New inactivity fees on credit cards

[Mean MrMustard]

He is an idea, quit kowtowing to what the massa says up in the bank tower.

So you use the 'massa's' product, and whine about the 'massa's' policy? ...seems horribly stupid on the consumer's part.

Yeah guys, if you don't like something don't try to change it. Either accept it as is or pretend it doesn't exist.

It will change when people get fed up, stop using the product, and they lose money. Bitch all you want, but you're still using their product, so they're still making money off you. Why change?

 

[PrinceofWands]

It has nothing to do with attitude, unfortunately. It has to do with the reality of keeping your FICO up. If you want to "send a message" to the banking industry at the expense of your own FICO, be my guest.

FICO is a whole nother abuse that needs to be investigated and regulated, if not abandoned completely. However, I live perfectly well with absolutely no regard for it at all.

Doing what's right is often costly. People go to jail for doing what's right, they even get killed for doing what's right. Backing down because you'll 'hurt your FICO' just labels you as an absolute total waste of human flesh.

 

[PrinceofWands]

Dayum, where are you from? I don't know how they do it in the rest of the world, other than Canada which is basically the same as the US. A credit rating has a history of most or all of your major loans such as mortgage, car loans, credit cards. Each month or so anybody who is lending you money that you're paying back sends in a report to one of or all three credit agencies. Over time this report can paint a picture of your credit worthiness and an algorithm can compute with a single number a summary of your worthiness, from 550 (you're garbage)-850 (superstar), depending on which agency the score is from. So a deadbeat will have a low score and a responsible person a good one, so when you go for another loan the lender pulls your number and can decide whether you're worthy of their money.

EXCEPT that as already pointed out in numerous threads it doesn't really indicate you're 'responsible'...it indicates if you choose to participate in their game/system. A person can be perfectly responsible, having never had a late bill in his life, but still have a relatively low FICO because they choose not to utilize credit.

Moreover you can artificially alter your score by 'playing the game' just to achieve a certain score. That doesn't indicate in any way that you're 'responsible' in the long term.

Finally, you can also have your score altered by events COMPLETELY beyond your control. Divorce, national employment shifts, etc can all paint a picture of an individual that isn't personally reflective at all.

This is just a portion of why FICO is a lie, and useless, and should be abandoned or reformed under strict regulation.

 

[nobodyknows]

"Terms and conditions are subject to change"

Read the fine print you signed. If you're not making them any money then they don't really want you as a customer. It's nothing personal, it's just business. You aren't entitled to free credit or money.

Well then fuck them. Cancel my account then but do NOT try to blackmail me into paying them an annual fee, because that's what they promised I wouldn't have to do or I would have never let them into my personal business in the first fucking place. It's not a difficult concept. I have the card for my convience but if they think they aren't making enough money off of me then let me opt out instead of changing the rules and sending me a bill.

I will decide if it's worth what they want to charge, not them.

 

[StageLeft]

EXCEPT that as already pointed out in numerous threads it doesn't really indicate you're 'responsible'...it indicates if you choose to participate in their game/system. A person can be perfectly responsible, having never had a late bill in his life, but still have a relatively low FICO because they choose not to utilize credit.

It isn't perfect. When I moved here as an adult with a solid history in Canada I had no credit here, couldn't even get a secured credit card, but I am the same person now that I was then. It is a bit of a game at times, I am artificially keeping a couple of credit cards I don't want just to try and prop up my FICO.

Finally, you can also have your score altered by events COMPLETELY beyond your control. Divorce, national employment shifts, etc can all paint a picture of an individual that isn't personally reflective at all.

Well, it's like insurance. I may be a safe driver but if statistically others my age who have bought Vipers have had a high chance of crashing them, the insurance company will assume I will, too, and up my rates.

This is just a portion of why FICO is a lie, and useless, and should be abandoned or reformed under strict regulation.

I think it's like BMI. Not perfect but better than nothing. Really, wouldn't you rather give a loan to somebody with a 740 than a 640 FICO score if you knew little else about them? Since most of us have no personal relationship with a banker they have to reduce us to numbers.

I personally know some people with low credit scores and every one of them deserve that low score for not paying bills on time and acting like financial buffoons. I would not personally lend money to them.

 

[blackangst1]

Then why are they penalizing people with long standing accounts that they aren't using much? All they want to do is blackmail you into paying them some money for nothing. Screw that dude, I'd cancel my account immediately.

So you go out and charge dinner one night. You pay it off before your grace period. No interest accrued. How is that blackmail?

 

[blackangst1]

FICO is a whole nother abuse that needs to be investigated and regulated, if not abandoned completely. However, I live perfectly well with absolutely no regard for it at all.

Doing what's right is often costly. People go to jail for doing what's right, they even get killed for doing what's right. Backing down because you'll 'hurt your FICO' just labels you as an absolute total waste of human flesh.

Wow. Youre a naive little boy (about credit).

Sir.

 

[blackangst1]

EXCEPT that as already pointed out in numerous threads it doesn't really indicate you're 'responsible'...it indicates if you choose to participate in their game/system. A person can be perfectly responsible, having never had a late bill in his life, but still have a relatively low FICO because they choose not to utilize credit.

Moreover you can artificially alter your score by 'playing the game' just to achieve a certain score. That doesn't indicate in any way that you're 'responsible' in the long term.

Finally, you can also have your score altered by events COMPLETELY beyond your control. Divorce, national employment shifts, etc can all paint a picture of an individual that isn't personally reflective at all.

This is just a portion of why FICO is a lie, and useless, and should be abandoned or reformed under strict regulation.

FICO is unaffected by divorce. WTF is an employment shift? Unemployment resulting in not paying your bill? Geez man get some credit 101 under your belt.

 

[ShawnD1]

FICO is unaffected by divorce. WTF is an employment shift? Unemployment resulting in not paying your bill? Geez man get some credit 101 under your belt.

I don't even think the bank cares what your job is unless you're applying for a huge loan. I asked my CC company to raise my credit limit from 2k to 5k, and I straight up told them that I was an unemployed student, but they still increased the credit limit.

That doesn't sound impressive, but try to keep in mind that when I first tried to get that card they wouldn't even give me a $500 non-secured limit, and I was making $40,000 per year at the time. They clearly don't care what my income is.

 

[PrinceofWands]

FICO is unaffected by divorce. WTF is an employment shift? Unemployment resulting in not paying your bill? Geez man get some credit 101 under your belt.

I assumed you were capable of making reasonable inferences so I didn't waste my time, but:

FICO is unaffected by the legal process of divorce, but is directly impacted by much of what often goes on during or after a divorce. When a vengeful ex uses their knowledge of your personal information to open and abuse accounts, or when the divorce decision destroys your financial stability to the point where existing accounts go delinquent, or when they run off and take enough of your money to make it impossible to stay current, or when they go into default on accounts you shared that were assigned to them in the divorce, or just the process of closing old joint and obtaining new single accounts, or any number of other things which are simply beyond your control in the short term. While it's true that many can eventually be solved through litigation, if someone had enough money FOR the litigation then they wouldn't be in trouble in the first place. And while that's all going on (which can take YEARS to get through) your score is screwed through no fault of your own.

While some unemployment is the fault of the worker, serious systemic employment shifts can cause widespread unemployment with no fault on the actual employees. Moreover, in such serious times (like we have right now) it can be difficult if not impossible to find work. This can lead to damaged credit if it continues long enough, even though the individual can be otherwise responsible. NO individual can compensate for the complete burnup of a nations entire economic infrastructure...but we can lose our credit ratings from it just the same.

Get some life 101 under your belt and quit living in the imaginary world of economic formulas that are all lies anyway.

 

[StageLeft]

I assumed you were capable of making reasonable inferences so I didn't waste my time, but:

FICO is unaffected by the legal process of divorce, but is directly impacted by much of what often goes on during or after a divorce. When a vengeful ex uses their knowledge of your personal information to open and abuse accounts, or when the divorce decision destroys your financial stability to the point where existing accounts go delinquent, or when they run off and take enough of your money to make it impossible to stay current, or when they go into default on accounts you shared that were assigned to them in the divorce, or just the process of closing old joint and obtaining new single accounts, or any number of other things which are simply beyond your control in the short term. While it's true that many can eventually be solved through litigation, if someone had enough money FOR the litigation then they wouldn't be in trouble in the first place. And while that's all going on (which can take YEARS to get through) your score is screwed through no fault of your own.

But if FICO is supposed to indicate to the lender the chances of them NOT getting their money back, and it's decreased by all of the above, has it not done its job?

While some unemployment is the fault of the worker, serious systemic employment shifts can cause widespread unemployment with no fault on the actual employees. Moreover, in such serious times (like we have right now) it can be difficult if not impossible to find work. This can lead to damaged credit if it continues long enough, even though the individual can be otherwise responsible. NO individual can compensate for the complete burnup of a nations entire economic infrastructure...but we can lose our credit ratings from it just the same.

Get some life 101 under your belt and quit living in the imaginary world of economic formulas that are all lies anyway.

Although being unemployed may not be your fault, it can definitely inhibit ability to pay bills on time, which means the lender isn't getting his money back. Lenders don't give a damn about who is or isn't responsible, they care about that person's liklihood of paying back money.

 

[PrinceofWands]

But if FICO is supposed to indicate to the lender the chances of them NOT getting their money back, and it's decreased by all of the above, has it not done its job?
Although being unemployed may not be your fault, it can definitely inhibit ability to pay bills on time, which means the lender isn't getting his money back. Lenders don't give a damn about who is or isn't responsible, they care about that person's liklihood of paying back money.

That's not what this was all about. My initial objection was that YOU claimed a high score indicated a responsible individual, and a low score was a deadbeat. I was showing you that wasn't true, which I not only did, but you just agreed to.

So thanks.

 

[exar333]

Thanks Obama for bringing this on us...I would rather have people charged crazy amounts for late payments and such rather than all this crap for people who DO pay on time. Why not let the delinquents pay for the services? I am fine with that.

 

[OutHouse]

i think its funny how a lot of people in here totally freak out if their credit score goes down a few points. to me it looks like they are some ubber geek who HAS to maintain a A in every fricken class and if god forbid he drops to a B+ he is a loser and will hang himself in his parents closet.

i can just imagine what is said in some your homes "WTF!!! MY CREDIT DROPPED FROM 845 TO 840!!!!!! WTF WTF WTF, THOSE BASTARDS!!!WHERE IS MY GUN, I WONT STAND FOR THIS OUTRAGE!!!"

 

[StageLeft]

That's not what this was all about. My initial objection was that YOU claimed a high score indicated a responsible individual, and a low score was a deadbeat. I was showing you that wasn't true, which I not only did, but you just agreed to.

So thanks.

Ah, well it certainly isn't always true, just in general. All things equal kind of thing.

 

[PrinceofWands]

Ah, well it certainly isn't always true, just in general. All things equal kind of thing.

I would agree with that...it's certainly worth being aware of...just not right to immediately assume when there are other possibilities.

 

[blackangst1]

I assumed you were capable of making reasonable inferences so I didn't waste my time, but:

FICO is unaffected by the legal process of divorce, but is directly impacted by much of what often goes on during or after a divorce. When a vengeful ex uses their knowledge of your personal information to open and abuse accounts, or when the divorce decision destroys your financial stability to the point where existing accounts go delinquent, or when they run off and take enough of your money to make it impossible to stay current, or when they go into default on accounts you shared that were assigned to them in the divorce, or just the process of closing old joint and obtaining new single accounts, or any number of other things which are simply beyond your control in the short term. While it's true that many can eventually be solved through litigation, if someone had enough money FOR the litigation then they wouldn't be in trouble in the first place. And while that's all going on (which can take YEARS to get through) your score is screwed through no fault of your own.

While some unemployment is the fault of the worker, serious systemic employment shifts can cause widespread unemployment with no fault on the actual employees. Moreover, in such serious times (like we have right now) it can be difficult if not impossible to find work. This can lead to damaged credit if it continues long enough, even though the individual can be otherwise responsible. NO individual can compensate for the complete burnup of a nations entire economic infrastructure...but we can lose our credit ratings from it just the same.

Get some life 101 under your belt and quit living in the imaginary world of economic formulas that are all lies anyway.

lol

Get some life 101 under my belt? You mean like living on my own at 17 with no help from anyone? Like starting a business and watching it bankrupt because I was the little guy and an unnamed large corporation killed my business? Like going through a divorce myself? Like going from $75,000 in debt and living at 120% of my income to no debt and living off 70% of my income? Like raising my personal FICO from high 400's to high 600's?

Kind of like that?

Your responses to this thread indicate although you may be successful, you know absolutely nothing about finances and credit. For example an ex ruining your credit. This is absolutely 100% preventable, 100% of the time. But apparently you dont know credit basics 101 (nor does most of the country).

 

[Thump553]

I wonder what the percentage of P&N threads that fizzle out in offtopic pissing matches is.

 

[blackangst1]

I wonder what the percentage of P&N threads that fizzle out in offtopic pissing matches is.

Shit man 9/10 go south on the first page lol. I like to play a little game sometimes in P&N. If a topic is more than a couple pages long, go directly to the last page and by reading it guess what the OP is about. Hell...half turn into a healthcare thread by the 4th page lol

 

[PrinceofWands]

lol

Get some life 101 under my belt? You mean like living on my own at 17 with no help from anyone? Like starting a business and watching it bankrupt because I was the little guy and an unnamed large corporation killed my business? Like going through a divorce myself? Like going from $75,000 in debt and living at 120% of my income to no debt and living off 70% of my income? Like raising my personal FICO from high 400's to high 600's?

Kind of like that?

Your responses to this thread indicate although you may be successful, you know absolutely nothing about finances and credit. For example an ex ruining your credit. This is absolutely 100% preventable, 100% of the time. But apparently you dont know credit basics 101 (nor does most of the country).

Sure it's preventable. Just keep yourself celibate. Don't make friends, don't let anyone have access to any of your private information. Never have kids. Don't get a social security number. Work 5 jobs to have enough money to hire security, and 3 different credit monitors, and a dozen other ludicrous precautions. Yup, that'll do it all right. Way to be 'responsible'.

Unless you go that extreme no it is NOT preventable. ANYONE can ALWAYS be gotten, if someone cares enough to try. And there isn't shit one you can do about it except clean up after.

Credit rating does NOT necessarily indicate anything about the individual. It may, and often does, but it's NOT definite. There are always other possibilities that a FICO score cannot account for.


I'm out of this for at least a few days. I have more important things to deal with than people who think economics is anything but a load of horseshit.

 

[blackangst1]

Sure it's preventable. Just keep yourself celibate. Don't make friends, don't let anyone have access to any of your private information. Never have kids. Don't get a social security number. Work 5 jobs to have enough money to hire security, and 3 different credit monitors, and a dozen other ludicrous precautions. Yup, that'll do it all right. Way to be 'responsible'.

Unless you go that extreme no it is NOT preventable. ANYONE can ALWAYS be gotten, if someone cares enough to try. And there isn't shit one you can do about it except clean up after.

Credit rating does NOT necessarily indicate anything about the individual. It may, and often does, but it's NOT definite. There are always other possibilities that a FICO score cannot account for.


I'm out of this for at least a few days. I have more important things to deal with than people who think economics is anything but a load of horseshit.

My earlier comment about you - naive - is showing its ugly face. Maybe you didnt know this, but you can put a lock on your credit so that no accounts are opened or changed without your express consent. i.e. verbal or in writing. You know this, right? (that was a trick question).

Credit rating does NOT necessarily indicate anything about the individual. It may, and often does, but it's NOT definite. There are always other possibilities that a FICO score cannot account for.

No one has argued this. There are exceptions to every rule, but the exceptions make the rule true.