CBS money watch - Credit Slashed for 33 Million (Mostly Innocent) Borrowers
 

Some 33 million people, roughly one in five borrowers, had their credit limits slashed over the past six months?mostly without provocation, according to new research by Fair Isaac Co., the company that created FICO credit scores.

lovely isnt it. do the right thing and get kicked in the teeth
i mean really why pay on time every month
if your credit score is going to be the same as someone that declared bankruptcy or was late more than 60 days across the board consistently?

story here

:Oh crap

what's the difference? Don't use credit, if you need alot of personal credit, you shouldn't be using it.

why do people think credit is a right?

because most people think everything that you can get should be rightfully theirs and if they can't get it themselves others or an arm of the government should get it for them.

When it comes to Credit, they don't seem to understand no one is giving away money without hoping to make money back on it, it's a for profit biz, not a charity (yet). So if the banks biz model calls for them to lend less and to only highly credit worthy people who the fuck should be telling em it's not fair.

Now the problem is when the gooberment steps in and buys up banks, then you got the government involved in making these decisions..

"hmm you are not in a political party we like MINUS 50 credit points for him!"

"You are running the blog that gave our policies a scathing review... house loan application denied!"

So you can see the problems we will be facing soon.

:thumbsup