Third Party & Independents Archives

Credit Card Company to Customers: "GFY!"

Got a wonderfully informative e-mail from the credit card company I’ve had an account in good-standing with for more than 11 years.

Dear Gary,

We consider you such a valued customer and appreciate your many years of good standing with us so much that we've decided to arbitrarily slash your credit limit from $15,000 down to $5,900 for no reason whatsoever. We hope you enjoy the 75 points you're going to now lose off your credit score for suddenly being at-limit on a revolving charge card.

Please let us know if there's a hole we missed.

Your friends at "Patriotic Rapid"

Posted by Gary St. Lawrence at July 18, 2011 11:53 PM
Comment #326062

As a liberal, I have to blame this one on Bush.

Posted by: TomT at July 19, 2011 12:02 AM
Comment #326071

Heh. I bet you triggered one of their automated programs. Did you register for any money management seminars lately? Fill out any paperwork detailing your finances?

These companies sell data to each other. Odds are good Patriotic Rapid found out something about you.

Posted by: Aldous at July 19, 2011 12:48 AM
Comment #326077

Aldous wrote: “Fill out any paperwork detailing your finances?”

Hmmm … you mean other than the mortgage for the second house I bought in February with a median credit score of 794 and paid the entire applications/fees/closing costs out of my pocket (not on credit cards)?

I thought the current philosophy in Bailout Junction was “We only extend credit to those who don’t need it” …?

Posted by: Gary St. Lawrence at July 19, 2011 1:25 AM
Comment #326081


Just cause you didn’t use a credit card doesn’t mean your mortgage wasn’t recorded by a bank somewhere. That’s probably what triggered it.

A computer probably noticed your second house and calculated your ability to pay everything based on your current income. Or something…

Posted by: Aldous at July 19, 2011 2:09 AM
Comment #326087

Well it appened on Obama’s watch so, yeh, it’s got to be Bush’s fault! :)

Anyway, I had the same thing happen to me all because I took advantage of one of thos zero interest promotions on a card I never use. I talked to some very nice person in India about it for an hour or so but then just decided to cancel the whole deal.

FYI my experience was with Citi and my card said (no longer have it) “member since 88.” But none of that really matters when you are just a score.

Posted by: George at July 19, 2011 10:40 AM
Comment #326098

George, I was in the credit lending business for many years back in the 60’s. Back then, we used local credit bureaus and now we use national credit bureaus.

Frankly, I see no problem with credit scoring. Lenders still look at the credit report, job history, income, current debt obligations and such. A credit score merely consolidates all these factors into a single number.

The scoring system has significantly decreased the time it takes for a credit approval in many cases. One can be approved online for a credit card in seconds or minutes if one has a high score. Not having a high score is not an automatic decline, it merely takes more time for a real live person to analyze all the data and then make a decision.

If one wishes personal attention it can still be obtained at your local bank. I have found local bank loan officers very willing to spend time with consumers applying for a loan of some type.

Posted by: Royal Flush at July 19, 2011 1:21 PM
Comment #326127

Debt is the most powerful weapon in wealth’s arsenal. With it they can control populations and the governments that represent them.

Posted by: jlw at July 20, 2011 11:49 AM
Post a comment