If you use your credit card to buy stuff like beer and expensive customized auto parts, watch out… your bank might think you’re a deadbeat in waiting.
It’s because of the comprehensive profile made of each and every credit card customer. The profile is based on what you’ve bought with your card, personal details you give to customer service reps (like a recent divorce or job loss), the time of day you log in to your online account (Is it late at night or when you should be at work?), how often you’ve been late or missed payments, the balance you carry each month, and more.
It all makes its way into a database that the card companies and their consultants use to determine if you are a good risk for a higher credit limit, which interest rate to charge you, and when it’s likely that you are dodging them and should be scheduled for a call from the collection agency.
(Source: The New York Times)
Similar Articles:
- Don’t Pay Your Credit Card Bill Early – Paying your credit card bill on time and in full is one of the best ways to stay out of debt. It’s a…
- A Phone Call That You Need to Make – The average American has at least one credit card and carries a balance of more than $1,700. Faced w…
- Getting Rid of Credit Card Loans – I wonder if I should be telling you this… It’s perfectly legal. And it could save you thousands – if…
- The Next Wave of Bankruptcies – Banks have lost over $680 billion because of the huge wave of foreclosures that has hit the market o…
- Mining Your Social Networking Profile – When you signed up for Facebook or MySpace, you may have thought that nobody outside of your friends…
- It’s Good to Know: The Going Rate for Your Personal Information – Identity thieves trafficking in personal financial data from bank accounts and credit cards are havi…
- A Message From Someone Who Cares – “We care about you and are concerned that you may have been impacted by the recent weather. If we ca…