08-07-2012 10:28 PM
Oh my. That's very disturbing. They are also my oldest trade. I guess I'll have to use them against my will. I can only hope they don't pull that with me. Nothing with them is safe apparently ..... So, they just "made up" a reason? And there's no recourse? Digusted.
As harsh as it seems, banks do have some $$ too so any credit extended that's not making them some kind of $$ doesnt look good.
It's worse than that.
Their credit extended has to be countered by their financial reserve: so in this case, they're tying up money on a customer who isn't making them any money, instead of going out and getting a different one who will. Also they can't invest it in pretty much anything more profitable, so it's pretty much lost income all the way around for the bank. Bad mojo, and worse math: any lender will close the card or otherwise CLD it and go utilize that resource somewhere else.
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