If somebody had told you two years ago that * A law would be passed where if you showed a delinquincy in any of your other accounts or based soley on some credit score that changes daily they would have the justification to jack up your rates would you have belived it? * That many major creditors would be limiting their reporting to just the "high balance" and "current balance" Or would you have felt secure within the law which clearly states "Information on a consumer's credit report must be 100% accurate, complete, and verifiable, if not then the account must be removed from the credit report" In that case you would and are a BIG LOSER for when have the CRA's EVER followed the law. Here, let me quote the words of a 'mealy-mouthed' rep from one of the CRA's "The FCRA requires everything on the report to be correct. However, there is no obligation for creditors (or the CRA's) to report information that the creditor does not want reported." I say that the CRA's will lose on the first legal challenge, but how long before this happens and by then will it be too late?! * That Gold cards would drop from a $5000 minimum to the joke offers of $200/$300 * That APR's would raise to over 30% to 35% to over 40%!!! When a post was made on this site less than 4 months back regarding an Associates offer "Its preapporved for a $5,000 limit platinum but the interest is 33.7 fixed. There is no grace period, cash advances are 10% of the amount borrowed" It was decried as the biggest joke and ripoff of all time, that the post itself was a fake Well guess who the 'joke' is on NOW I predicted that in perhaps a year's time we would probably see those kind of rates, but never in my blackest nightmare did I ever imagine it would occur just 3 MONTHS LATER!!!!!!!! * That fees would skyrocket for cash advance fees, over-limit fees and ESPECIALLY late fees * The imposition of new fees such as foreign transaction surcharges, inactivity fees, account closing fees, balance transfer fees, customer service fees and monthly annual fees. * A number of banks would have reduced their grace periods from 25 to 20 days * Risk Based Pricing When sub-prime cards first started being offered with their subsequent skyhigh interest rates, numerous fees, bad customer service, mail and cheque scams, statements sent out days before the due date and otherwise horrible treatment, complaints were rare either by the customers who felt or were led to feel fortunate and grateful that they would even be allowed credit and certainly not by those who had good credit and looked upon these individuals as "deadbeats who deserved whatever they get" Others seeing this as a goldmine where they could 'ravage and pillage' without any restraint followed in hordes so that now the sub-primer's make up a good chunk of the market. Some prime banks seeing their market saturated and offering 'flat' profits decided to bring these high profit methods into their prime operations. First came Providian which was followed by First USA and then Fleet, the Associates and now even formerly "premium" banks such as People's have gone this route "whole hog" Thats right the chicken's have come home to roost, for all those people who thought it was only happening to the "deserving deadbeats" have now have finally woken up and found out 'the hard way' about the old parable that if you ignore evil happening to your neighbours it will inevitably make its way to you. So now we have the reality of most "prime customers" with their good credit holding accounts that with the exception of the credit limit whose terms and penalties and customer service are virtually identical to what was soley the realm of sub-prime. One last thing before I state my future picks First I will preface this with what I believe the credit industry truly desires 1. The CRA's to be no more than glorified blacklists where ONLY negative information is reported 2. That their be NO LIMIT to the amount of time that something can be reported 3. The Statue of Limitations be ELIMINATED Currently 40% of the populance has some form of bad credit whether legitimately or from inaccurate reporting. 4. They would love that figure to go up to 99% as bad/damaged credit = increased profits pure and simple I'd go so far as to say that they'd dearly love to bring back the system where debts were passed through generations! 5. The elimination or to make it exceedingly difficult to file for Chapter 7 The key thing to remember is that ALL LAWS AND REGULATIONS can be changed and repealed for enough money. And the members of Congress has conclusively demonstrated that they are FOR SALE. 1. It will become optional for the creditors in what they report. 2. Negative information will make its way to a plethora of blacklists similar in setup to CheckSystems be kept indefinately and be used increasingly by creditors to reject or offer worse options to consumers 3. Its a given that all sorts of fees will increase and new one's will be created for the sole purpose of a cash-grab. Look at any statistics regarding the banks and it will show an increasingly HUGE percentage of profits from this. 4. The almost totally anti-consumer bankruptcy laws WILL pass 5. Collection agencies will have far more power and discretion to HARASS 6. More banks will become little more than glorified shills for their multitude of useless and ripoff services which they and their affliates and divisions will push at their customers non-stop, a certain percentage of which will illegaly find its way on customer's statements and will require the customer to run an increasingly difficult guantlet to correct, while their customer service goes to hell, DISCOVER is just the first but certainly not the last 7. While true the credit and mortgage scores will be obtainable from the CRA's they will be virtually useless as the creditors will devise new scoring systems which they will not be obliged to divulge and will use that as justification for any negative action they take against their customers About the only 'positive' change I can see happening is the imposition of new and tougher laws regarding identity theft A. Because its the government that will impose this over the opposition of the credit industry B. Because of the governments' continue agenda of reducing individual's privacy and control the money supply by demanding ever increasing amount of documention for any purpose, before too long it won't only be the banks that will have "know your customer regulations" all in the name of "protecting the customer from identity theft"