The bank didn't cancel my credit cards today.

They didn't cancel my credit cards. In fact, I received a solicitation today from Washington Mutual offering me a new credit card.

My business has a substantial line of credit, but the bank did not call to freeze it, or to ask me to pay it back.

For all the talk of a "credit crisis" my finances haven't changed. My business may be slower, but I attribute that to high oil prices and a weak dollar brought on by 7.5 years of bush management.

I am inclined to think that the whole "credit crisis" is a bunch of crap that will affect investment bankers, but not the little guy.

And even if it were a problem, I bet we could bail out main street for a lot cheaper than we can bail out wall street.

People before profits.

American Express did mail me a letter received this weekend informing me they were closing my line of credit....not due to bad credit but for "safety" reasons.

They didn't get the BAILOUT so they have to go to PLAN B.

I hope you're right, but I keep hearing that things could drastically change by the end of the week. I sincerely wish you luck, and again I hope you're correct that this is all crap. I've got my fingers crossed.

every month what difference does that make?

unless they revoke your line of credit and you depend on it every month.

Edited: If the government doesn't help these banks get their bad debts off their books, then they will take measures on their own and that will effect all of us as well, so don't think that by this bail out failing that we're all in the clear, and only the rich will pay, because that of course is simply not true.

No one said anything was going to happen TODAY.

That was the supposed reason for the rush.

but supposedly things are happening now. Wachovia almost failed today and two European banks failed over the weekend.

Well, I don't mean that literally, since my understanding is that credit requests affect your credit rating, and I don't want you to do anything that could monkey with that. And if you pay your creditors regularly and keep control of your finances, they probably won't.

But small fish (like me) are already seeing it. I paid off one of my credit cards in full last month. As soon as I did, they canceled it.

of course they're not shutting down the card businesses. the fees and interest are huge. that's the last thing they'll shut down.

it's the regular bank lines, the revolvers, the corporate debt, and other forms of raising money that have frozen, or had rates shoot up to the point where no one who can afford it is interested.

If they lend it, its because they can lend it.

They are lending it because they can.

but they aren't lending because they don't trust other banks, or the risks involved, or they figure the rates they can get aren't good enough.

they are continuing to play the credit card game because there's SOOO much profit in it that it justifies the higher risk these days. but they are NOT lending to businesses that are trying to grow or even are just trying to get by.

they are only lending to investment grade companies that, for the most part, don't need or want the cash, except to snap up failed competitors.

It's business as usual for them until Chase decides otherwise.

The real evidence of credit problems start tomorrow.

And the real credit problems started a long time ago.

Stealing from the taxpayer to fix them will not help the taxpayer.

Here's to tomorrow:

:toast:

Said, "Your credit line increase has been declined".

Problem is, I NEVER ASKED FOR ONE!!!

Not sure what the hell is going on, but I noticed that they did a credit check on me and I'm no where in the risk zone. Peculiar letter to say the least.

I'll just sit back and wait to see what happens with my BOA credit card. This whole bail-out situation is a fucking nightmare for common folk.

Ann Arbor