Posted on February 25, 2009 at 2:05 am Did you know that banks WANT you to improve your credit score? They actually hate the idea of having to lend money to an unreliable customer who already has a history of not repaying any debts, not showing any financial responsibility and always having financial problems. Banks make their profit by lending out money to people who will repay that money. They're not a charity. They're a business. When their money is not repaid, of course they want their money back. When they receive an application from a customer with bad credit, they already know they're not likely to get any of their own money back. If that bad customer defaults and doesn't make any repayments, that customer has STOLEN their money and not returned it. Banks therefore have the right to charge higher rates to customers that fall into this risk category. They also have the right to foreclose on the item you bought with their money. YOu didn't pay it back, so they're entitled to take it back. They're not heartless or evil - the person who didn't pay back the money they promised on a contract to repay is the one at fault here. This is the reason they 'reward' good customers who always pay their bills with lower interest rates. So - banks actually benefit from you improving your credit score. They WANT you to fix your credit. They'll even reward you for doing it by offering you lowered interest rates.

Posted on March 14, 2009 at 10:38 pm It might feel harsh, but don't take it personally. Banks do this to minimize their own risk. After all, they gave you some of their money and they're running a business, so they'd like to think they're getting it back!

Posted on March 21, 2009 at 10:33 pm Well, the banks need to make a living and like to know that they have a reliable customer that won't declare bankrupt anytime. In fact, this was one of the main causes of the  global recession. People declared bankrupt and subsequently, the banks took over their homes. Property market was flooded, prices dropped to an all-time low. This affected all other markets and caused the recession.

Posted on March 23, 2009 at 1:12 am It's in a banks best interest to appease the picky customer, especially if there is a lot of competition where the consumer could pick another bank.

Posted on March 28, 2009 at 2:10 pm Banks are in a buisness to make money if they lent to people that dnt pay back how will they make anything. I do agreee they can be harsh and cold about it.