tag:blogger.com,1999:blog-3052406779197845814.post6097465479273329337..comments2024-03-14T01:22:21.483-04:00Comments on Basil's Blog: When good credit is badBasilhttp://www.blogger.com/profile/00304218067534993876noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-3052406779197845814.post-56818088036715379492010-03-02T19:54:43.199-05:002010-03-02T19:54:43.199-05:00Point well made, Basil!
If a simp like me can und...Point well made, Basil!<br /><br />If a simp like me can understand it, then you done good making it!<br /><br />Chase is likely cutting off their nose to spite their face by not taking on good credit risks as customers.<br /><br />Probably VERY short-sighted...but that's not news for a bank, huh?<br /><br />My #2 son worked for Chase in (the other) Columbus...where they root for Buckeyes. He worked in the mortgage loan dept. It drove him literally bat guano crazy...not the customers...his superiors, and the bank policies.Andyhttps://www.blogger.com/profile/10945901944078164054noreply@blogger.comtag:blogger.com,1999:blog-3052406779197845814.post-24807174744089550172010-03-02T19:20:16.157-05:002010-03-02T19:20:16.157-05:00Sure, everyone is in business to make money. And I...Sure, everyone is in business to make money. And I can understand if someone has bad credit; if their history says they'll take your money, don't take the risk.<br /><br />Yes, you made some good points that there are other expenses a bank has with credit cards. You mentioned processor First Data; here in Columbus, another processor, TSYS, has its headquarters.<br /><br />It wouldn't be appropriate for me to comment on the processing details. You have used them in business more recently than have I, so I defer to you.<br /><br />But...<br /><br />My friend drives, has a house, and pays her taxes. She'll need another car one day. She'll buy new furniture. She'll buy electronics. She'll take trips.<br /><br />In other words, there are opportunities for them to be the financial institution that she'll use when she makes larger purchases.<br /><br />But Chase doesn't want to do business with her.<br /><br />Their loss.Basilhttps://www.blogger.com/profile/00304218067534993876noreply@blogger.comtag:blogger.com,1999:blog-3052406779197845814.post-15973551920086802962010-03-02T15:12:28.169-05:002010-03-02T15:12:28.169-05:00Basil, I know what you're saying. But, you re...Basil, I know what you're saying. But, you really can't blame them. No interest, no profit...unhappy stockholders.<br /><br />I have myself, in my business, declined to fill orders that would cost me more than I would make. There are very few...and it's a LONG story as to how that is possible...but it is.<br /><br />Chase is in the biz to turn their evil profits. Every cardholder like your friend really does (could) cost them money.<br /><br />Of course, there are the merchant discounts that are charged...but I'm not sure what percentage of that 2 to 3 percent actually goes to the cardholder's bank...I know a good bit goes to the processing company (in my biz, I use First Data.) I'm pretty sure that they grab the lion's share of the discount I pay.Andyhttps://www.blogger.com/profile/10945901944078164054noreply@blogger.com