This is horrible... more proof of the failing economy. I think this thread should have been posted under the global meltdown section though

Once I found out last year that the Federal Reserve was a private company with roots across the pond , I closed all accounts and do all barter now with a little cash here and there.I also tell people standing in line at the store.

How many failures so far this year? 80 something last I heard? I hope you all have some silver/gold stashed.

huh, we're in scotland and this will explain why by bf's card was declined today - he went to the bank to ask why and was told that they'd reduced his limit by about 500 quid.............

We are talking about Lines of Credit here, not about DebitCards or Bank Accounts. The later would be unmentionable, the former is the prerogative of the lenders.

You do not have an unalienable right to a Line of Credit, whether it be in the form of a Loan or a Credit Card. However, in today's society you definitely need a Bank Account & Debit Card, as you need them to cash your Payroll Check, rent an Apartment, sign up for basic Utilities, etc. The later is protected, but again, the former is not.

For those who have been addicted to Credit, living and breathing on Credit Life-Support because they can't live within their means between Paycheck to Paycheck, then this is of course devastating. Although the Credit Companies are partially to blame for getting those Consumers addicted to Credit in the first place, the Consumers need to take responsibility and equal blame as well.

Ultimately we don't need Credit and are better off without it. That has been the silver lining to this Economic Crisis is that many Consumers have finally figured this out and have done away with the Credit Debt and thrown away their Credit Cards. Apparently the Credit-pushing Pimps, ahem I mean Credit Companies, figured out that they don't really need to be getting people addicted to something they don't need, even if it is insanely profitable to them, it's partially what led to this Economic Crisis to begin with.

For something that is optional, and for which one is better off without having, does it need government regulation and oversight? Really, in my opinion, asking for government regulation and oversight of Credit Card Companies is almost like asking for government regulation and oversight of Hair Salons or Nail Studios.

This is weird.

I've got two cards that I have been using to build up my credit.

I make less than the national average but I use these cards to show a consistent ability to make payments and improve my credit.

I don't use the credit to spend money I don't have. I just do my purchasing with it and pay the bills.

In the last month I've had one increase my limit by 1500 dollars and the other offered to increase my limit by 2500.

I think the banks are still looking to extend credit but are being selective with who they offer it to.

In my case it can't be based on what I make. I has got to be based on payment history. I would like to get rid of these cards but if things go south and I have an emergency then at least I've got a last ditch place to go for purchasing.

Don't give your up on your credit but pay it down as much as you can and try to show a consistent usage and payment history even if it is just a bag of groceries or a tank of gas once or twice a month. Then pay it back immediately.


If we ever get through this mess then we will probably go back to the days when getting credit is nearly impossible without a big income, savings and a good credit history. To have a good credit history though requires that you have a credit account of some kind already.

If we ever do get through this big financial mess then you may need that card to get your credit reestablished again.

This week two cards from Bank of America were canceled.
No balances when canceled.
Balances were paid off every month before due.
Credit score of 780.
???

Banks are beginning to limit their liability exposure.

It's about ratings.. the way the system was supposed to work.

They know that at the very least, their free-reign in this market is going to be watched closely, if not restricted soon.

Credit isn't money. Break that paradigm.

That paradigm is what makes them able to control economies globally.

Debt is not money.

I have had 2 banks close my checking accounts down without any warning as well and they tried to keep my money. I was trying to pay a bill once and it declined my card and my check.

Free yourselves from financial slavery. What do you think Jesus would have to say about all you 'christians' worshiping the false idle that is your credit score? When the SHTF your credit card isn't going to work! Join me in a real economic revolution, close your bank accounts, Max out your credit cards, and then change your phone number. With the number of people who are financial screwed right now, its only a matter of time before the current 'credit score' system is completely useless. Stop paying interest, this is slavery. Not me, no more. All done supporting the financial system.

Originally posted by washingtonsghost
Free yourselves from financial slavery. What do you think Jesus would have to say about all you 'christians' worshiping the false idle that is your credit score? When the SHTF your credit card isn't going to work! Join me in a real economic revolution, close your bank accounts, Max out your credit cards, and then change your phone number. With the number of people who are financial screwed right now, its only a matter of time before the current 'credit score' system is completely useless. Stop paying interest, this is slavery. Not me, no more. All done supporting the financial system.

Not being able to pay what you have charged and what you propose doing (stealing) are two completely different things. I have no issue with the people who charged up a lot with intent to pay and then due to future economic circumsatnces were unable. I would even urge those people to consider bankruptcy so paying back the credit cards is not alifetime endeavor. Let's face it, if you aren't paying your cards, then you aren't going to be getting credit in the next 7 years anyways. People who charge with no intent to pay should go to jail.

CITI BANK has cancelled all credit from what I hear. They took away my limit today on my CONOCO CARD and they are canceling Home Depot cards as well.

I think this is just the beginning of whats to come.........

Be prepared.

BTW. they had no reason at all to do this.

WOW! Some great input here! I understand about the Fed being our enemy and that debt is not a good thing (I personally have no credit cards), however, I know quite a few people that pay their bills hooked to a credit card, what happens then? When the bills become deliquent because of this. Perhaps you forget your car insurance or PGE bill is hooked to it...?

Originally posted by extr5


This week two cards from Bank of America were canceled.
No balances when canceled.
Balances were paid off every month before due.
Credit score of 780.
???

This is shocking! What reason did they give to you?

Originally posted by extr5
This week two cards from Bank of America were canceled.
No balances when canceled.
Balances were paid off every month before due.
Credit score of 780.
???

By being too good a customer by paying off the balance before due it will actually cost them money when you use your card.

They want customers that run the card up to near max and pay the minimum payment - they make loads from them. They are called "Credit Revolvers" over here.

I have also had some shocking changes, it is really horrible because on vacation last summer I neglected to make a payment, well the following day I remembered as I had the card placed on hold, I called them, paid the bill and then discovered that I went from a 6k limit to 800.00 Now my % is skyrocketed to 29% or something crazy.

I am afraid to pay it down, see my credit limit was 6k and I had paid it down just before they made the changes.

Now I am afraid if I pay it all off it is going to go down even more.

My minimum is like 32 but I always pay 3-4 hundred, but then continue to bring it back up again.