Where you shop can hurt credit rating

Kevin Johnson, who, at 29 years old, is the CEO of a PR firm in Atlanta and has an excellent FICO credit score of 764, has recently got the credit limit on his AMEX Blue Credit Card slashed by $7,000 even though he paid his balance in full every month and never late. The reason, according to the letter sent to Kevin from AMEX, Other customers who have used their card at establishments where you recently shopped have a poor repayment history with American Express. After examining his past charges on the card, it seems that the only place where he shopped could raise the red flag is, well, Wal-Mart, even though American Express refused to tell Kevin exactly which establishments “have a poor repayment history with American Express.”

www.thesunsfinancialdiary.com...

What, did I read that right? Great credit, CEO, AMEX Blue Card and WHAT, he had his limit taken down $7,000 for paying his bill generated at WalMart???

Forget the BAU on Criminal Minds, this is called Behavioral Analysis being used to determine credit worthiness. So, let me get this straight, the banks got all that money to stimulate credit so now they have a new way to screw us and not give credit to those who want it.

The six minute video is well worth the time to watch. This is ridiculous how these credit card companies and banks keep finding ways to take our money, and the governments too!

edit to add: kosmicjack posted this link in a different thread about WalMart

[edit on 9/2/2009 by redhead57]