Lessons Not Learned

BofA

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.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


%d bloggers like this: