The credit freeze, which is shifting into overdrive heading into the holiday season, is expected to hit consumers harder than corporate America. Have you felt any of the repercussions yet? Take our poll and then share your experience by sending us an e-mail.
Related Links:
- Credit Crunch Likely to Hit Consumers Hardest
- Loans: Tougher, But Not Impossible
- Slideshow: Credit Crisis Play-by-Play
- Crisis Primer: How Safe is Your Money?
CNBC.com Users Share Their Credit Stories:
I've paid down my credit cards to less then 80% of my limits. I have >$10K available balances and could not get a limit increase on a $300 card. - Rick
Just closed on a 15 year mortgage for a new house - no problems. - Bill
I recently applied for an American Express card to do a balance transfer for my new air conditioner so that I would pay for it without interest. After qualifying I asked for my credit limit and it was $24,500. Wow!!! Over the phone. No problem here. - Patty
I broker large land development financial transactions. Land now is basically worth nothing and the banks are freezing the developers credit lines. Many of my clients have 70 to 80% pre-sold projects that now face total collapse due to the lack of available credit. -Preston
I recently tried to get a private school loan for living expenses. I have done this in the past and never had trouble until last week when I applied. - Adanna
Some of my credit card limits have greatly been increased during this crisis. We have also applied for additional credit cards for home improvements and received them. I am not working and also was approved for another credit card. - Marie
I just secured a $50,000 line of credit at US Bank for my small business. They didn't even ask for a personal guarantee or a company financial statement. Go figure. And I have a verbal ok from another local bank for a $400,000 line of credit if I need it. My business gross's about $4 million a year and nets about $500k, so the $400k is a large loan for us. We have not needed the money yet as I have financed the business from my own personal cash so far. - Frank
No problem getting a home loan yesterday and received an email this morning from one of my credit cards informing me of a unilateral 50% INCREASE in my credit limit. - DB
I was a loan officer in the mortgage business for 7 years, and was very successful. I got out of the biz in july because I had a client with 750 credit score who made 250k a year(W-2) and was putting 10% on a 600k house, and I couldnt get him closed...and that was 3 months ago. I have been telling people, things would get worse before they got better. I dont understand why politicians are blaming low-income households for the problem, when 19% of the ARMS in default are PRIME ARMS at 6.5% or less - Kevin
Because I travel for my work, I have a Credit Card for that purpose, but it only has a $4000 credit limit, which I pay off every month. I tried to get my limit up by another $2000 but I was refused, even with a FICO of 720. I tried to get another credit card at my bank and I was turned down, even though I chose the one with a high interest rate and low limit.— Bob
We just got a Jumbo Conforming 30 year fixed mortgage of $729,500 at 6.375% and closed in 30 days with no problem. Had to sign about 3 times the normal ammount of paperwork but other than that no problem. We did have 25% cash to put down so that made things a bit easier. — Scott
I wanted a home equity loan to pay off my small mortgage balance due. Even though I have 80% equity, an 800 credit score, and a solid income - I was declined. I was told "we are not originating any new Michigan business." — Joe
Just closed a 15 year refi at 5.375%. A bit more hassle with in-depth paperwork requests (which they probably should have had in place for a long time) - but it closed. — Seth
Offer from Chase, 0% for 15 months...I applied, message came up and said, "No new accounts will be taken at this time. We will get back to you within 30 days."— Paul
I just closed on a 250K heloc after 5 days no prob. — Len
If credit is stressed why am I receivng in the mail daily, credit cards and transfer balances for 6 months at no interest? I am confused. — Gary
I work at a dealership and we're having a very difficult time getting GOOD people financed. We had a couple with 750 beacon scores we couldn't get bought, and when you're a 750 you've done everything right. You've done what you are supposed to do. They didn't take on large amounts of debt. No tricky upside down mortgages. They saved their money and have cash in the bank. No debt to income problems. People want to believe that because they didn't over extend themselves they will be ok. They wont realize the problem until it slaps them upside the head and affects them personally. — CD
Just borrowed money for a new boat. The rate was increased by .75 but did not have any difficulty getting the loan. — Dale
I just secured a student loan for my son's last year of college without any problem. I don't think people with good credit ratings are having problems. We shouldn't be giving credit to people with bad credit histories any way. — Denise
I tried to refinance yesterday with one of the remaining "big banks" and I was declined. — Bob
I have had 3 of my 4 credit (card companies) cancel my accounts. Out of the 3 credit cards, 2 of them have a $0 balance. When I called to inquire as the reason, I never rec'd one. They simply stated that I would need to re-apply all over if I wanted to re-instate my credit cards. — Brandon
Even with over 50% of my construction project sold, banks are not lending. The banks told me even with 100% sold they would not lend. Now I am talking with private money and they are focused on the gov't deal.—Dan
I am a loan officer with a local community bank. Our lending requirements have not tightened. We are approving loan applications using the same criteria as we always have. — John
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