Credit Cheats

Are You Paying The Good Credit Penalty?

The credit cheats in the headline are not consumers of credit but the credit card companies themselves. Chase seems to be the worst, from what I have read, but all are guilty of the same cheesy acts.

I recently wound up with 3 Chase cards when Chase acquired other banks I did business with. I also wound up with 2 Chase checking accounts, neither of which started out as Chase accounts.

Last year Chase cancelled one of my cards, the one with nearly zero balance. They cited a report from Experian (another disreputable outfit) as the deciding factor saying I had a high debt to credit ratio and many new accounts, all lies.

Last week Chase deemed it necessary to reduce credit on one of the 2 remaining cards they held. They cited the same lies while pointing the finger at Experian once again. I began to wonder what is going on. Why would they penalize someone who pays more than the minimum way before it is due and has a 742 credit score.

I searched articles and blogs on the internet and found this was happening to many, perhaps thousands, of good credit people.

The only logical explanation has to be that they are freeing up available cash to lend to POOR credit borrowers in order to charge more interest, collect late fees, and enrich their bottom line.

Does that sound hauntingly familiar? Well, it sure as hell should. This is exactly what AIG, Goldman Sachs, Fanny and Freddy condoned over the last several years which caused the situation we are in now.

We are credit slaves and lenders know it. You are punished for poor performance while they are rewarded for it. You are also punished for good performance while they have no such obligation.

Are you mad as hell? Not gonna take it anymore? On your way to ending your indebtedness to these cheap, chiseling, crooks, drop a line or two on the complaint form at the Comptroller of the Currency's web site HERE