Quote:
Originally Posted by After Shock Media
Credit is dry. Especially equity lines of credit. I am getting very used to the idea that shit is turning into a cash society very quickly.
It is not just home equity lines either. I have been excellent with my credit and payments etc. Paid off one of my main cards recently which I do often. Got a letter letting me know that they are now cancelling my account. Makes me nervous about paying off my other balance in full now.
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The simple fact is, if you pay your bills on time and have a good credit score you are worth less to them than some dead beat whom is always late. They make a much lower intrest rate on someone like yourself and have to give out a much larger credit line to keep you happy.
Meanwhile they can give out $500 to $1k limit cards to 10 deadbeats and have the riskl spread out while making much more profit because of higher intrest rates and late fees.. ect..ect..