Monday, February 11, 2008

Bank of America, You've got to give them credit.

From today's Washington Post:
"Bruised by a rise in foreclosures, banks have been reluctant to lower rates for cardholders who have missed payments or had their credit scores slip, analysts and industry watchdogs said. Yet even some cardholders who pay on time have not benefited from the Federal Reserve's recent actions, as banks raise rates and fees to make up for losses in their mortgage departments, analysts said. "

Here is some more money quotes:

"Bank of America, for instance, notified some customers recently that their rates would increase as a result of a periodic review of their credit risk. "
Hmmmm Bank of America were'nt they the bank that .......
"In the latest sign of the U.S. banking industry’s aggressive pursuit of the Hispanic market, Bank of America Corp. has quietly begun offering credit cards to customers without Social Security numbers — typically illegal immigrants.
The new Bank of America program is open to people who lack both a Social Security number and a credit history, as long as they have held a checking account with the bank for three months without an overdraft. Most adults in the U.S. who don’t have a Social Security number are undocumented immigrants."

Bank of America. Higher standards? No! Higher rates.

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