An Amazing True Story
I had a beer and a cigar with a closer personal friend....who happened to be a former President of a publicly traded company. He maintained an account a a very large Wall Street bank and had been a very good client for over 30 years. He paid off his credit cards in full every month had both a untapped secured line of credit and unsecured line with the same bank.
His daughter, who is a recent college grad and now working as an RN making about $70K per year with no debt and about $100K in the bank went to his bank to apply for a credit card. To her, and her fathe'rs surprise, she was rejected. So he confidently told her to return in indicate he would be a cosigner on the card. Again, they were rejected.
So this time, he made a call and was told he would get a call back soon with the approval.....interestingly, no call was made. He followed up and was told a card would be issued. When it was issued, it came with a $300 limit and HE was the primary holder....defeating the purpose of why his daughter applied for the card in the first place.
Instead of calling up the chain, he immediately closed all his accounts and moved them to another financial institution.
AND THIS WAS ONE OF THE BANKS THAT WE TAXPAYERS BAILED OUT WITH OUR MONEY.......