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Let's hope Manual Underwriting in mortgages help LO's give house hunters a break.
@donkort wrote:New York's Governor Cuomo decreed that mortgage payments can be deferred for 90 days without FICO penalty.
I don't know if people would have to "catch up," though.
I think it's put to the end of the loan "back end?"
It will be interesting to see if we see CL's come down, with creditors being fearful of issues. As an example, My Discover Card CL is over $73K. Even though nothing has changed within my profile, I would not be surprised at all if I see the CL come down.
I think a lot of people will be living off the credit cards. And then they won't be able to pay them down once things get back to normal.
@EW800 wrote:It will be interesting to see if we see CL's come down, with creditors being fearful of issues. As an example, My Discover Card CL is over $73K. Even though nothing has changed within my profile, I would not be surprised at all if I see the CL come down.
Yep. CLs have been handed out like candy the past few years. My utilization is a few hundred $ but I'd be surprised if my $25K average CL ($180K total) wasn't reduced, esp. if I began running up balances. Those CLs represent enormous risk to lenders.
@909 wrote:
@EW800 wrote:It will be interesting to see if we see CL's come down, with creditors being fearful of issues. As an example, My Discover Card CL is over $73K. Even though nothing has changed within my profile, I would not be surprised at all if I see the CL come down.
Yep. CLs have been handed out like candy the past few years. My utilization is a few hundred $ but I'd be surprised if my $25K average CL ($180K total) wasn't reduced, esp. if I began running up balances. Those CLs represent enormous risk to lenders.
Adding to my suspicion that I will see a CLD on my $73K Discover account is the fact that I typically only give the account spend of about $100/month. I hope they leave my CL alone, however I strongly suspect that I will see a decrease in the near future.
As a person who regularly reads Wall Street and follows the stock market, we will see an economic downturn for maybe 3-4 months until this work stoppage is stopped. Those who spend more than what they make are the ones who will face financial hardship. After my fiscal crisis in 2011, I started saving money for a rainy day. I have about one year of savings to cover my mortgage, auto payment and insurance. My other spending will be cut back.
My employer has not decreased work hours. I am still working 45-60 hours per week. My utilization is less than .5% across all 15 credit cards I have. I learned my lesson in 2008-2011 so I will never go there.
@CA4Closure wrote:As a person who regularly reads Wall Street and follows the stock market, we will see an economic downturn for maybe 3-4 months until this work stoppage is stopped. Those who spend more than what they make are the ones who will face financial hardship. After my fiscal crisis in 2011, I started saving money for a rainy day. I have about one year of savings to cover my mortgage, auto payment and insurance. My other spending will be cut back.
My employer has not decreased work hours. I am still working 45-60 hours per week. My utilization is less than .5% across all 15 credit cards I have. I learned my lesson in 2008-2011 so I will never go there.
Well it sounds like you are in very good shape. I need to make this my goal after this current crisis is over because there is definitely going to be another one later on down the line.
Bankruptcies, defaults, and unemployment will skyrocket.
This will be worse than 2008.
There will always be people who can withstand anything whether it be they have money, good job, etc but for many of us losing our jobs is catastrophic as many cant save for these emergencies ( i wish i could have). I never want to burn lenders after my bankruptcy so i tried to pif most of my charges. I still acrued debt that without work cant be paid as i would like. I really dont want to use my credit cards to survive cuz as it was said, just more debt to be paid back No job no pay back. I try as hard as i can to survive as i run out of cash. Im lucky in that i have no kids but i do try and take care of my sister and nephew who dont have much and my Dad. At the end of day if you have to choose between paying a bill or eating, well...
Stay safe everyone, stay clean