Friday, May 7, 2010
The End Of FICO As We Know It
Okay let’s follow along with a recent blog and talk about credit cards and credit scores.
I think it’s about time we all revolt against the so-called FICO system.
I don’t know about the rest of you, but this week, I have had my fill of the credit card industry as a whole.
One of my clients shows up with a letter from Wells Fargo saying they will reduce the interest rate on the credit card if a payment of 10% would be made.
Sounds great right?
But when you go on to read the fine print “Wells Fargo will reduce your credit limit by the amount of the payment”. Are you F*%#&ing kidding me!
These banks take TARP funds, oh ya, that was taxpayer money, then they turn around and screw all of us.
The reduction in interest rate is great; however reducing the credit limit will negatively impact your FICO score!
Come on Congress when are you going to grow some balls and deal with these institutions?
I thought part of the bailout was to help them (the banks) so they could turn around and help the individuals. Well if the way they are helping people is to damage their credit scores, then I ask; how that helping?
We need real financial reform; the credit card reform was a joke. It allowed the banks several months to screw us and they are still doing it. When is the Federal Government going to step up???
Whatever happened to the day when banks would work with their customers and reach across the desk and shake the hands and say we can do that?
Let’s start by getting rid of this lame ass FICO system which is now terminally antiquated due to the recession.
Wells Fargo you should be ashamed of yourself (and Goldman too!)