Bad Credit Credit Cards - Beware Banker Trap!

[bruthaman1971]

and if tammy falls into financial stress, she'll turn to the cards and may have difficulty repaying. the bank would rather be at a loss of $10K than $20K. the same thing happened to my wife and it took her a while to understand even after i explained things to her. in the end, i instructed her to close her acct b/c we're better off just paying it off.

[CreditRepairSecrets]

Thanks, bruthaman1971, for commenting. Question for you: How long had your wife had the card? I hope not for long, because closing a "seasoned" card actually HURTS the credit scores. I know this seems illogical, but it's true.

[bruthaman1971]

great video. i like how you said credit card companies are in risk management mode. that is very true including the company i work for. for tammy, i know that if she has a high credit line, the company she's with will review how she's used the card. for instance, if she has a credit line of like $20K and the most she's ever used was $3K, the bank had determined that they over-extended credit to her. in the current environment, to allow her to keep the original line could pose a risk to the bank

[CreditRepairSecrets]

You are so right about people not understanding how or why this happens. Absolutely banks are messing with good customers. However, I also see consumers messing up as well with cards and then threatening a "debtor's revolt" in retaliation for the banks' awful treatment of them. They don't even try to get informed and redress "wrongs" in a civil, professional way. For some strange reason, SOME people think banks should treat them as family. :)