for more time - like all my other checks? No thanks.

I joined a credit union with the other half.

I also enjoy keeping 100.00 more in my business account than the minimum to charge me a fee- skirting the minimums the exact same way they do.

Thing is there are good people there too, one good guy is a known OSO'er, and Id love to have him as my banker, but they dont work that way, and I wont ask as my hundred K thats left there is hardly worth anyones time at the level they play at.

As such - I just cant feed the machine anymore- it doesn't make me feel like part of the solution.

UD

Anyone with good credit and if they are a high enough income earner would do themselves well to PM me for my bankers info. I had no problems at all financing my MTI and had it done in about 2 weeks with 20% down. The rate was awesome and it was as easy as buying a car.

It's really all about debt to income and just because you think you can afford it doesn't mean you can in the real world. Older boats are a whole different scenario but he can loan on anything that floats as long as you are qualified.

I had a great experience with Affinity Credit union just recently. Loaned me $$ without any problems

That's pretty far from an accuate statement. There are 5 C's to lending

Credit
Collateral
Character
Capacity
Capital

Lacking in one or more "may" disqualify you from a loan or may not depending on how strong the others are.

You are right. But its actually worse than you describe.

Why doesnt Fair Issac actually publish their formulas so we all know how it works?

Heres why -

Because lending institutions want to be able to deny you a loan for any reason they see fit regardless of your actual metrics.

UD

Must be that middle C that will eventually ruin me.

fify