Thread: Lindorff - No Anger As Wheels Fall Off Obama 'Recovery'

Where's the Anger as the Wheels Come Off Obama's and the Democrats' Recovery Program?

Wed, 06/10/2009 - 19:59 — dlindorff

My bank, a small regional institution that was not involved in sub-prime lending, and that was not a recipient of any TARP bailout money, cut off my home equity line of credit two weeks ago. They did it abruptly, with no notice—I only discovered it had happened when I tried to get a $500 advance from it to cover a payment I was making on my credit card. When I asked what was going on, the local branch manager informed me that “we are closing out a lot of credit lines while we reassess the value of houses in this region, which have been falling.â€

Anyone get their stimulus checks yet?

That's nothing, I paid off my Chase credit card at the end of last year, then they sent me a letter and some access checks basically saying they wanted to keep my business and wanted me to write some checks on my account. The first of this year I used one of the checks, the next day my bank called me up and said Chase rejected the check, they had closed my account!!

I could not believe it, they begged me to use the checks, then closed my account when I did use them!!

Originally Posted by Bowman

That's nothing, I paid off my Chase credit card at the end of last year, then they sent me a letter and some access checks basically saying they wanted to keep my business and wanted me to write some checks on my account. The first of this year I used one of the checks, the next day my bank called me up and said Chase rejected the check, they had closed my account!!

I could not believe it, they begged me to use the checks, then closed my account when I did use them!!

Does that leave a bad entry on your credit history Bowman?

Originally Posted by azwreath

Does that leave a bad entry on your credit history Bowman?

Nope, they had just decided my overall credit limit was too high, 2 months after they thought it was not high enough!

I stick things on a credit card only if I know I can pay off the entire balance at the end of the month. Have been doing this for years so the card companies don't make much money off of me in interest, but I get a few days from having the money taken from my account immediately, versus the debit card.
What I heard a few days ago from Suze Orman on CNBC was that the card issuers are going to change the rules--reducing credit limits for a responsible card holder, so that suddenly I may overspend and they can charge me interest or deny my purchase. These companies are getting desperate, and I am not sure if they have to notify any cardholder about the reduction of credit in advance. Of course, they would not be so desperate if they hadn't tried to give credit cards to newborns and family pets years ago.

Originally Posted by Bowman

Originally Posted by azwreath

Does that leave a bad entry on your credit history Bowman?

Nope, they had just decided my overall credit limit was too high, 2 months after they thought it was not high enough!

Well at least that's good to know.

If it had resulted in a blemish that would've been grossly unfair.