WOW!!! Hold on to your britches!!!

[Anonymous]

If this is surprising anyone - you have your head in the sand-

This is the tip of the ice berg-
I don't like to talk negatively but put your self in the best financial position you can, start cutting expenses, double up your cash reserves,

[Anonymous]

To be honest Penguin, I think they are aware that the consumer is becoming more aware of what factors into FICO.  Seems new accounts can get all your CITI accounts closed.  Of course they send a letter.  Amex is more F/R happy than usual.  Junny has always operated in the way that they do so there are no surprises there.  Sometimes nothing and they will CLD or close your account with reasons that were there when you were approved for the card.

I also think many consumrs are taking the advice to open new credit but not the advice to really manage it which may be resulting in wider losses as well as people relying more heavily on their credit cards in the current climate of market woes.  Whatever it is, instead of the sporatic reports here and there, it seems issuers are looking at everyone.

[Anonymous]

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Timothy wrote:
If this is surprising anyone - you have your head in the sand-

This is the tip of the ice berg-
I don't like to talk negatively but put your self in the best financial position you can, start cutting expenses, double up your cash reserves,

---

I have to agree with that assessment Timothy.  Seems the other shoe is dropping unfortunately its a centipede.

[Anonymous]

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@Anonymous wrote:
If this is surprising anyone - you have your head in the sand-

This is the tip of the ice berg-
I don't like to talk negatively but put your self in the best financial position you can, start cutting expenses, double up your cash reserves,

---

Hmm? "you have your head in the sand" doesn't sound very supportive now, does it?

I was just asking for specifics...I don't see anything wrong with that. I believe the tip of the ice berg was all of the sub-prime mortgage lending debacle, and the consumer loan market is seeing fallout from that (this includes CC). I interpret this to be part of the avalanche.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:
If this is surprising anyone - you have your head in the sand-

This is the tip of the ice berg-
I don't like to talk negatively but put your self in the best financial position you can, start cutting expenses, double up your cash reserves,

---

Hmm? "you have your head in the sand" doesn't sound very supportive now, does it?

I was just asking for specifics...I don't see anything wrong with that. I believe the tip of the ice berg was all of the sub-prime mortgage lending debacle, and the consumer loan market is seeing fallout from that (this includes CC). I interpret this to be part of the avalanche.

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Sorry Penguin.  Don't think that was directed at you.  At least I didn't think it was. I thought he was talking to me.  No that I wasn't expecting it, so I didn't take offense at it.   I posted about the possiblity months ago but the actuality is a different animal.

Message Edited by Brammy on 12-03-2007 09:40 PM

[Anonymous]

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PenguinGeek wrote:



Hmm? "you have your head in the sand" doesn't sound very supportive now, does it?

I was just asking for specifics...I don't see anything wrong with that. I believe the tip of the ice berg was all of the sub-prime mortgage lending debacle, and the consumer loan market is seeing fallout from that (this includes CC). I interpret this to be part of the avalanche.

---

Penguin- totally agree w/ you. was just seeing somethign really brief this morning about how it was listing the top cities w/ foreclosures- it was something awful. Briefly too- and this is where I think the crackdown may be coming from

Like I said I was getting ready for work but only listening halfway- but something about how before a lot of people reach foreclosure they are totally living on their CC's for all their exspenses--so, I am gettting the gut feeling the "panic" about the subprime market, lack of forceful consumer spending, folding of banks is all adding to the panic.

Doesn't sit well w/ me seeing that for the first time since rebuilding credit I moved from only 10 perc. reporting to having 2 cards reporting at 50 perc. and one almost 80. I will pay them off though.

[HA2007]

Hello.

Big panic, cause the change in BK law with CC's. I agree, just wait. Save your cash.

[Anonymous]

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HA2007 wrote:

Hello.

Big panic, cause the change in BK law with CC's. I agree, just wait. Save your cash.

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Don't think that's it BK law actually changed to favor the lender.  Most of those who thought about it tried to before the change took effect cause they knew they maynot meet standards. Think this has more to do with the congressional hearing about the practices of banks, fees and UD.  Tha can't make as mch money from bad behaviour on other accounts so if they are afraid you may they will cut you off before you ca on them.  Before they were able to get away with charging outrageous interest whether or not you had an issue with their bank.  Now they can do nothing unless you mess up with them.  However, no one HAS to extend credit.

[fused]

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Timothy wrote:
If this is surprising anyone - you have your head in the sand-

This is the tip of the ice berg-
I don't like to talk negatively but put your self in the best financial position you can, start cutting expenses, double up your cash reserves,

---

The CCCs, banks and lenders will target their less than perfect customers. Why? They don't care if they lose their business when they CLD or rate jack them.There's no way any CCC would go all out and do this to the majority of their card holders. They care about the marlins who charge, charge and charge, and who pay, pay and pay. But I wouldn't expect this to be the same case with the pan fish though.

[fused]

It sounds as though some of the CCCs are rate jacking, CLD and closing accounts for no apparent reason. No triggers here! At least we have due process with Amex and their FR.