It seems pretty obvious that Bank of America hasn’t learned anything at all from the credit meltdown.
They have given my little back bedroom publishing company a $35,000 line of credit.
The only problem is that after my one book sold out, I have zero sales and zero income for over two years!
How I could possibly qualify for a $35,000 credit line with zero income, and just about zero assets, is beyond me.
This is exactly how banks got into trouble in the first place and, if my case is any indicator, Bank of America is still giving credit to people with zero income.
Just swell.
Update: July 18th, 2009: After asking a Bank of America “credit analyst” how they could extend a $35,000 line of credit to a business with no income, I was told, “… I’m going to take action on this account…”
And, sure enough, I received a notification that Bank of America has reduced my credit limit to $2,500.
And this is how is should be.
