CHESSNOID

Black American express declines Mark Cuban’s charge video on Jay Leno show.

Funny how even a billionaire can get a small charge (for him) get declined by amex. These cards don’t even have a spending limit and yet they contradict themselves by not approving the card.

Here is an old post I want to share with you. It’s been awhile so I forget sometimes how rotten these credit cards can be.

I used to have perfect credit and multiple credit cards from American Express, Bank of America, Citibank, Chase Manhattan and many other little companies for the past 20 years that they absorbed or merged into their too big too fail banks. And then over 3 years ago, literally overnight the banks cut my credit lines. First,  American Express reduced over $80,000 worth of credit down to what I owed. Then later Chase cut my credit lines all to $1000 each. Then they cancelled it later. All these actions literally pushed my credit score down. Then Bank of America followed suit and cancelled my credit cards. Those were scary times back then. Of course, Citibank followed the other companies and cut my credit limits to the balance owed if any and then cancelled cards with zero balances.

You are probably in the same boat now if you are reading this post and came here from a search engine quest. You must be wondering why did Chase reduce my credit limit? Or why did Bank of America cancel all my credit cards or credit lines? Or why is American Express suspending my account and requesting my last 2-5 years worth of tax returns to do a financial review? Why ask why, right?

Your profile: perfect credit, same job and steady income for last 3-5 years or more, and possibly even less debt than before. Why would they target you the perfect customer who has been with them for 10-20+ years and never paid them late? There are a bunch of links and comments to other people in this post who have experienced the same thing.

At first you may take it personally like a relationship. Why did my credit card company dump me? I have been faithful and never cheated. I take my credit cards with me everywhere, use it to buy flowers and and occasional dinner, and then one day the bags are packed and the card is gone with no trace except for a balance accruing interest. sigh.

Then you may actually go through another stage and yell out obscenities. This is bull crap! Then you may read the forums and start looking for someone or an attorney who has started a class action lawsuit against all these bankswe bailed out with our taxpayer money. I blogged about it here and there are some suits happening right now. I suspect it will take 5-10 years to get through the system since they have plenty of attorneys to fight us little guys.

Maybe you are at the stage where I am at today. I pay cash for everything and avoid letting these banksters profit off of me anymore. It’s nothing personal and strictly business will be their robot answer for the ugly experience they put you through.    Just remember you decide how your dollars are spent and whether you will continue to support them in making money. Simply boycott them now and in the future.