I fail to see how this is a surprise to anyone. Did you actually think banks were going to loan you money? I didn't even bother applying for any of that crap because I knew it was going to be a waste of time. Worst yet, you can bet that now the banks will use this to gauge your situation and make things even more difficult for you.
Oh you have a $30,000 credit limit on your Chase business card? Well you just said you really needed that loan money, which means you're in dire straits, so I guess we'll just cut that credit limit to your current balance. Oh look now you're at 100% utilization. Might as well cut your personal card credit limit too and that line of credit as well, we can't be exposed to your failing business now can we?
Oh and now your credit score dropped because your utilization went up to 100% (and yes I know Chase business cards don't report to your personal credit unless you mess up, but other Banks do). Now all of your other issuers are going to assume you're a deadbeat and do the same. Congrats your credit score is now 550 through absolutely no fault of your own, and you haven't even made a late payment.
That's not even getting into the shady shit they're doing with mortgages. Ok no problem you don't have to worry about making payments for the next 3 months. On month 4 you owe us those 4 payments all at once. Can't pay? Well too bad, we'll start the foreclosure process. Want to refinance? Good luck with that 550 credit score.
Banks are about to make things so much worse for people. I can't even get mad at them, it's in their nature. It's like getting mad at a scorpion for stinging you. You were playing with it, what did you think would happen?
Let me put it this way. I've learned the only time q bank will ever lend you money is if you can prove, without a doubt, that you have absolutely no need for the money. You have billions in assets and 8 figures in the bank? Sure no problem, here's a million dollar loan. You need $10,000 to keep your business open or you'll shut down and lose everything? Hope you have a black market organ trafficker you can sell your kidney to, because you're just wasting your time and energy going to the bank
I fail to see how this is a surprise to anyone. Did you actually think banks were going to loan you money? I didn't even bother applying for any of that crap because I knew it was going to be a waste of time. Worst yet, you can bet that now the banks will use this to gauge your situation and make things even more difficult for you.
Oh you have a $30,000 credit limit on your Chase business card? Well you just said you really needed that loan money, which means you're in dire straits, so I guess we'll just cut that credit limit to your current balance. Oh look now you're at 100% utilization. Might as well cut your personal card credit limit too and that line of credit as well, we can't be exposed to your failing business now can we?
Oh and now your credit score dropped because your utilization went up to 100% (and yes I know Chase business cards don't report to your personal credit unless you mess up, but other Banks do). Now all of your other issuers are going to assume you're a deadbeat and do the same. Congrats your credit score is now 550 through absolutely no fault of your own, and you haven't even made a late payment.
That's not even getting into the shady shit they're doing with mortgages. Ok no problem you don't have to worry about making payments for the next 3 months. On month 4 you owe us those 4 payments all at once. Can't pay? Well too bad, we'll start the foreclosure process. Want to refinance? Good luck with that 550 credit score.
Banks are about to make things so much worse for people. I can't even get mad at them, it's in their nature. It's like getting mad at a scorpion for stinging you. You were playing with it, what did you think would happen?
Let me put it this way. I've learned the only time q bank will ever lend you money is if you can prove, without a doubt, that you have absolutely no need for the money. You have billions in assets and 8 figures in the bank? Sure no problem, here's a million dollar loan. You need $10,000 to keep your business open or you'll shut down and lose everything? Hope you have a black market organ trafficker you can sell your kidney to, because you're just wasting your time and energy going to the bank