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Senior Contributor
Wolf3
Posts: 3,198
Registered: ‎01-24-2010

Re: LUMP IT, AND LIKE IT!


TWMAZ wrote:

I can definitely admit this was a little bit of tangent, I think my point was that there may be other contending issues as to why banks sometimes seem to jerk around their credit customers and that we are not aware of the reasons immediately. I being a Democrat have nothing against Obama, because I am a democrat, but it was one of his policy of which I made mention of on the OP.  I also will say that this post may have been fired off while enjoying a Bakers on the rocks. Anyways, I guess I  just wanted to get a reaction to this OP.



Here is a link to a nice summary of the law.  http://www.creditcards.com/credit-card-news/credit-card-law-interactive-1282.php

 

I suggest you spend some time reviewing it, since you clearly don't know much about it.   

Established Contributor
Cadillac-XTS
Posts: 1,837
Registered: ‎08-20-2012

Re: LUMP IT, AND LIKE IT!

Smh and lol @ the same time

Valued Member
Link2k
Posts: 65
Registered: ‎04-17-2012

Re: LUMP IT, AND LIKE IT!


TWMAZ wrote:

I can definitely admit this was a little bit of tangent, I think my point was that there may be other contending issues as to why banks sometimes seem to jerk around their credit customers and that we are not aware of the reasons immediately. I being a Democrat have nothing against Obama, because I am a democrat, but it was one of his policy of which I made mention of on the OP.  I also will say that this post may have been fired off while enjoying a Bakers on the rocks. Anyways, I guess I  just wanted to get a reaction to this OP.


I'd be interested as to which legislation you are referring to as the only regulation I am aware of that was recently passed was the CARD Act which had bipartisan support and  was pretty much universally agreed upon as a good thing (with the exception of hurting stay at home spouses in certain states).

 

Drinking and acting foolishly do not have to be related.

 

http://www.bbc.co.uk/news/magazine-15265317

Frequent Contributor
adavis425
Posts: 476
Registered: ‎02-14-2012

Re: LUMP IT, AND LIKE IT!

Reading this gave me a headache.  That said, what I don't understand is why people get upset because CCCs are protecting themselves.  They do not OWE any of us credit.  That we prove ourselves responsible enough for them take a risk on us doesn't mean that they will just issue credit and walk away. You HAVE to know that they are watching over their assets and if you pay one creditor late, why wouldn't you pay another (or all) creditor(s) late? That has to be their mindset. I don't think this either political or personal-it's just business.

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Established Contributor
snowkitty
Posts: 959
Registered: ‎09-10-2012

Re: LUMP IT, AND LIKE IT!

@webhopper I don't mean to ask an unrelated question here but I'm curious as to why your Lowes card was closed? That would be scary to be declined at the checkout and not know why



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Frequent Contributor
SwampSystems
Posts: 358
Registered: ‎06-25-2012

Re: LUMP IT, AND LIKE IT!


TWMAZ wrote:

SO if you missed a payment on one of your four cards Obama has issued a new law with credit card companies that any of your four remaining cards can see you were late, delinquent or careless with your payment and they will and can send a letter saying your rates are higher your limit is lower your over your limit and whatever else they want like we are done with you and an instant CO is on your report and guess what it is your fault you wanted the charge the credit and did not make your payment No Mercy like MR. MEAGGUY says take then down Daniel son.


What you are referring to is called universal default, and the CARD Act didn't make it happen -- it outlaws it. This is akin to saying the Affordable Care Act creates "death panels" when in reality it stops existing insurance practices that do just that.

Moderator
webhopper
Posts: 7,230
Registered: ‎09-16-2011

Re: LUMP IT, AND LIKE IT!

[ Edited ]

snowkitty wrote:
@webhopper I don't mean to ask an unrelated question here but I'm curious as to why your Lowes card was closed? That would be scary to be declined at the checkout and not know why



Sorry I can't paste in reply to webhoppers post bu I'm on my cell

I have no idea, to this day of why my account was closed.  It was opened in May 2008, after I bought a new house.   I used the card to do 0% interest on appliances.  I Paid in full before the promo period had expired. Also, charged a new garage door, and Paid that in full. I made the 2200 payment to pay the card off before the promo interest period ended.  Then, I wanted to use my account to purchase a 400 deep freeze.  Declined at register, talked to customer service, they told me account was closed. The bizarre thing was that I got an official letter a year later letting me know that my account would be closed.  No reason given.

 

I can only assume that they didn't like my minimum payments during the promo period. And they didn't like me paying the balance in full before the promo period expired.  It was bizarre. My CL was $4500 when account was opened.  Apparently they balance chased and then closed. I have no idea what the exact close date was.

 Lowes account.JPG


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New Contributor
mmmagique
Posts: 82
Registered: ‎04-05-2011

Re: LUMP IT, AND LIKE IT!

If you google GECRB, (or GEMB) you will see that they will def. balance chase you, and will spank you for not letting them make money off of you. 

It seems they do many things to mess with people's accounts. 

I know they're very well liked here, but I really don't trust them.

Moderator
webhopper
Posts: 7,230
Registered: ‎09-16-2011

Re: LUMP IT, AND LIKE IT!

[ Edited ]

mmmagique wrote:

If you google GECRB, (or GEMB) you will see that they will def. balance chase you, and will spank you for not letting them make money off of you. 

It seems they do many things to mess with people's accounts. 

I know they're very well liked here, but I really don't trust them.


Its really a shame, as I spend thousands each year at their store, I own rental property.

 

My next lowes card will be backed by Amex, If my husband ever lets me apply LOL

 

@snowkitty,  It was actually kind of hilarious to leave a buggy with a deep freeze on it at the customer service desk as I walked out and they lost out on that sale.


Starting Score: 08/29/2011 TU 671 EQ 674
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Established Contributor
snowkitty
Posts: 959
Registered: ‎09-10-2012

Re: LUMP IT, AND LIKE IT!

That is really strange webhopper.....did you have other GE cards at the time? I have not really read anything negative about them on here. I have 4 of their cards and the latest is Sam's Club Discover and they beat out my highest limit at the time. I was going to alternate charges between the walmart and sams card just to put use to both. I wonder if it would be better to not pif with them all the time? I am about to take them up on a 0% interest Christmas deal they have.

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