Credit Card Corporations - Double Secret Probation

I’d like to thanks Bankrate.com and their article, Navigating Credit Card Bizarro World for this blog inspiration and my first question has got to be, how do these companies continue to get away with it? I know, I know they have until July 2010 when all the federal restrictions are in place. I say – Let the gauging begin! Not that credit card companies were not gauging consumers before but this plays to me like bully retaliation. You remember, you get the courage to tattle on a bully and then after school you receive a greater beating. That’ll show you. Don’t tattle on the big bad bullies and don’t mess with credit card corporations.

As per bankrate.com the following are potential changes a creditor can do to your account; at their discretion mind you. First off, if there are any changes to your account, they won’t tell you up front. This is the proverbial kick me sign taped to your butt. You’re walking down the hallway, innocent as a lamb and all of a sudden people start giving you good swift kicks to your derriere. You stop, you think, hum did I ask to be kicked? Did I so something wrong, no?” Then what gives? Oh, it’s just those wily creditors and their rascally pranks at consumer expense. Isn’t being a credit card consumer fun?

Okay, here’s one for the ages. You may not be able to buy all three credit reports to check your FICO score. What? Okay, I have a problem with FICO and all those credit card score people; no matter how annoyingly cute the jingle. This score represents who and how we are being reported. It’s bad enough it is free only once a year, now we may not have access to all three reports. This gives the Animal House – Double Secret Probation a new meaning. This is my fellow Americans is Big Brother at his finest. How is it possible in the land of freedom we cannot access our consumer records to see how we are being reported? Seriously folks I do not know why this doesn’t outrage more people.

Now, I am going to post a clip from the movie that inspired my book comparing credit card companies to fraternity, “Ooh Baby Compound Me.” All you have to do is transpose grade point average and credit score and you got yourself an analogy. For those of you of delicate ears and minds you may not want to watch this clip as there is some profanity, but my guess is many even those delicate of minds have at one time or another silently cursed a creditor.

I have read articles on lowering credit scores and the sweet and sugary script we must adhere to when dealing with creditors. Tread lightly fellow consumers as these creditors request the treatment of royalty. Personally, as a consumer I tread lightly and carry a big stick. Recently, I threatened to go to my State Senators and yes, even the president. And if that didn’t scare them, I would take it to the media. My credit card interest rate decreased by half. You see it is bully tactics we are working with here. Stand up to the bully, they will think twice about dealing with you. And let’s face it, it you prove to be a little on the crazy side, they’ll do anything to work with you. Offering cupcakes to a creditor does not work unless they are laced with diuretics.

I am very much aware, many consumers share in this responsibility, but the problem is if a consumer acts irresponsible creditors still lend. They make money off consumer irresponsibility. Hey it is a win, win situation, poor credit consumers get more credit and credit corporations make more money, until our economy bottomed out-then the finger pointing began. But to be responsible corporations- Do not lend to poor consumers and make it impossible to good consumers to pay down debts. There is of course a balance if people play fair.