The other shoe is dropping

[Lochloosa]

My small credit union just cancelled EVERY credit card and line of credit for All members.

[el_bryanto]

1. Do you mind saying which one it is?

Just out of curiosity.

Bryant

[Lochloosa]

6. Not at all. Eastern Financial Florida Credit Union

They are based in Miami.

[kdmorris]

14. WHOA!!!!!

When I worked at my last company, that was the credit union they used. I came very close to having them as a bank myself, but chose to use Bank Atlantic instead.

I'm very glad that I'm not involved with them right now and very sad for you that you are.

[sandnsea]

16. They only have one star

Maybe you should move your money.
http://www.bankrate.com/brm/safesound/select.asp?insttype=2

[bdamomma]

2. oh that is terrible news.

[Christian30]

3. Yikes

sorry to hear that.

[lpbk2713]

4. That doesn't sound good at all.

I also belong to a CU. I hope this isn't the start of a trend. :eyes:

[SoCalDem]

7. It's a trend that needs to happen though

They will probably just have everyone re-apply, and then start issuing credit on a reality-based scale.

and with realistic credit limits.

[lpbk2713]

11. Might not be such a bad idea.

I'm sure I would survive the purge.

[Lochloosa]

12. According to a good friend in the branch I use that was not the impression I got.

I have a feeling they will be snatched up by some other larger CU.

[Sebastian Doyle]

5. Oh shit.

Here I thought the credit unions might avoid some of this crap. Not like I have any money in my account anyway. :evilfrown:

[Lochloosa]

8. I was under the same impression. It was the best card I have. 6.7% interest.

[Warpy]

9. Expect limits on cards out there to be what they're carrying now

and expect interest rates to keep going up as banks and credit unions scramble for cash.

People are going to be learning how to live within inadequate means and it is going to be very painful.

Poverty sucks. I've been there too damn often.

[SpiralHawk]

10. The putrid fruit of republiconomics

The crap-filled republicon economic tsunami sinks all boats...

[ecstatic]

13. wow. I want to pay off my cards but I have a feeling they will close it

once I do. Even though I've done nothing wrong. :(

[SoCalDem]

17. Pay them off, BUT try to use them for a dinner out or some small purchase

every month..and then pay it off.. I occasionally will "give" them a month's interest by paying half of what we owe..just to keep them "interested".. I bought a printer from Tiger Direct, and paid them $100 and then $104 the next month, even though I could have paid it all the first month....just to let their computer make note that they made a little on me that month..

If you go too long without using the card at all, they might just close the account...

[Trillo]

15. I wonder how much this will harm e-commerce

Some folks don't want to use their debit card online, simply not enough security. How many times have we read of merchants' databases being hacked and private information stolen?

[Veritas_et_Aequitas]

18. Well, shit.

Might want to pay them a visit real soon to evacuate your funds.

[yardwork]

19. This is so terrible to contemplate I can't think of anything to say.

[99th_Monkey]

20. What does it mean when a bank "cancels" a line of credit?

I've got a maxed-out credit line at my bank. Does that mean that I could no longer
keep it maxed out? as in my payments would still be required but I could no longer
turn around and borrow the portion of my payment that goes towards principle back out?