Credit card company practices hit new low

Published: December 4, 2007, 1:00 pm

Tags: uncategorized, economy, business, assholes

I was up getting dressed this AM and heard a report by Ali Velshi, CNN’s senior business correspondent, about the latest “bend over” practices by credit companies. Some of these sharks are bumping the interest rates of customers up to 30% — even if they never miss a payment, never are late sending in a payment — simply because their credit score dips a few points. What’s wrong with this? Your credit score can take a hit for simply opening a new card account with a retailer (Velshi cited a department store card as an example). It can also take a hit if your credit is checked by vendors too frequently in a short period. This practice is so egregious that CNN reported that both Citicorp and Chase have announced that they will cease doing this; Congress is looking into the matter since it’s clear most credit card companies refuse to police themselves as they rape customers with otherwise good credit history. (AP): Sen. Carl Levin, D-Mich.,

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