• We’re currently investigating an issue related to the forum theme and styling that is impacting page layout and visual formatting. The problem has been identified, and we are actively working on a resolution. There is no impact to user data or functionality, this is strictly a front-end display issue. We’ll post an update once the fix has been deployed. Thanks for your patience while we get this sorted.

Damn credit card companies *rant*

C

compuwiz1

Admin Emeritus Elite Member
Went to make a purchase the other day and it was declined, even though I am $9000 below my credit limit. I called and was told my credit line is under review and my account is frozen until they get verification of all of my 2008 income. I asked what set this off and was told that they use various information to make determinations and this is all risk management based on current economic trends.
What a pain in the ass. Should I just tell them fo F/O and close the account? Being pissed, that was my initial thought. I had another way to pay for the item I was purchasing, but what if I had been away from home depending on that card for gas, food or lodging? :|

I have always made more than my minimum payment or paid off on time, no lates or overlimits. I've never been more than 40% of my credit limit.
 
Pay it off and close it. I wouldn't take that shit.

Far as I'm concerned, they can care if I don't make my payment. Other than that, eff off banks.


As for what-ifs: Two cards ftw.
 
Don't close it - new scoring system makes that bad and will give you negative points for it.
 
With all the credit related mess going on, why would anyone want a credit card OR care what their FICO (I love debt ) score was? Not only do you have to worry about ID theft, but the companies themselves are just waiting for ANY excuse to give you the shaft. Credit should be used for buying a home and maybe a car. Everything else should be bought with cash. Want some of your freedom back, pay off and close all your credit accounts.

Rant Concluded.
 
Originally posted by: CoachB
With all the credit related mess going on, why would anyone want a credit card OR care what their FICO (I love debt ) score was? Not only do you have to worry about ID theft, but the companies themselves are just waiting for ANY excuse to give you the shaft. Credit should be used for buying a home and maybe a car. Everything else should be bought with cash. Want some of your freedom back, pay off and close all your credit accounts.

Rant Concluded.
Click to expand...

What if you do wedding invitations and they're done wrong?
 
Originally posted by: CoachB
With all the credit related mess going on, why would anyone want a credit card OR care what their FICO (I love debt ) score was? Not only do you have to worry about ID theft, but the companies themselves are just waiting for ANY excuse to give you the shaft. Credit should be used for buying a home and maybe a car. Everything else should be bought with cash. Want some of your freedom back, pay off and close all your credit accounts.

Rant Concluded.
Click to expand...

Ever try and rent a car or reserve a hotel, or buy something online without a credit card? I don't like to travel with a bunch of cash on me. Using a credit card for convenience and safety makes my world operate a lot smoother.

 
Originally posted by: dquan97
Recently, they cut my credit line from $30k down to $4k for no reason...
Click to expand...


Perhaps you missed that little event over the past year where the banking industry has suddenly become overly risk averse now that they realize risks can have consequences.
 
Originally posted by: dougp
Don't close it - new scoring system makes that bad and will give you negative points for it.
Click to expand...

Closing an account esp one with a high limit and old age has always been a ding for most people.

Many are learning more about credit score and how it's generated now and think it's 'new'.

Also 9 times out of 10 any FICO you are getting online (not talking FAKO) is not what a bank or car dealer will use. Also some banks have their own scoring system.
 
Originally posted by: dquan97
Recently, they cut my credit line from $30k down to $4k for no reason...
Click to expand...

I'm sure they had a reason. Its just that it had to with them taking on too much risk rather than your credit history.

However, I wouldn't want to walk around with a CC that had a 30K limit. Too dangerous.
 
Originally posted by: Bateluer
Originally posted by: dquan97
Recently, they cut my credit line from $30k down to $4k for no reason...
Click to expand...

I'm sure they had a reason. Its just that it had to with them taking on too much risk rather than your credit history.

However, I wouldn't want to walk around with a CC that had a 30K limit. Too dangerous.
Click to expand...

Not dangerous unless you are talking racking it up yourself. Having a large credit line is really the main reason to go to credit.

If you are unknowingly charging regular items and not paying them off within the month your are living beyond your means. There are times when you may want to do this though and that is another benefit of credit.

However if you have no exit strategy eventually you will fail at this.

CC companies are now going after all the loopholes like AOR's and simply stating you make $200k+ a year, etc....

 
Originally posted by: dougp
Don't close it - new scoring system makes that bad and will give you negative points for it.
Click to expand...

Of course the credit card companies are going to game the system to benefit themselves...
 
As mentioned, AmEx is doing this to many, many customers. It doesn't seem to matter how long they've had the card, or whether they have ever had a late payment, charged over the limit, or committed any other transgression. AmEx can (and does) freeze your account without warning and then demand access to your tax return by asking you to complete a form authorizing the IRS to supply a copy directly to AmEx. They won't accept a copy from you directly. This process is known as "Financial Review".

Some people have had it happen more than once. Some people who submit the tax information get their account restored like it was, others get it restored with a reduced credit limit, some have their account closed. If you don't give them access to your tax return, your account will be closed.

It makes those "Don't leave home without it" commercials outright laughable. It's now more like "Don't leave home without a backup card, since you might find we froze your account."

I guess it comes down to whether you want to give them access to your tax return.
 
Originally posted by: CoachB
With all the credit related mess going on, why would anyone want a credit card OR care what their FICO (I love debt ) score was? Not only do you have to worry about ID theft, but the companies themselves are just waiting for ANY excuse to give you the shaft. Credit should be used for buying a home and maybe a car. Everything else should be bought with cash. Want some of your freedom back, pay off and close all your credit accounts.

Rant Concluded.
Click to expand...

Because it is a royal pain to pull up to the gas pump, walk inside, prepay with cash, pump your gas, then go back in for you receipt and refund of however much you didn't use.

Credit card = swipe, pump, done.

Plus it makes buying online much easier.

I pay the card off every single month. It gives me more freedom, not less.
 
Get out of the ghetto and pay after pumping like most of them are and this way when you go inside you pick up some goodies. 😉
 
Originally posted by: Newbian
Get out of the ghetto and pay after pumping like most of them are and this way when you go inside you pick up some goodies. 😉
Click to expand...

There are zero pump before you pay stations here and I do not live in the ghetto.

 
Originally posted by: CoachB
With all the credit related mess going on, why would anyone want a credit card OR care what their FICO (I love debt ) score was? Not only do you have to worry about ID theft, but the companies themselves are just waiting for ANY excuse to give you the shaft. Credit should be used for buying a home and maybe a car. Everything else should be bought with cash. Want some of your freedom back, pay off and close all your credit accounts.

Rant Concluded.
Click to expand...

Good luck qualifying for a home or auto loan (or at least one with the most favorable terms) if you don't have any prior credit history.
 
You must log in or register to reply here.

TRENDING THREADS

Back
Top