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Banks Tightening Lending Standards

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Posted (edited)

From an article I was reading:

 

Quote

U.S. banks are now tightening credit at a rate not seen since the last financial crisis... In the latest Federal Reserve survey of large and small banks across the country on their lending standards, more than 70% of banks said they're tightening credit.

That's the highest percentage since October 2008.


That means banks are making it more difficult for U.S. companies to borrow money. Tighter bank credit is going to accelerate the pace of corporate bankruptcies in the months ahead...

 

 

081920-SCO-Bank-Lending-Standards_5f3d62]

Edited by shifter

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Posted (edited)
10 hours ago, althes said:

What did you get herr colonel.

 


Well, Shultz, actually 9 now:

 

1.  Dillard's American Express (limit unknown)

2.  AAFES Military Star (cheapskates at only $10,200)

3.  Disco (second card) (laughable $1,000)

4.  B of A Biz (super cheapskates at $5,000)

5.  US Skank (super cheapskates at $5,000)

6.  HSBC World Premier ($47,000)

7.  HSBC World Family Premier ($2,500)
8.  Chase Ink Biz Preferred ($20,000)
 

... and, just for the hell of it and to rub salt in their wounds ...

 

9.  Stinkrony Verizon (limit unknown).  
 

I tried spreading the INQs evenly amongst the CRAs.  I had a zillion INQs on each already, but all older than 1 year.  
 

The BoA limit I can almost understand because I already have a bit over $100k with them already on personal cards.

 

US Skank, this is my first card with them as every time I have applied before they shot me down for INQs and new accounts.  I'll wait until the COVID circus has ended and then work on CLIs.
 

Chase was a no-brained.  Just reached under 5/24 last month.  Doubt I'll keep this card after the SUB.  I'll use it as a CLI for my other card. 

 

HSBC Family has a maximum limit of $2,500 anyhow because it's basically designed to let idiot, untrusted and yet unproven college freshman have an AU card where screw-ups don't incur the death penalty.  
 

The other HSBC card was just for the SUB.  I already have another one from HSBC at $37k.    I'll wait for another 6 months and push for CLIs. 
 

Verizon?  Only to FITA Stinkrony.  I beat them up and got my closed accounts back.  They promised not to hold anything against me.  This was just a test and a slap in their face.  I'm going to close some of the other Stinkrony accounts anyhow.  Like WTF actually needs the almost bankrupt JC Penney's card or PayPal's BML?

 

Edited by PotO
CRS

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10 hours ago, althes said:

What did you get herr colonel.

 


I almost forgot ...

 

This COVID-19 almost has me stir crazy.  I also applied for another card from a Chinese bank.  Guangdong Development Bank (once owned by Citi) introduced a new AmEx.  I actually have a lot of the Chinese banks trained so they don't pull their xenophobic crap with me, but every once in a while one forgets.  When they do, I have a time-tested method to clobber them and get what I want.  :)

 

It's like a sport.  :)  

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1 hour ago, PotO said:


I almost forgot ...

 

This COVID-19 almost has me stir crazy.  I also applied for another card from a Chinese bank.  Guangdong Development Bank (once owned by Citi) introduced a new AmEx.  I actually have a lot of the Chinese banks trained so they don't pull their xenophobic crap with me, but every once in a while one forgets.  When they do, I have a time-tested method to clobber them and get what I want.  :)

 

It's like a sport.  :)  

what a strange stock photo http://www.cgbchina.com.cn/Site/Home/EN

 

index.jpg

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Posted (edited)
56 minutes ago, hegemony said:

what a strange stock photo http://www.cgbchina.com.cn/Site/Home/EN

 

index.jpg

 

Yes, very odd.  Ever since Citi bailed out, the new owner is a 100% Chinese insurance company. I doubt they have even one non-Chinese on the payroll.  They even gt rid of their non-Chinese-citizen Chinese employees.  

 

It is, indeed, a strange country.  People spend millions of dollars on skin-whitening creams, hair colorings and, recently, boob implants in order to look more Western, but they actually hate foreigners -- especially those that are black.

 

BTW, is it just me, or is the hair on that lady fake?

 

 

Edited by PotO

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Posted (edited)
6 hours ago, althes said:

That Dillards Amex is a strange card nowadays.

Its through Wells Fargo.


Yeah.  And WF is strange.  
 

The WF people who handle Dillard's are different from those who handle other WF credit operations.  The WF Dillard's folks are even stranger.  

Edited by PotO

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Banks Tightening Lending Standards is not surprising given the current economic environment. Especially with so many unemployed, the money that banks would usually have coming into consumer accounts (which the bank would then lend out) must have dropped like a brick. 10% unemployment is no joke.

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