I hear high limit business credit cards are being checked

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jhudson
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I hear high limit business credit cards are being checked

Postby jhudson » Wed Nov 19, 2008 11:26 pm

I heard from a friend that's a financial planner that people with business cards that have high limits (~25k and up) are having their income verified in order to keep their credit limits. They call it a 'financial review'. I'm sure they will start doing more of this with businesses doing bad right now.


magyar1045
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Postby magyar1045 » Thu Nov 20, 2008 7:28 pm

jhudson wrote:I heard from a friend that's a financial planner that people with business cards that have high limits (~25k and up) are having their income verified in order to keep their credit limits. They call it a 'financial review'. I'm sure they will start doing more of this with businesses doing bad right now.


Which is not exactly the goal of this bailout BS. I thought the whole idea behind the bailout is easing credit, making credit more available for further expansions.

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Cucumber
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Postby Cucumber » Fri Nov 21, 2008 4:17 am

Since the exact use of the funds from the bailout mostly haven't been dished out I think congress should try and take the money back by passing a new bill which would amend it and put that money towards something else.

Or congress can just do this to every bank CEO -> :beat:
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fffresh
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Postby fffresh » Sat Nov 22, 2008 3:20 pm

Cutting credit limits in a time should not be done. By doing so the customer's credit utilization rate can increase and in turn, causing them to appear a higher risk than they actually are. This could then potentially trigger further credit line cuts from different issuers when they see this.

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Postby Floppster » Sun Nov 23, 2008 10:35 am

I think they should done that a long time ago. To many businesses where build on credit over the last years and now at the current meltdown situation they go bankrupt. A good business not only has a good line of available credit but also a good line of savings for situations like the one we are in right now.
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Cucumber
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Interest rates on business credit cards going way up too!

Postby Cucumber » Wed Nov 26, 2008 1:13 pm

I guess the days of low interest business credit cards are over. Look at the numbers now compared with six months ago for average APR on them

Business Credit Cards Interest Rates:

Current average: 14.13%
Last Week: 13.76%
6 months ago: 10.85%

Source: CBS MarketWatch


:(
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JEFF COGA
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Postby JEFF COGA » Wed Dec 03, 2008 5:49 pm

Cucumber wrote:I guess the days of low interest business credit cards are over. Look at the numbers now compared with six months ago for average APR on them



:(


Yes they are verifying why? because of the risk... we had the sub prime market melt down... next is consumer credit... then the bond market (MHO)

RE: the bail out... the bail out has nothing to do with "easing" credit. Let me ask you this... why did we get to the place we are today? Well, we had the dot com boom in the late 90s followed by a recession in the early 2000's... then Greenspan lowered the interest rates to historic lows, which made easy credit... then you got your housing bubble.... and now they use a bail out to ease credit? How can you cure something when credit was the problem to begin with.

This is bigger then you can imagine... we have a dollar crises and the whole financial system is breaking down. We have over 1 quadrillion dollars in over the counter derivatives... now thats scary...
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KC95
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Postby KC95 » Thu Dec 04, 2008 3:39 am

it really did only go from one bubble to the next and now it looks like there's no other bubbles left to get us out of this. i do know it's not only us though the whole world had a debt problem going on.

b.t.w. the only one that will come out unscratched from this will be china and they will be the new superpower.

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Mogul of Pineapples
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Postby Mogul of Pineapples » Wed Dec 17, 2008 8:36 pm

Mine haven't been. I think they are only doing this if the credit limit on your card is 25k and up, way up. I hear that the people with business cards that have 30k, 40k, and up credit limits being checked, not people that only have 15 or 20k limits.
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