The Banker Version of "Screw Your Buddy"

Now here’s an interesting story….

The interesting thing was that even though he hadn’t paid any credit cards in 60-90 days they are all reporting "as agreed" They have cut the lines to the outstanding balance but will not report a 30 day late. I can only assume that the banks C,BAC,Cap1,Wach) are doing this in the hope that a different bag holder will bail them out with either a balance transfer or a cashout refi. I suppose if I was the lender I would do the same thing and hope that a greater fool than I existed.

Now this is a new one…. but it wouldn’t surprise me!

What, honor among thieves?  Naw, who’d be honorable in this circumstance?

If you report it as late nobody will take him on a balance transfer.  But if you don’t, perhaps someone will and they are the bagholder!

What a riot! 

I expected FICOs would become irrelevant as this mess progressed but that’s a twist I had not counted on….. yet among the viper pit it certainly makes sense.

If there is any sort of pattern to this at all the FICO score and indeed the integrity of the entire credit bureau system has just gone straight in the trash can.