i extend a long finger

[skunk237]

J P Morgan Chase can go fuck off right now. it seems that they, along with almost all large banking "entities", got themselves into financial trouble recently. but hey, it's not my fault they lost untold billions, right? i've been consistantly paying my debt with them at, or slightly above, the minimum payment... at a low interest rate that they

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[funkbunny]

Many credit lenders are trying to get a few last-ditch efforts in before the new credit laws take effect - by imposing new fees, reducing limits, raising rates, or straight up closing people's accounts that no longer meet their "minimum standards for lending" despite being customers for years, despite flawless payments (even if they were minimum payments at times), and despite the consumer trying to get on top of their debt.

I admit, my recent experiences with AmEx were less than optimal and while it sucks, I'm re-framing it as debt that's permanently paid off. :)

[skunk237]

that would make sense if i somehow no longer meet their standards. but with a recent credit score of 757...? if that doesn't meet their standards, i wonder how elitist do they think their brand is? they aren't even what AmEx makes themselves out to be ;)

[funkbunny]

AmEx is fucking retarded - you'd be surprised how high they want your credit score. The clincher for me was that we never had a late payment, we were actively making larger payments as we were able to improve not only our debt situation but our credit score by way of debt-to-available ... and they kept slashing our limit every time we made a significant payment (thereby keeping us in a negative credit situation). Then they said we're a poor risk because we had a single 30-day late ..... 7 years ago. No matter - they don't want anyone with even a hint of a late payment no matter how far back it goes. If it shows up, they count it against you as if it happened yesterday.

I will say the first time AmEx slashed our rate it was because our mortgage lender has a high incidence of defaults ... and our mortgage lender is Chase. :P

Haha ... ok I'm over it. :)

[clammm]

Two of my credit cards (one is WaMu/Chase, the other HSBC) tried to up my minimum payment and increase my APR.

All I did was call them, say "wtf?" explain that I've been a good customer, and maybe threaten to close my account (just a little... I wasn't mean), and POOF! My interest rate is DOWN on both cards, as is my minimum payment.

It's annoying, but I can't say I didn't expect them to try to increase everything, considering the way the economy is. The thing is, people get upset and yell at them, or don't even call at all. They just bitch about it, and keep paying.

And are you telling farmers to fuck off for increasing the price of their goods, once gas prices went up? Or are you telling me to fuck off if I have to raise my prices, because my vendors did so?

Just curious.

I've had great experiences with Chase and WaMu, and this is no exception. I actually may end up closing a different card, and transferring the balance to Chase/WaMu, because they lowered my APR quite a bit...

[skunk237]

were you, your vendors or the farmers involved in credit default swaps, securitizing mortgages, and other financial gambling disasters that brought on this economic mess in the first place

[clammm]

I'm not condoning what the banks are doing. I know big business is fucking up/has fucked up. However, there are people who don't know how to keep track of their finances, nor do they care. They just take the free money without considering possible ramifications. Yes, the banks were salespeople. But people have to be responsible consumers, as well.

I seriously believe people should be required to take finance classes in high school or college.

i'm surprised you seem to believe that what the banks are doing is just part of doing business in tough economic timesI didn't say that, nor do I believe that. I just said I'm not surprised at what they are doing. Therefore, I keep my eyes open, watch my credit card and loan accounts carefully, and speak up when i need to. I have to protect myself, and that's what it boils down to. If you are PREPARED, then you can deal. If this banking fuck up comes as a shock, then what the fuck are you doing with debt

[skunk237]

very true. i especially agree with the requirement of financial/budgeting classes. that definitely would've helped me get a better understanding of what i was getting into when i was younger and got my first piece of plastic.

I didn't say that, nor do I believe that.
my apologies.

[schwa242]

One of my credit cards closed my account because I didn't meet creditworthiness since I have-horror of horrors-a mortgage. Well that, and the card was paid off a year ago and I haven't touched it since. I liked having that one there as a cushion in case of an emergency situation, but figured it was going to go away since I've been hearing many times on Marketplace that account maxes were going to be trimmed down even if you did a good job with your credit cards. And we do. My credit rating hovers around 725-750, and Mez's is a little bit higher. On top of that, we always pay a little more than the minimum due on cards because that's supposed to look good. The only thing I'm really ticked about my credit card being closed is that it drops my credit score, but at the same time it pulls several thousand out of the calculation of my income versus potential debt. Haven't noticed anything rotten on any other cards yet. Our Chase card's 0% intro rate just ended, and is now at 11.90%, so that seems to be high enough for their tastes that they

[skunk237]

i don't remember if it was Marketplace or Planet Money, but one of my podcasts was reporting that there will be a new, more honest system for arriving at a credit score... one that won't penalize you if you're late with one payment... but will if it's a habitual thing. i dunno. i heard about it once and then the story disappeared.

being that i can't quite understand the current logic that your score should be lower if an account closes, probably means that the rule is stupid and it might be going away soon. we shall see.