Realistbear Posted February 28, 2008 Share Posted February 28, 2008 http://www.mirror.co.uk/news/money/city/20...89520-20334177/ Equifax: Four out of five 'risky' loans rejected CASHPOINT 28/02/2008 According to a survey by credit reference agency Equifax, 80 per cent of potential borrowers had their applications rejected this month. And spokesman Neil Monro warned many lenders were clamping down on "risky" credit. "That means even those who never miss a repayment could be refused credit," Monro said. "Lenders are looking at consumers' file's information for signs of possible future difficulties. Having several credit cards with high limits may ring warning bells." GAME OVER for Gordon's HPI-BTL-MEW miracle. Quote Link to comment Share on other sites More sharing options...
stuckmojo Posted February 28, 2008 Share Posted February 28, 2008 Call it "culture shock". Quote Link to comment Share on other sites More sharing options...
babesagainstmachines Posted February 28, 2008 Share Posted February 28, 2008 I love the smell of deflation in the morning Quote Link to comment Share on other sites More sharing options...
sambino Posted February 28, 2008 Share Posted February 28, 2008 Whats happening with remortgaging ? Can people still MEW ? or are banks now saying we will take on your mortgage but only its current value Quote Link to comment Share on other sites More sharing options...
grey shark Posted February 28, 2008 Share Posted February 28, 2008 "Lenders are looking at consumers' file's information for signs of possible future difficulties. So it's back to basics for lenders , pity the greed mongers ignored this important fundamental these last few years . Quote Link to comment Share on other sites More sharing options...
JustAnotherProle Posted February 28, 2008 Share Posted February 28, 2008 Could this be the return of the visit to the bank manager to plead for a loan? Quote Link to comment Share on other sites More sharing options...
Sonic the Hedge Fund Posted February 28, 2008 Share Posted February 28, 2008 "That means even those who never miss a repayment could be refused credit," Monro said."Lenders are looking at consumers' file's information for signs of possible future difficulties. Having several credit cards with high limits may ring warning bells."[/indent] This is a very fundimental shift in credit policy lenders have been happy to play pass-the-parcel with revolving credit for several years, now the music has stopped. Quote Link to comment Share on other sites More sharing options...
Realistbear Posted February 28, 2008 Author Share Posted February 28, 2008 This is a very fundimental shift in credit policylenders have been happy to play pass-the-parcel with revolving credit for several years, now the music has stopped. Other than Saint Vincent of Cable*, the medja have not yet grasped the enormity of the problem facing this credit based economy. The music has indeed stopped and there are a lot of people without a chair to sit on. ________________ * A nominee for Patron Saint of HPC.co Quote Link to comment Share on other sites More sharing options...
lulu Posted February 28, 2008 Share Posted February 28, 2008 Could this be the return of the visit to the bank manager to plead for a loan? Lets hope so I would be more than happy to speak to someone with authority about my ability to manage a mortgage. If they were to turn me down then so be it as if they deem me unsuitable for a mortgage then so are most of the rest of the population. Quote Link to comment Share on other sites More sharing options...
OnlyMe Posted February 28, 2008 Share Posted February 28, 2008 I would be more than happy to speak to someone with authority about my ability to manage a mortgage. You'll be sorely disappointed with the majority of banks then, they've transmuted into money knocking shops selling debt like mobile phones. It will take years to train up a new mindset and staff. Quote Link to comment Share on other sites More sharing options...
Sonic the Hedge Fund Posted February 28, 2008 Share Posted February 28, 2008 You'll be sorely disappointed with the majority of banks then, they've transmuted into money knocking shops selling debt like mobile phones. It will take years to train up a new mindset and staff. Good job we still have quite a few good old fasioned Building Societies left then! Notice how all the BSocs are watching the credit crunch with glee; all those adverts on the telly pointing out how the Bsoc were never so greedy and stupid as all those silly bankers... Quote Link to comment Share on other sites More sharing options...
It is different this time Posted February 28, 2008 Share Posted February 28, 2008 http://www.mirror.co.uk/news/money/city/20...89520-20334177/Equifax: Four out of five 'risky' loans rejected CASHPOINT 28/02/2008 According to a survey by credit reference agency Equifax, 80 per cent of potential borrowers had their applications rejected this month. And spokesman Neil Monro warned many lenders were clamping down on "risky" credit. "That means even those who never miss a repayment could be refused credit," Monro said. "Lenders are looking at consumers' file's information for signs of possible future difficulties. Having several credit cards with high limits may ring warning bells." GAME OVER for Gordon's HPI-BTL-MEW miracle. Quote Link to comment Share on other sites More sharing options...
It is different this time Posted February 28, 2008 Share Posted February 28, 2008 GAME OVER for Gordon's HPI-BTL-MEW miracle. Ditto that but don't underestimate Mr Subprime minister as he will soon insert more coins if he can find some! Quote Link to comment Share on other sites More sharing options...
dirge Posted February 28, 2008 Share Posted February 28, 2008 great its just round and round people default, banks morgage based securitys drop in value, banks tie in lending amounts, house prices drop, banks morgage based securitys drop in value, banks tie in lending amounts, more house price drops repeat over and over until we're back to something normal Quote Link to comment Share on other sites More sharing options...
time 2 raise interest rates Posted February 28, 2008 Share Posted February 28, 2008 http://www.mirror.co.uk/news/money/city/20...89520-20334177/Equifax: Four out of five 'risky' loans rejected CASHPOINT 28/02/2008 According to a survey by credit reference agency Equifax, 80 per cent of potential borrowers had their applications rejected this month. And spokesman Neil Monro warned many lenders were clamping down on "risky" credit. "That means even those who never miss a repayment could be refused credit," Monro said. "Lenders are looking at consumers' file's information for signs of possible future difficulties. Having several credit cards with high limits may ring warning bells." GAME OVER for Gordon's HPI-BTL-MEW miracle. Add to this the fact that all 125% mortgages have been stopped, loan to values slashed and the weekly shopping bill up £18.00, it's just as well we can all still get a 36 day old chicken for £1.99 at Tesco, although the bag to take it home in will now cost you 10p. Quote Link to comment Share on other sites More sharing options...
Um_Bongo Posted February 28, 2008 Share Posted February 28, 2008 Equifax: Four out of five 'risky' loans rejected According to a survey by credit reference agency Equifax, 80 per cent of potential borrowers had their applications rejected this month I'm confused. Is it 80% of 'risky' (which is undefined) applications or ALL applications? Why is all news these days so vague? Quote Link to comment Share on other sites More sharing options...
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