Now this is hard to condone.

[StageLeft]

Originally posted by: Genx87

Paul Pensabene of Saratoga Springs, N.Y., received a statement from HSBC on Dec. 8 that said he had a $359.99 balance and remaining available credit of $8,640. But when he went online to pay the bill several days later, his online account showed that same balance put him over his newly-reduced credit line of $300. And that didn't include the $35 over-limit fee. Pensabene grappled with customer service until they agreed to remove the fee, and then paid the balance in full. "All I could think was, 'Good lord, what if this is happening to someone that couldn't pay their balance off in one shot?'" he says. "They'd end up in default with these fees piling up."

This should be illegal if this is the whole story.

Well, that legislation will make it illegal but apparently it is not yet. I'm surprised it's taken so long.

 

[Chunkee]

no one make any payments for 2 months...perhaps that will get their attention. what this does is screw with everyone, not just the bad apples...and it sux. I got a notice also on a card that carries no balance and have paid off when using it. fuckem. greed will ultimately fail.

jC

 

[nobodyknows]

Originally posted by: Moonbeam
I just made 8 qts of chicken soup with a chicken, three carots, 3 celery sticks, three potatoes, an onion, and maybe 3/4 cups of barley. Chicken soup is Jewish Penicillin.

Potatoes instead of homemade noodles?? Sounds more like chicken stew then chicken soup.

 

[BoberFett]

What does this have to do with the free market? Do contracts not exist in other types of economies?

 

[wirelessenabled]

Originally posted by: heyheybooboo
I just can't believe you guys are picking on those poor hard-working credit card companies.

What's next? Are you going to disrespect payday lenders, title loan companies and your cable service provider? The guy on the corner with brass knuckles?

:roll:

Fixed for ya:thumbsup:

 

[Jhhnn]

Originally posted by: BoberFett
What does this have to do with the free market? Do contracts not exist in other types of economies?

Oh, please. Of course legal contracts exist in other economies. The catch, of course, is what's legal and what's not. Under the current Free Market! Deregulate! Rah! Rah! system, card issuers can effectively call your outstanding balance at any time by reducing your credit limit to, say, $1, then charge fees and penalties if you don't cough it up immediately...

People who have large balances don't have them because they have the money to pay up, now, bet on it...

 

[shira]

Originally posted by: miketheidiot

don't cancel credit cards, it hurts your credit score. just pay it off, and chop it up. When they cancel it do to inactivity it will be done.

Is this really true?

I understand that having too many lines of credit - even if many/most of the lines are unused - can hurt your score. But you're implying that if someone in that state cancels his unused lines, he'll hurt his credit score even more?

Do the credit services have an explanation as to why canceling a credit line causes a downgrade?

 

[jagec]

Originally posted by: shira

Originally posted by: miketheidiot

don't cancel credit cards, it hurts your credit score. just pay it off, and chop it up. When they cancel it do to inactivity it will be done.

Is this really true?

I understand that having too many lines of credit - even if many/most of the lines are unused - can hurt your score. But you're implying that if someone in that state cancels his unused lines, he'll hurt his credit score even more?

Do the credit services have an explanation as to why canceling a credit line causes a downgrade?

The "credit score" is one-half sensible, reasonable metrics and one-half voodoo.