Gettin Screwed by the banks!

Over the past 24 hours, life has been hectic around the Urban Survival Secrets compound.  You see, the bank had decieded reduce our credit lines without discussing it with us.  All because I have one late card payment due to a scum client who bounced a large check to me.  Talk about a domino effect!

Fortunately, my banker and bank manager jumped on it and corrected the situation.  What happened, I had some advance checks with a 6 month, 0 percent interest rate.  We took advantage of this to preserve some capital that would take a week to get ahold of and with the DOW at less than 7000, I didn’t want to touch the investments.  So we take out $3500 of free money for my son’s car.  We even  cleared it with the bank prior to the withdrawl!  A week later we get a call from our banker about this - a friggin week later.  So last night, I get the mail and there is a notice of decrease of credit line.

So, I acted in good faith and discussed the situation with my banker.  He was pissed and took it up the ladder since we made sure that the funds were available.  In the mean time, we are getting the money back, just will take 4 days.  Great.

Lessons Learned:

1.  Advanta is a disingenuous card provider.  My card with them is a Corporate Card.  Yet the felt they needed to report a late payment on my personal credit record.  Fixes: Filed a complaint and discuss with my banker.

2. Bank credit department is a bunch of morons (Bank of America).  Needless to say, they screwed up yet my wife and I are left to clean up the mess.  Don’t worry aboout the changed credit limits after the phone calls.  Nah, we’ll screw you anyways.

3.  My Bank Manager and Account Rep are Heros!  I will be sending them a thank you gift for the overtime they put in on my account!  I got a call after 6:30 p.m. last night giving me an update.

Recommendations to my readers:  Do not trust Advanta - they are a bunch of friggin liars.  I will be paying those idiots off asap and will never work with them for a business line of credit - actually, I am never going to have another line of credit again for business purposes.

Yes, I made the mistake with taking out a credit line and actually using it.  I should have paid it off prior to the market crashing, but did not want to loose more than I did.  Oh well, lesson learned.  I am not perfect, but now 20 years of a great credit rating is shot because of Bank of Amerika credit services.

Alms for the poor!