i extend a long finger

[skunk237]

J P Morgan Chase can go fuck off right now. it seems that they, along with almost all large banking "entities", got themselves into financial trouble recently. but hey, it's not my fault they lost untold billions, right? i've been consistantly paying my debt with them at, or slightly above, the minimum payment... at a low interest rate that they

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[schwa242]

One of my credit cards closed my account because I didn't meet creditworthiness since I have-horror of horrors-a mortgage. Well that, and the card was paid off a year ago and I haven't touched it since. I liked having that one there as a cushion in case of an emergency situation, but figured it was going to go away since I've been hearing many times on Marketplace that account maxes were going to be trimmed down even if you did a good job with your credit cards. And we do. My credit rating hovers around 725-750, and Mez's is a little bit higher. On top of that, we always pay a little more than the minimum due on cards because that's supposed to look good. The only thing I'm really ticked about my credit card being closed is that it drops my credit score, but at the same time it pulls several thousand out of the calculation of my income versus potential debt. Haven't noticed anything rotten on any other cards yet. Our Chase card's 0% intro rate just ended, and is now at 11.90%, so that seems to be high enough for their tastes that they aren't dicking with us. Yet.

[skunk237]

i don't remember if it was Marketplace or Planet Money, but one of my podcasts was reporting that there will be a new, more honest system for arriving at a credit score... one that won't penalize you if you're late with one payment... but will if it's a habitual thing. i dunno. i heard about it once and then the story disappeared.

being that i can't quite understand the current logic that your score should be lower if an account closes, probably means that the rule is stupid and it might be going away soon. we shall see.