Comments on: Are Creditors Crossing the Line? http://www.gettoknowtheceo.com/are-creditors-crossing-the-line/ Brilliantly Average Yet So Far From Being Normal Fri, 03 Jun 2011 09:43:21 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Ryan Kazinec http://www.gettoknowtheceo.com/are-creditors-crossing-the-line/comment-page-1/#comment-14 Ryan Kazinec Tue, 06 Jan 2009 19:23:58 +0000 http://www.gettoknowtheceo.com/?p=3#comment-14 Thanks for stopping by and commenting. You are right that businesses can't give out credit like they used to but the problem here is that it was credit already given and then taken away. It would be a different story entirely if I went out and applied for a new credit account. Thanks for stopping by and commenting. You are right that businesses can’t give out credit like they used to but the problem here is that it was credit already given and then taken away. It would be a different story entirely if I went out and applied for a new credit account.

]]> By: how to manage personal finances http://www.gettoknowtheceo.com/are-creditors-crossing-the-line/comment-page-1/#comment-13 how to manage personal finances Tue, 06 Jan 2009 16:51:07 +0000 http://www.gettoknowtheceo.com/?p=3#comment-13 I haven't a story quite like that, but I have definitely heard of a number of people who have received similar letters. And what do you expect? Business just can't give out credit like they used to. Simple as that. And you know what? It's all because of that sub-prime lending that took place over the last few years. <abbr><em>how to manage personal finances’s last blog post..<a href="http://www.financialnut.com/1500_on_christmas_0/" rel="nofollow">We Spent $1,500 On Christmas</a></abbr></em> I haven’t a story quite like that, but I have definitely heard of a number of people who have received similar letters. And what do you expect? Business just can’t give out credit like they used to. Simple as that.

And you know what? It’s all because of that sub-prime lending that took place over the last few years.

how to manage personal finances’s last blog post..We Spent $1,500 On Christmas

]]> By: Ryan Kazinec http://www.gettoknowtheceo.com/are-creditors-crossing-the-line/comment-page-1/#comment-10 Ryan Kazinec Tue, 02 Dec 2008 19:04:58 +0000 http://www.gettoknowtheceo.com/?p=3#comment-10 Man Overboard, Thanks for your comment and you are right. The only thing I would add is that it is a bit ridiculous that they blame my credit and account history for the reduction to my credit limit. Sounds like they're operating on blatant lies or are in some serious denial, I'm going with the lies. Thanks Tom, It would definitely make a lot more sense to go after those who aren't making payments, over their limits, etc... but I guess the reality is that it's already too late to save their assets with irresponsible borrowers because they've already charged their accounts up and there's not much they can do at this point. Either way it's very aggravating. Thank you for your kind words. I'll tell you, I have met some great people from all over the web and world, including you and you wife. I'm just grateful there are so many genuinely friendly people out there. Colleen, I'm very sorry to hear about your business. A close family friend is going through a similar situation currently. The biggest difference is that instead of the third party frowning on too many transactions, he was dropped due to the inability to produce enough transactions. (from what I understand) I hope things get better for everyone in the future, but i'm not too sure. Thanks for your telling your story. Man Overboard,
Thanks for your comment and you are right. The only thing I would add is that it is a bit ridiculous that they blame my credit and account history for the reduction to my credit limit. Sounds like they’re operating on blatant lies or are in some serious denial, I’m going with the lies. Thanks

Tom,
It would definitely make a lot more sense to go after those who aren’t making payments, over their limits, etc… but I guess the reality is that it’s already too late to save their assets with irresponsible borrowers because they’ve already charged their accounts up and there’s not much they can do at this point. Either way it’s very aggravating.

Thank you for your kind words. I’ll tell you, I have met some great people from all over the web and world, including you and you wife. I’m just grateful there are so many genuinely friendly people out there.

Colleen,
I’m very sorry to hear about your business. A close family friend is going through a similar situation currently. The biggest difference is that instead of the third party frowning on too many transactions, he was dropped due to the inability to produce enough transactions. (from what I understand) I hope things get better for everyone in the future, but i’m not too sure. Thanks for your telling your story.

]]> By: colleen http://www.gettoknowtheceo.com/are-creditors-crossing-the-line/comment-page-1/#comment-9 colleen Tue, 02 Dec 2008 16:01:33 +0000 http://www.gettoknowtheceo.com/?p=3#comment-9 Another arm of this credit tightening B.S. cost me my business in April. I had gone along for 2 years with a perfect record with my card processor. All of a sudden I had a really big month ($200K) and they shut me down (their story was something about how my biz model violated their guidelines, but if they didn't like it then, how come they liked it OK when I first started???!!!) No, it's that they didn't want to put out that much money in 30 day loans for my customers, and since I had never processed that much money before it had never been an issue is what I'm guessing. <abbr><em>colleen’s last blog post..<a href="http://dorkage.net/2008/09/blogging-is-the-root-of-all-evil/" rel="nofollow">Blogging is the Root of all Evil</a></abbr></em> Another arm of this credit tightening B.S. cost me my business in April. I had gone along for 2 years with a perfect record with my card processor. All of a sudden I had a really big month ($200K) and they shut me down (their story was something about how my biz model violated their guidelines, but if they didn’t like it then, how come they liked it OK when I first started???!!!) No, it’s that they didn’t want to put out that much money in 30 day loans for my customers, and since I had never processed that much money before it had never been an issue is what I’m guessing.

colleen’s last blog post..Blogging is the Root of all Evil

]]> By: Tom Sawyer http://www.gettoknowtheceo.com/are-creditors-crossing-the-line/comment-page-1/#comment-8 Tom Sawyer Tue, 02 Dec 2008 13:20:42 +0000 http://www.gettoknowtheceo.com/?p=3#comment-8 Another instance of the mess we are in right now. Why wouldn't they go after people who aren't paying or are right on the edge instead of you? They are probably hurting so much that they have no other choice. Nice blog and the amount of comments/traffic you already have is a sign that you are respected and followed. Good job! <abbr><em>Tom Sawyer’s last blog post..<a href="http://feeds.feedburner.com/~r/7daybuzzcom/~3/470972119/" rel="nofollow">Black Friday Turns Black</a></abbr></em> Another instance of the mess we are in right now. Why wouldn’t they go after people who aren’t paying or are right on the edge instead of you? They are probably hurting so much that they have no other choice.

Nice blog and the amount of comments/traffic you already have is a sign that you are respected and followed. Good job!

Tom Sawyer’s last blog post..Black Friday Turns Black

]]> By: Man Overboard http://www.gettoknowtheceo.com/are-creditors-crossing-the-line/comment-page-1/#comment-7 Man Overboard Tue, 02 Dec 2008 06:45:17 +0000 http://www.gettoknowtheceo.com/?p=3#comment-7 I couldn't agree more. You and the rest us responsible borrowers should not have to pay for the idiots that borrowed themselves into oblivion. But the sad fact is we will. What happened to you is the credit company has no assets to back up any money it would lend you because of all the defaulting losers out there. They cut you back not because your credit is bad, but because theirs is! <abbr><em>Man Overboard’s last blog post..<a href="http://www.babeled.com/2008/12/01/ignore-mumbai-attacks-and-stay-the-course-in-pakistan/" rel="nofollow">Ignore Mumbai Attacks and Stay the Course in Pakistan</a></abbr></em> I couldn’t agree more. You and the rest us responsible borrowers should not have to pay for the idiots that borrowed themselves into oblivion. But the sad fact is we will.

What happened to you is the credit company has no assets to back up any money it would lend you because of all the defaulting losers out there.

They cut you back not because your credit is bad, but because theirs is!

Man Overboard’s last blog post..Ignore Mumbai Attacks and Stay the Course in Pakistan

]]> By: admin http://www.gettoknowtheceo.com/are-creditors-crossing-the-line/comment-page-1/#comment-6 admin Mon, 01 Dec 2008 22:19:40 +0000 http://www.gettoknowtheceo.com/?p=3#comment-6 Just Sayin' Can't say I disagree with you, actually I think your dead on and thank you. Robert, I agree with you as well but I think at this point we're so far in debt as a country that there really throwing bad money after bad money/debt. Delia, I too had a secured credit card at one point. I was told it was the only way to repair my credit and the sad thing is that it did more harm than good. It had a three hundred dollar limit which kills your credit score because of the low limit. I almost had to issue a couple of birds today but I withheld. I have to try and remember that I have a rather large JealousBrother decal on my back bumper and that wouldn't look too good on me. But some people deserve it. Douglas, Thank You, it is a work in progress. You very well could be right. I've heard from several people that they plan on raising rates but when you stop and think, a lot of credit cards have rates at 21% and beyond. How much higher can they go? Very scary. As far as the limit issue I must admit I am a bit scared because my wife and I carry one large credit card and it is nearly maxed out due to a lot of unexpected repairs to our three year old home and a little bit of irresponsible spending. What if they cut that one down? I'd be in some trouble. Thank You all for your comments. Just Sayin’
Can’t say I disagree with you, actually I think your dead on and thank you.

Robert,
I agree with you as well but I think at this point we’re so far in debt as a country that there really throwing bad money after bad money/debt.

Delia,
I too had a secured credit card at one point. I was told it was the only way to repair my credit and the sad thing is that it did more harm than good. It had a three hundred dollar limit which kills your credit score because of the low limit.

I almost had to issue a couple of birds today but I withheld. I have to try and remember that I have a rather large JealousBrother decal on my back bumper and that wouldn’t look too good on me. But some people deserve it.

Douglas,
Thank You, it is a work in progress.

You very well could be right. I’ve heard from several people that they plan on raising rates but when you stop and think, a lot of credit cards have rates at 21% and beyond. How much higher can they go? Very scary.

As far as the limit issue I must admit I am a bit scared because my wife and I carry one large credit card and it is nearly maxed out due to a lot of unexpected repairs to our three year old home and a little bit of irresponsible spending. What if they cut that one down? I’d be in some trouble.

Thank You all for your comments.

]]> By: Douglas Wade http://www.gettoknowtheceo.com/are-creditors-crossing-the-line/comment-page-1/#comment-5 Douglas Wade Mon, 01 Dec 2008 14:48:17 +0000 http://www.gettoknowtheceo.com/?p=3#comment-5 Hi Ryan, Nice blog. My theory on the recent changes in credit card policy is that they are lowering limits in order to raise rates to make up for bad investments. Like you said, what if you had been over that $400 limit? Much success, Douglas Wade <abbr><em>Douglas Wade’s last blog post..<a href="http://myworkathomebiz.douglaswademedia.com/2008/11/30/more-ways-to-get-opt-ins-on-your-list/" rel="nofollow">More ways to get opt-ins on your list!</a></abbr></em> Hi Ryan,
Nice blog.

My theory on the recent changes in credit card policy is that they are lowering limits in order to raise rates to make up for bad investments.

Like you said, what if you had been over that $400 limit?

Much success,
Douglas Wade

Douglas Wade’s last blog post..More ways to get opt-ins on your list!

]]> By: Delia http://www.gettoknowtheceo.com/are-creditors-crossing-the-line/comment-page-1/#comment-4 Delia Mon, 01 Dec 2008 03:11:10 +0000 http://www.gettoknowtheceo.com/?p=3#comment-4 Years ago when I was trying to re-build my credit I had one of those secured credit cards. The bank would periodically review my credit report and decided to close my account for whatever reason, but I thought it was ridiculous since yes, I know I have less than favorable ratings in my credit report, which is why I have a SECURED credit card. I also consider it to be a good day when I don't have to flip the bird on the road. <abbr><em>Delia’s last blog post..<a href="http://feeds.feedburner.com/~r/OhDelia/~3/464486164/" rel="nofollow">Worst Little Whorehouse in Minnesota</a></abbr></em> Years ago when I was trying to re-build my credit I had one of those secured credit cards. The bank would periodically review my credit report and decided to close my account for whatever reason, but I thought it was ridiculous since yes, I know I have less than favorable ratings in my credit report, which is why I have a SECURED credit card.

I also consider it to be a good day when I don’t have to flip the bird on the road.

Delia’s last blog post..Worst Little Whorehouse in Minnesota

]]> By: Robert Barr http://www.gettoknowtheceo.com/are-creditors-crossing-the-line/comment-page-1/#comment-3 Robert Barr Mon, 01 Dec 2008 02:35:01 +0000 http://www.gettoknowtheceo.com/?p=3#comment-3 They are out to protect their rear ends after they threw good money after bad for years. They are out to protect their rear ends after they threw good money after bad for years.

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