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alstry (35.59)

An Amazing True Story

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August 06, 2010 – Comments (8)

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.......

8 Comments – Post Your Own

#1) On August 06, 2010 at 10:02 PM, alstry (35.59) wrote:

WHEN BANKS CUT OFF CREDIT TO THE PRIVATE ECONOMY....THE PRIVATE ECONOMY SHUTS DOWN...

The Seekonk Showcase Theater in Seekonk Mass.

Anne Klein is closing its only Hawaii store at the Waikele Premium Outlets

A&H Building Materials

Best Sellers BookStore in Palos Heights 

Twisted Martini is closing at The Jacksonville Landing on Saturday

Update: LifeWise Health Plans of Oregon Closing Bend Oregon Office - 11 Jobs Lost

Saltus Press Worchester Print Shop

Cafe Zao in Downtown Pittsburgh 

Connecticut Memories Store in CT

St. Robert’s Catholic Church in Chittenden VT

Camden NJ Considering Closing all 3 Libraries 

Carson RV

Ruby Tuesday in Bloomington 

Update: The Ingersoll Rand plant in northeast Bradford County

New York City’s Off-Track Betting Corp to Close 11 Parlors 

Made in Windsor on Ottawa Street ( International )

Lexington Slone's Signature Market

Vanity Fair Brands LP Closing 1 warehouses in Monroeville Alabama - 68 Jobs Lost

Power Products Systems Closing Hagerstown Factory on Oct 31 

Cappiello Brothers Jewelers Inc in Ridgefield CT

Hilton Hotels will close its Hemet reservations center

Boodles Restaurant in Wilmington NC

Wi-Fi in Kirksville MO Closed?

B&W Food Farm in Chester MT

Avoyelles Café in Louisiana 

CEP Miller, ALA Bartram, ALA Hunting Park, ALA South Philadelphia Schools in Philadelphia 

Tool Time Paint & Hardware in Fargo ND

The Wyndham Garden Hotel and Baymont Inn and Suites on Piedmont Avenue in Atlanta GA

Stallions Steakhouse in Opelousas 

The Fazoli's restaurant in Winter Haven FL

La Pizza House in Des Monies IA - 40 Jobs Lost

Warehouse Video in Big Bear City CA

Garden City Cinemas ( International )

Whidbey Island Volkswagen Mazda in Oak Harbor 

Helser Chevrolet in Red Bluff CA

Children’s Closet Family Consignment in the Columbia

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#2) On August 06, 2010 at 10:05 PM, alstry (35.59) wrote:

AND WHEN THE PRIVATE ECONONY SHUTS DOWN...EVENTUALLY EVERYTHING SHUTS DOWN.....

Saint Peter's University Hospital in New Brunswick NJ - 200

Cypress Bioscience Inc - 86% of Workforce or 123 jobs

Berkshire Medical Center in Pittsfield Mass. - 124

The state Department of Mental Health Boston - Planning to cut 100 Beds,  and Significant Layoffs

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#3) On August 06, 2010 at 10:29 PM, awallejr (81.52) wrote:

"Alstry" cut the crap with your fake stories.  My 83 year old mother living on social security keeps getting unsolicitated credit card offers on a weekly basis.  What you have been seeing, however, is people continuing to pay down their debt and borrowing less. 

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#4) On August 07, 2010 at 12:14 AM, stockdatamaster (93.59) wrote:

Well, I believe it.  The "credit score" system that lenders currently use to determine credit worthiness is a complete joke.

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#5) On August 07, 2010 at 4:33 AM, tomatoflu (< 20) wrote:

Yep....and for an Australian perspective!!

I have been unemployed for over two years after having had a car accident.

Here in Australia we have borrowed the amazing American Medical Associations impairment assesment guidlines and that means our level of impairment after a car accident needs to be over 30% impairment compared to the 11% impairment we used to employ before an car accident victim has the right to compensation without having to sue.

Loss of a leg amounts to an impairment level of 18% and an arm 10% approx....so it is a bit like you need to lose an arm and a leg to get compensation. Of course, you need to prove pain and suffering as well which can get ou over the line.

In any case.....It is a long 8 year wait mostly if you have lost a leg or such....On government cheques whil;e you wait, and interviews every two weeks minimum.

I have had about 35 case managers of different types so far.

OK....credit cards....

Even though i have formally told the bank concerned to stop sending me offers to increase my credit to 4000 dollars since i am on a government pension and i would not be able to pay it.

Anyway...I keep getting preapproved credit increase offers.

I own my own home.

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#6) On August 07, 2010 at 5:36 AM, tomatoflu (< 20) wrote:

Awallejr: I suspect your 80 year old mother is an excellent money making prospect for the banks issuing here with invitations to become indebted.

The likelyhood of her defaulting are probably very high, which would be excellent for the banks if they allready know she owns her own home or an asset they consider worthy.

 

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#7) On August 07, 2010 at 1:49 PM, awallejr (81.52) wrote:

Yeah you are right an 83 year old woman living off of social security being on medicaire and medicaid with nothing in the bank is a much better prospect than the two people "Alstry" mentioned in his initial blog.

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#8) On August 07, 2010 at 1:53 PM, awallejr (81.52) wrote:

And as a PS, social security is exempt from collection, so the banks couldn't recover anything.

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