When I saw this Consumerist article a few days ago, I started to worry. Two years ago, I got a card with Washington Mutual. They, of course, went bankrupt and got bought out by Chase. And since I have a lot of student loans and a short credit history, I was afraid they were going to pull the rug out from under me like they did to the Consumerist letter-writer. And based on the comments, to plenty of other people.
It happened Saturday. I was trying to book a hotel for my upcoming vacation. It got denied. My Capital One card (I only have two credit cards-or did, rather) went through fine. My account showed up OK online. But apparently that’s happened to other people as well, and only when you call an actual person do you find out you’ve been 86-ed. I don’t care to do that. My blood pressure is already high enough. I’ll just wait for my lovely letter. And then return it with a big fat “FUCK YOU CHASE.”
OK, I won’t do that. But they would deserve it. Actually, what they would deserve is for me to have sex with their spouses, then write them a letter informing them their marriage is over. No, that’s not good enough for the bullshit they’re pulling. I don’t see how this is legal, but I’m guessing it is, albeit barely. I had no idea so many people were “credit risks.” Apparently my $1,500 credit card was killing the company’s profit. I wonder who is considered acceptable by their new standards?
That’s what kills me: you cannot win the credit card game. You can barely break even. The rules are so nebulous. I thought using less than half my allotted credit was a good thing, but then again, maybe they like people who spend more because yay, high fees! If you pay on time (I did) and pay more than the minimum (yup), you’re being responsible, but not making them enough money. But then again, if you tried to further your education and, admittedly, took out too many loans in the process, then no credit card for you, young lady!
So now it’s just Capital One, and that card has an even lower limit than Chase did. I expect my credit to get dinged thanks to Chase, although I don’t know how much. Since I’m such a “credit risk,” I’m tempted to default on what I owe them, but I’m not that foolhardy. I would like to keep my one credit card, even though I hate Capital One’s stupid ads.
This enrages me. And I can’t stop it. The new credit card legislation takes effect next year, so maybe this is a preemptive move on their part because poow wittle Chase won’t be wable to wake as much money when the laws take effect. Although I’m not sure the legislation has any limits on such practices as this. But I shouldn’t have to get my credit card declined and then wait for a letter explaining why I’m such a reject. At a bare minimum, I should get a letter saying “Hello lalaland13. You have a crapload of student loans. And furthermore, you majored in liberal arts, moron. Because of your suspect judgment, we’re cutting you off, effective (30 days from now).” But no. Common decency is too much to expect from these asshats.
Do I, strictly speaking, need the Chase card? No. In the end, they may be doing me a favor (although not my credit score). While I could call and ask to be reinstated, I’m not in the mood to deal with these people any more. I’m just not. It’s like when your boyfriend gives you some disease, breaks up with you, and writes you a letter explaining why you deserve to be infected. That’s not exactly a catch there.
I will calm down before I leave for vacation later this week. At least I think I will. But it’s making things a bit more stressful, and I don’t need this. I really do not. I guess I should be grateful this happened before I checked into the hotel, huh?
Also, while I’m ranting? The freecreditreport.com guys need to be punched in the face. Every single one of them.