Ren, I don’t have questionable credit. And like you, up until three days ago had seen no credit contraction, personally.

Mish had posts a month or more back on this subject and I was, like you, wondering what they were talking about.

I think its odd that with all the effort the Gov. has put to ease credit that its slowly drying up (from what I’ve read and now experienced). BofAsses even told me they were tightening up credit and not giving deals. I told them I was just going to pay off the balance and then they would get nothing, that did not help because that is exactly what they want.

Agian I had my card since 1991, ZERO lates, perfect credit, measly $4900 balance, many times over on deposit, and they just want the cash. Mortgages are going bad left and right, now the idea of giving credit must make them nausious and now they really just need to build cash reserves if they have any hope of weathering the next wave of resets (which they don’t w/o Gov. aid).

A friend owned a Cell/Electrical company and even with perfect credit the bank just did a one-eighty and stopped new credit on his revolving account and started harrasing him to pay off everthing outstanding ASAP.

So I agree that there are some out there who still have not felt the contraction, but that does not make it any less real.