I hear high limit business credit cards are being checked

jhudson · 09:26 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 · 05:28 PM

Quote:

Originally Posted by jhudson

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.

Cucumber · 02:17 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 ->

fffresh · 01:20 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.

Floppster · 08:35 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.

Cucumber · 11:13 AM

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

Quote:

Business Credit Cards Interest Rates:

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

Source: CBS MarketWatch

JEFF COGA · 03:49 PM

Quote:

Originally Posted by Cucumber

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...

KC95 · 01:39 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.

Mogul of Pineapples · 06:36 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.

09:26 PM	#1
jhudson Green Member Join Date: May 2008 Location: Maine Posts: 17	I hear high limit business credit cards are being checked 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.

02:17 AM	#3
Cucumber Centurion Member Join Date: Apr 2008 Location: Zuma Posts: 456	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 -> __________________ OBAMA Stop talking crap about him and give him a chance!

08:35 AM	#5
Floppster Centurion Member Join Date: Sep 2008 Location: US Posts: 189	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. __________________ Intellectuals solve problems. Geniuses prevent them. - Albert Einstein 1879-1955

06:36 PM	#9
Mogul of Pineapples Centurion Member Join Date: Jun 2008 Location: Where the smog from the 101 freeway coats my home's windows... Posts: 634	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. __________________ “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently.” -Warren Buffett Current Cards: American Express: Blue Cash, Simply Cash Bank of America: Visa Financial Rewards Platinum Plus Chase: Rewards Visa, Amazon Visa Discover: More Current Everyday Card: American Express Blue Cash

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01:20 PM	#4
fffresh Centurion Member Join Date: Apr 2008 Location: the edge of the world Posts: 417	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.

01:39 AM	#8
KC95 Platinum Member Join Date: Apr 2008 Location: cc Posts: 80	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.