Credit Limit Decreases Getting Creative??

[haulingthescoreup]

I'm guessing that this story was about the guy in Atlanta who went to the Caribbean on his honeymoon. We had a thread going on Credit in the News eight or nine months ago about his story.

I can see a CCC's eyebrows going up if someone changes from Ruth's Chris to Outback to Sonic (great example!), because that's established practice. But when someone is obviously on a vacation of some sort (card usage in different geographic location), it's absurd to predict default from this. Sure, there are probably honeymooners who go into shopping frenzies, but it's such a unique situation! Purchasing Bob Marley t-shirts and shell necklaces now puts you on AmEx's fecal chart??

And I remember commenting at the time that if AmEx wanted to regard WallyWorld shoppers as high-risk, that was fine, but at that time, they also were listing WalMart as a preferred partner, or whatever they called it, on their bonus mall page, offering 3 points per dollar for shopping there. In fact, WalMart was on the front page when you clicked on "Bonus Mall."

If they consider WalMart shoppers high-risk, they shouldn't post incentives to shop there.

I don't think that's part of their incredibly well-thought-out corporate strategy. It's completely illogical.

And the big problem with the CC legislation is that Congress caved and built in so many delays that it allowed the banks to do some major end-runs. It's like the FCRA not bothering to require that closed accounts report for 10 years.

The US Congress --the finest government money can buy.

[Uborrow-Upay]

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@CreditAble wrote:

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@Watchmann wrote:
  Anytime you get Congress involved to 'fix' and 'punish' these companies they make it worse from a general standpoint.  So we are now heading back to high interest rates and annual fees, just like it was in the 70's.  If you think this is progress you are welcome to it. 

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Some people who cheered the Congressional credit card "reforms" are now demanding further legislation. I have repeatedly condemned the "reforms" as PRO Big Bank Legislation. I have predicted the current state of affairs and many scoffed when I called the reforms a ploy to increase the bank's revenue across the board.

You sir being the vigilant "Watchman" that you are were among the few who saw the handwriting on the wall when many were thrilled that the naughty banks were finally getting their hands slapped. The reality is that our elected officials have not been slapping the banks' hands.  Our government has only succeeded in slapping the faces of the consumer!  The government is owned by the banks. The laws are made for the banks by the banks. We will continue to get slapped in the face until we stop thanking the politicians when they do it. 

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 +1   (or is it +2 ?  I never can figure that out, but I thoroughly agree with each of you!)

Edit to add:  Oops...maybe a +3?  I missed HTSU's remark:

"And the big problem with the CC legislation is that Congress caved and built in so many delays that it allowed the banks to do some major end-runs. It's like the FCRA not bothering to require that closed accounts report for 10 years.  The US Congress --the finest government money can buy."

Priceless, Hauling!

Message Edited by Uborrow-Upay on 09-29-2009 08:48 AM

[Watchmann]

Too much reading of these forums can make anyone paranoid.  My wife and I just got back from a months road trip.  I used my AMEX card all over the place for hotels and food in NM, AZ, UT, WY, MT, SD, CO, KS, MO and OK and never though twice about it.  Yet, when I had to buy a new set of tires at a WalMart in Abiliene, KS for $550 I pulled out my generic VISA card issued by my CU to pay for them.  This card does not report to any of the CA's and I knew it wouldn't raise any alarms.   Would have been just as easy to use the AMEX card but thought twice about it.  And conversely, when I stayed at higher end hotels in Beaver Creek, CO and at Jenny Lake Lodge in the Tetons I consciously made sure to use the AMEX card. 

It is all a bit creepy, and I do not consider myself a paranoid type of individual.

Message Edited by Watchmann on 09-29-2009 08:53 AM

[creditwherecreditisdue]

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@Watchmann wrote:

Too much reading of these forums can make anyone paranoid.  My wife and I just got back from a months road trip.  I used my AMEX card all over the place for hotels and food in NM, AZ, UT, WY, MT, SD, CO, KS, MO and OK and never though twice about it.  Yet, when I had to buy a new set of tires at a WalMart in Abiliene, KS for $550 I pulled out my generic VISA card issued by my CU to pay for them.  This card does not report to any of the CA's and I knew it wouldn't raise any alarms.   Would have been just as easy to use the AMEX card but thought twice about it.  And conversely, when I stayed at higher end hotels in Beaver Creek, CO and at Jenny Lake Lodge in the Tetons I consciously made sure to use the AMEX card. 

It is all a bit creepy, and I do not consider myself a paranoid type of individual.

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If a merchant is allowed to accept a particular card why should you have to be concerned about using it for a puchase?

[Uborrow-Upay]

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@creditwherecreditisdue wrote:

If a merchant is allowed to accept a particular card why should you have to be concerned about using it for a puchase?

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Why do you park in a driveway, but drive on a parkway? 

[CreditAble]

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Uborrow-Upay wrote:

Why do you park in a driveway, but drive on a parkway? 

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Because it is better than getting high and driving on a highway. 

[KingAdrock]

http://www.nytimes.com/2009/01/31/your-money/credit-and-debit-cards/31money.html?_r=2&hp

Well this article should clear things up, in it Amex claimed that they never discriminated against customers based on where they shopped, but in the same breath said they won't do it anymore.

[Uborrow-Upay]

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@CreditAble wrote:

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@Uborrow-Upay wrote:

Why do you park in a driveway, but drive on a parkway? 

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Because it is better than getting high and driving on a highway. 

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CreditAble...LMAO!  

[creditwherecreditisdue]

George Carlin?

[Uborrow-Upay]

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@creditwherecreditisdue wrote:
George Carlin?

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