Credit Card Company decides where you can shop

United States
January 28, 2009 8:03am CST
I was listening to GMA this morning and they had on a guy, who had his credit limit drastically dropped (thus hurting his credit score)all because of where he shopped. This is for real! They used some form of profiling and because some people who shop there don't pay their credit card bills in a timely manner they are penalizing everyone who shops there. The guy had great credit and paid his bills on time and now because of the credit card company his other credit cards could raise their rates on him. This seems so unfair. Do you think credit card companies should be able to lower your credit based on the store you frequent? Should your credit be based on other peoples willingness to pay their bills on time? Should the government step in on this?
1 response
@DonnaLawson (4032)
• United States
28 Jan 09
I am not sure if the government needs to step in on anything else or not, they have ways of making things worse.. I believe I would cancel the account with this credit card company and go to another one.. If enough people would do that, the credit card companies might take notice and stop their greedy ways.. If you think about it, it sounds like another scheme to get more money and more money is what everyone is trying to get now, especially the big greedy corporation, companies and everyone else who has their hands in our pockets.. Credit should be based on the person's willingness to pay, their ability to pay and their payment record and nothing else.. But if any company can figure any way possible to get more of the everyday person's money, they will.. It is pure and simple greed..
• United States
4 Feb 09
I totally agree. We stopped carrying credit cards about 5 years ago, now just have a debit card that I put money on when I need to make a purchase online, otherwise leave about $5 on it to keep it open. I guess since they didn't get anything out of the government banking thing they figured this was the way to make money.
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