1.) Nathan has NEVER defaulted on anything.
2.) Nathan has made late payments on credit cards less and 5 times EVER.
3.) Nathan's credit score is in the top 5% of the nation.
This is how Bank of America (and in their own way Chase) made me into the typical bad consumer through no fault of my own...
DATELINE: June. Chase Manhattan sends Nathan a notice about both his Chase credit cards reducing his unused credit balance by a total of 10,000 (on 2 different cards).
Nathan: 'Oh my, my current 6 month APR special on my Bank of America card is expiring August 1st. I better get ready to transfer balances to make sure I keep in good standing and ensuring I am not paying too much in interest. First I'll just call Bank of America and see if they can reduce my interest so I don't have to actually transfer my balance off their card.
Bank of 'O'merica: Sorry we can't do that but can we suggest you try out our debt consolidation 'gold option' of credit. It's not a credit card, it's a loan that has an end in sight!
Nathan: Awesome. That would help greatly. I'll do it!
Bank of 'O'merica: Sorry although you have a 742 credit rating and are complete good standing and have had only one inquiry on your credit in the last 2 years you have too much credit card debt to get this loan.
Nathan: Too much credit card debt to get the 'get out of debt credit consolidation loan'? I no understand.
DATELINE August 1. Nathan gets a letter in the mail that reduces my available unused credit limits by $21,000.
1.) Nathan cannot transfer any more balances because there is no available credit to do so. I am stuck with the prime rate + percent on all credit cards now. These range from 14% - 27%
2.) Nathan did nothing to initiate these reductions in his credit limits.
3.) Nathan initiated the 'let me help myself' process. He did not get into shit then try to claw his way out, he was being proactive.
4.) Through no fault of his own Nathan is now stuck and is forced to make some dramatic decisions.
5.) In the end I feel Bank of America and Chase will pay for what they have done becasue THEY pushed me into this situation.
6.) I have been responsible for more than 18 years with my repayments and would have continued to happily pay my debts and all the interest and fees if this did not happen.
7.) Bank of America and Chase have recieved more than 25 billion each in bailout money...
8.) The simple matter of the fact is that I am a nothing to these companies and my collapse means little to nothing to them.
I tried so hard and WAS a good consumer and this happened to me.