Question du Jour.

I just had a little tizzy-fit with my bank. I won’t go into details, but let’s just say they made an error on a line of credit account that I have had since 1990. I called to get it rectified, spending 20 minutes on the phone. They did correct the error (and wrote off the subsequent fees). I canceled the line of credit.

As I was canceling the line of credit, I was told that it would hurt my credit rating. I have read this before. Canceling credit cards, lines of credit, etc… hurts your credit rating. (Please note: I haven’t used the line of credit since 1996. Also note that it costs me $50.00 per year, and I have another line of credit on my house.)

This begs the question. Why would some institution think that a dimwit who pays $50.00 per year for something he or she doesn’t use is more credit worthy than someone who doesn’t pay $50.00 per year for something he or she doesn’t use? It just seems like the opposite would be more logical.

Obviously, there is a reason I am not a banker.