In all seriousness, do you live in Nigeria or another 3rd world place, mate? i thought with that picture of the great GG, you were a US based elitetrader--- I am only talking about the USA, so unless you are talking US banks, I can't help you. Surf
Nope in Ireland but I assume the less you earn the smaller your credit line will be, so the minimum doesn't really mean much.
Traders who lose money don't get a loan nor mortgage. Traders who make money do not need a mortgage or loan. I have never once in my life had a loan or mortgage and never owed money to anyone except credit card balances which I always paid in full right away. Why would a successful trader need to borrow money for? And if one is not successful why should a bank risk lending to a loser? Even a garbage collector is a better credit than an unsuccessful trader.
How about buying a property to lease ? I really want to own some hard assets just in case some black swan move happens ops:
Banks won't typically lend on a rental property if you have to use the potential rental income to qualify. Unless it is some commercial property with a very long contract and even then I really doubt it as an individual. I actually spoke to a bank here the other day about something similar. We have a little over 50% equity in our house, I was thinking about renting it out whenever we move and buy another place instead of selling it. The banker said they required 2 years of rental income proof to include it as income for the new house or a 2 year contract. Not many individuals are too willing to sign a 2 year rental agreement for a house I don't think...
You might be disappointed if there is no loan from banks. However, think about living WITHOUT paying any interest AT ALL, like the above volpunter. To do that without any loan including credit card (temporary loan for a month WITHOUT interest), you have to keep some cash in your brokerage account for living expense. I admit very few lives like that in the world. My estimate is no more than 10%, mostly for higher class who seeks ultimate economical living theoretically. Of course, for the case of emergency like medical reason, you have to keep good FICO for future loan. Usually no more than three times for any possible loan in his/her entire life. For example, instead of loan for car, you have to save every month for five years. After five years from now, you can change a car with ALL CASH. Furthermore that is more economical than paying interest for the next five years. You make(save) exactly same amount of money that creditors like BAC makes for the loan, based on the zero-sum principle,
Yup I heard something like 80% of homes over $5m in California were all cash deals. Debt free good living is difficult without a super high income. Even if you made $1m per year half goes to taxes and you have to save 100% of your income for 2 years to buy a $1m house.
so, you don't have sufficient funds to pay for a house or condo. But you want to purchase a house on mortgage. What if your black swan strikes? How will you service your mortgage? Simple questions most who easily take on debt almost never think about it, sounds like a lot of disrespect to those who extend credit.
that is bollocks. I rented well into my early 30s and only purchased assets that I was able to afford (meaning I could pay for them). Saying that a mortgage is an intelligent way of using money is utter nonsense (I am not claiming you said that). Purchasing things only when you can afford it is a life choice, nothing more nothing less. The most ridiculous thing that happened to me as a result of my life style was when I came back to the US to study in grad school, purchased a car, and needed car insurance, most insurance companies would deny me because I did not have a credit score. It is the most ridiculous thing I have ever heard. Where is even a penny of credit involved in a car insurance? I pay a premium to buy an option (the insurance contract) , where is there credit involved? And how does a FICO score relate to a medical emergency?
In this elite site, most participants have no such 1M profit case. My personal guess is between 50K to several 100Ks so that 20% profit produce between 10K and several 20Ks.