Posts by Richard Wright

Andrew Martin13 said:Unfortunately, from what I've seen, this happens quite often and I honestly don't understand how it's even possible.
When it comes time to grant us a loan, they make our lives a living hell, but once everything is finalized, they take forever to close accounts and report the data to the SEC.
In my opinion, it's just plain wrong.
And the worst part? There isn't much you can actually do about the bankers.

Spurred on by that response, I decided to start a brand new discussion thread. Go check it out here:

Good and Bad Banking Experiences—Why Is Top-Tier Service So Hard to Find?

Melissa Miller30 said:Banks are essentially their own little ecosystem—a world unto themselves.
Anyone who’s actually agile—and by that, I mean someone who can look themselves in the mirror in the morning
— could easily make a side hustle out of working a teller window. When you have direct access to cash
and everyone else's checking accounts, there's plenty of opportunity to pad your own pockets.
But let me tell you, it isn't exactly fun if you insist on playing fair and an error pops up. Dealing with a shortage
is a nightmare because every single transaction gets audited all the way until 11 PM—it's enough to fry your nerves.
Personally? I’d return the money.
If the person who started this thread doesn't feel the same way, my advice would be to switch banks immediately,
because they aren't going to stay under the radar for long.

I don't know which specific institution we're talking about, but at one of the top six or seven major banks, it’s incredibly difficult. Sure, someone might pull it off once, but then you're facing consequences far greater than whatever petty cash you managed to skim...

Joseph Cox said:So, here’s my brief take on the whole situation. I have a small mortgage—I was actually working at Wells Fargo when I signed the papers—and it's tied to the LIBOR. Back when I left Wells Fargo, the LIBOR was hovering somewhere between 3.7 and 4, and my monthly payment was sitting right around X (which, mind you, was standard for any regular citizen at the time). Fast forward to now: the LIBOR has dropped below 1, yet somehow my monthly payment has jumped up by 20%. I did some digging and compared rates with other banks, and I'm currently in the early stages of refinancing. It looks like most other institutions (aside from the Federal Reserve) could offer me a rate about 5% to 8% lower, even if their baseline mortgage terms are pretty mediocre.

As for the internal specifics regarding what goes on inside Wells Fargo... I think I'll pass. I have no desire to go off on a tangent and end up having to explain myself to the FBI, the Department of Justice, or Interpol.

Are you absolutely certain it'll be worth it? You have to factor in the early closure penalties, the origination fees on the new loan, the legal fees for notarization... all of that.
Keep us posted on the final outcome—tell us which bank you land on and what the actual terms look like.

Best,

darkmaker94 said:A Visa debit card isn't even linked to your checking account, so I don't get how you'd even end up overdrawn.

Look, they just pull funds from a different account through that card. 🤣
Don't tell me you haven't watched CSI or any other crime shows.

But all jokes aside—I’ve been using a Chase Mastercard charge card for years without a single hiccup... The CVV is just that three-digit code on the back of the card.

dustyhawk73 said:I honestly can't help but wonder if any of you have actually had any real experiences trying to secure a loan?
Personally, I was left completely disillusioned during my time in Santa Barbara. There is this outfit called Euro Partner LLC that presents itself on their website as Europartner D—which isn't even how they are listed in the official business registries as Euro Partner LLC—and they claim to find "fast" international loans specifically for us American citizens. It is nothing short of a total scam. For several months, this woman, M. M., just kept leading me on; I ended up handing over several thousand dollars because she kept insisting she "had" to travel to Austria to finalize my loan. In the end, she just brushed me off, saying she’d spent far too much time on me and that whatever I’d paid her was just a tiny pittance anyway. Honestly, it makes me wonder... if M. M. from Santa Barbara treats everyone looking for a loan the way she treated me, $2.00 she probably doesn't even need to bother trying.

😕

In my opinion, admins should be wiping these kinds of posts off the board entirely. Either redact the company name to initials or something else...
Look, when someone makes their very first post just to launch an unprovoked, baseless attack on a business, it's completely pointless.
I could easily set up a dozen fake profiles right now and claim my competitors are stealing clients' money, or call one guy a liar and the next one an idiot...
I'm telling you this from the perspective of someone who has spent years of blood, sweat, and tears building a brand for my own company, so these little "venting sessions" really get under my skin.
It doesn't even matter whether her story is subjective or objective. She claims she paid them a few thousand dollars, then turns around and trashes them while complaining to *us*!?!?!

😠

From what I recall, a colleague of mine who used to work with an Austrian firm never charged a dime for an initial assessment. Instead, they’d just wait until they had a handful of clients lined up in the same city. They would look over the paperwork sent beforehand to decide if it was actually worth their time to head out there for a site visit and a preliminary walkthrough...

In the end, those costs were simply rolled into the processing fee. 🤷

As for those people handing over cash for an appraisal without getting a single receipt or a shred of documentation? They shouldn't hold their breath waiting for that loan to go through. They should just take it as another expensive lesson learned.

I’d like to request a nickname change. The current one was set up years ago in a rush, and honestly, it doesn't even follow the site rules—it’s got a lowercase starting letter and an underscore instead of a space.

Basically, I'm looking to change my handle to Richard Wright (or Lucas TAF if that's taken)...

Thanks in advance.
Lucas

Richard Wright works; the handle is available. Just reach out to the admin.

goldenmarlin17 said:I need to pull $70,000 by the time I hit 20. The catch? My reported income is all white $1567, while my cash under the table is about $1667.

Standard mortgage terms usually cap out at 15 years. Even if you snag the absolute best interest rate on the market, you're looking at a monthly payment of roughly $650.

In a best-case scenario, the combined gross income for you and your co-signer needs to hit somewhere around $1,900–$2,000—basically three times the monthly payment.

goldenmarlin17 said:Does anyone know of any mortgage options—I'm talking top-tier, reliable stuff—where I wouldn't be disqualified by my past? I had five different collections on my record, but they were all fully settled back in November 2007. I'm looking for a lender that won't obsess over credit scores or old history. I tried working with Wells Fargo, but they turned me away because those marks stayed on my report until this past November. Apparently, once that three-year window closes, you're supposedly clear.

Look, let’s be real: you aren't going to find a mortgage anywhere in the broader US or even the surrounding regions if you don't have decent credit.
The closest thing you'll find are certain loans in the States where the ONLY real perk is that they don't strictly scrutinize your credit report or Red Cross records. Plus, finding co-signers is a bit easier there since having a joint liability won't mess up their standing here in America.

P.S. Being resourceful and being educated aren't the same thing.👍

copperdrifter68 said:Yeah, I phrased that a bit clumsily... but a buddy of mine once told me he spent ages saving up, only to find out the loan amount he qualified for based on those savings was tiny. So, obviously, he just dumped all that cash as a down payment to secure a "normal" mortgage—around $140k. That’s what I was getting at...

And regarding my dilemma... should I go with Wells Fargo or JP Morgan Chase? Any thoughts?

Thanks

Let's get one thing straight: saving money in a housing savings account doesn't guarantee you a loan!
You can only get credit if you actually qualify for it.
Having $25,000 tucked away doesn't mean you have the income to pay back a massive loan...

Goldman Sachs has been incredibly flexible with how they calculate creditworthiness for years. They are much more accommodating than JP Morgan Chase or the Federal Reserve. Honestly, I'd suggest looking into a specialized housing savings plan. Right now, they're running a promotion offering an 8% interest rate during the first year of saving...

When you sit down for the exam, here’s how you handle it: during your first pass, just go through and put a tiny little dot next to the letter you think is right. Don't get bogged down. Don't linger on a single question for more than a few seconds. Just move fast and hit every single one until you reach the end.
Once you've finished that first sweep, go back to page one. This time, actually read everything. Really dig into the context. I always try to visualize a real-world scenario—like a little story unfolding for each question—to make sense of it. Only commit to an answer once you are absolutely certain.

In those final 10 to 15 minutes, look at whatever you left blank and just circle the dots you made during that first quick pass. That’s your best bet.

Also, don't be shy about asking the proctor for help. They can be a huge asset if you know how to use them...

Good luck.

redcyclist21 said:Hey everyone, hope you're all doing great.
I was wondering if anyone knows which bank here in the States offers the biggest mortgage loans with the longest repayment terms? And, I guess, how strict are they being with credit scores and debt-to-income ratios lately?
Basically, my wife and I currently have a mortgage, plus some credit card debt and a couple of personal loans hanging around... I'm really hoping to roll everything into one big mortgage to simplify things.
If anyone here has actually done a cash-out refinance or consolidated their debt like this, or if you happen to know what the best move would be, I’d really appreciate the help....
Thanks in advance!

You're looking at maybe 15 years max.
As for creditworthiness, your monthly payments can't exceed about half of your take-home pay...
Just go online and use a mortgage calculator, like www.chase.com, www.bankofamerica.com, or www.wellsfargo.com... and you'll see what kind of loan you might qualify for.
Take your salary plus your co-signer's salary, subtract any existing debts that aren't being paid off by the new loan, and you'll get a rough idea of your limit.
That's just a ballpark estimate, though. You have to account for the standard stuff when banks calculate your capacity—things like your FICO score and whether you've been staying on top of your bills with major lenders or ended up on a collections list.

Nicholas Turner said:Is it an exodus of talent or a drain on capital? One keeps the bank thriving—the other, certainly not.

Sorry—I meant staff...
As for the clients, they might be losing a bit of ground out in the Midwest, but they're picking up steam with all these new digital services and aggressive marketing. Honestly, I think they’re actually coming out ahead.

"Quote:"

cosmiclynx43 said:I’m looking at a pretty tight window here—I need about $667 within the next 24 hours—so I'm weighing my options. Is it actually worth trying to pull that through a credit union, or should I just stick with a standard bank loan?😕

No, because you’re actually going to end up walking away with more than that. $667...☕

Sandra Williams70 said:Does anyone here work at Hypo—or perhaps have a contact there? I’m looking for some actual, unvarnished intel regarding their pay scales, whether they actually hit deadlines, and the general reputation of the firm. We could grab a bite somewhere and chat.
Feel free to slide into my DMs with any info.

They’ve had a massive amount of turnover over the last few months. Aside from the usual corporate churn, the most likely culprit is the merger with Slavonian Bank and the inevitable HR reshuffling that follows one of those deals...

ambermoose20 said:At Volksbank, they require an application for an indefinite period—or they demand a legal adversary who is also on an indefinite term

Exactly...
I mean, even back when the Austrians were dealing with those "credit sharing" schemes in the Alpe-Adria region, they at least demanded pay stubs from any kind of steady employment—even if it was just freelance work, as long as it was consistent.

Daniel Fisher said:It isn't that I'm getting ahead of myself... honestly, my loan officer over at JP Morgan Chase assured me that there wouldn't be any hiccups and that the approval would come through as quickly as possible. They made it clear that there shouldn't be any issues at all; they even mentioned that this specific type of credit doesn't strictly require a certain credit score, though based on their own assessment, I am more than qualified anyway, so everything should proceed without a hitch...

Mr. Black Hawk. Please, let me know if you actually walk away with that loan. I have two or three clients in almost the exact same boat—some of them are actually in a better position than you—looking for $3,000 to $5,000, and they all have homes in Los Angeles to use as collateral.
So, I did some digging and called both Bank of America and OTP Bank's customer service lines to ask about mortgage-backed loans.
The folks at Bank of America seemed genuinely baffled that anyone is still issuing loans without steady employment, while over at OTP Bank, they basically admitted that they aren't even touching mortgage-backed loans right now.

If you find out this is actually doable somewhere, please reach out. Even just a quick DM would be huge.

🤷

God, I just love these people who act like absolute experts on everything, even when they don't have the slightest clue what the actual question was about.

The vast majority of those flyers you see at gas stations or taped to utility poles are actually talking about cash advances via credit cards.
Kimberly Nguyen was the only one here who actually gave a decent answer to the original post...
Look, that method is technically "safe," but you better run the numbers carefully to see what you’re actually shelling out.
You’ve got the interest rates from the card itself plus whatever "service fee" they tack on. If you can stomach that, go for it. Usually, the only thing shady about it is how they operate; most of the time, they just play matchmaker between someone needing inventory and someone needing quick cash. It results in an immediate sale, and the guy getting the goods usually scores a pretty solid discount in the process.

So, yeah, that's how the whole racket works.
This system has been around forever. If the big banks really wanted to, they could shut these operations down in a heartbeat—especially since these guys are brazen enough to use bank logos in their ads—but let's be honest: the banks are perfectly fine letting them "cycle" those credit cards.

Daniel Fisher said:It isn't that I'm getting ahead of myself... honestly, my loan officer over at JP Morgan Chase assured me that there wouldn't be any hiccups and that the approval would come through as quickly as possible. They made it clear that there shouldn't be any issues at all; they even mentioned that this specific type of credit doesn't strictly require a certain credit score, though based on their own assessment, I am more than qualified anyway, so everything should proceed without a hitch...

Let us know when it actually hits your account. I'll start preparing the ashes for the funeral procession. 🙂

Daniel Fisher said:If you were actually in my position, believe me, you might feel differently... I used to say the exact same things, but you know how that old saying goes... never say never!

I was browsing bankrate.com and stumbled upon some information regarding mortgage products at Chase, but one specific section (in BOLD) has left me feeling quite perplexed:

# No co-signers or deposits required
# Highly competitive market interest rates starting at 7.68% for CHF or 8.68% for USD
# Loan processing fees starting from 0.5% of the total loan amount
# No formal creditworthiness assessment (provided there is steady monthly income)
# Choice of currency for the loan—CHF or USD
# Mortgage serves as collateral at a 1:2.5 ratio
# Cash disbursement directly into the borrower's checking or savings account
# Interest rate reductions available through specialized banking packages
# Maximum loan amounts up to $100,000 USD / $155,000 CHF
# Processing fees can be deducted from the approved loan funds
# Flexibility to choose your monthly payment date (either the last day of the month or another preferred date)
# Property appraisal costs starting from $207 plus tax.

It's written HERE... does this mean that as long as I have a steady monthly income, that's effectively all the proof I need to qualify for the loan???

Also, could someone please explain the concept of a loan with a currency clause in USD or CHF? What is the actual difference between that and a standard cash loan denominated in USD or local currency?

The kind of credit they’re talking about just doesn't exist here—especially not at JP Morgan Chase.
I honestly don't get it. Why on earth aren't you just picking up the phone and calling the number listed on their website to get some actual answers? Instead, we have everyone here sitting around theorizing about things that aren't even real—it’s clearly just a marketing tactic designed to bait customers.

Look, please give us an update on what you actually found out once you finally got someone on the line.