So my credit card company.......
pjtradeking
Posts: 4,045
So I have had this credit card for about 10 years now. I use it mostly for online purchases. I usually pay it off monthly or every other month depending on what the freaking 10Club puts up for sale that month! ;-)
Anyhow, never been late...Never had a dispute...Never had any kind of issue with the card or its people. It had a limit of $4200. So I, get this letter the other day that says due to the economic state and the catergory my card falls into, ther are reducing my limit by $3140 down to $1060!! They said as things get better, that maybe they would increase it again, or maybe they wouldnt. They value my business and hope that I will continue to use my card to its fullest potential....
Just wondering if this has happened to anyone else yet? I understand why they did it, and am not mad as I have other cards if I did indeed need more than that. They dont want to get burned by those who cant pay their bill, or could be in danger of filing for bankruptcy and the like. I guess I would consider myself a good risk considering my payment history and financial state. Wonder how they determined who they did and didnt lower?
Anyhow, never been late...Never had a dispute...Never had any kind of issue with the card or its people. It had a limit of $4200. So I, get this letter the other day that says due to the economic state and the catergory my card falls into, ther are reducing my limit by $3140 down to $1060!! They said as things get better, that maybe they would increase it again, or maybe they wouldnt. They value my business and hope that I will continue to use my card to its fullest potential....
Just wondering if this has happened to anyone else yet? I understand why they did it, and am not mad as I have other cards if I did indeed need more than that. They dont want to get burned by those who cant pay their bill, or could be in danger of filing for bankruptcy and the like. I guess I would consider myself a good risk considering my payment history and financial state. Wonder how they determined who they did and didnt lower?
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"Free Shipping" SPEEDY MCCREADY
My friend was going to see Eddie last night. Since he was in Vegas, I gave him 5 Grand to gamble with. I told him I wanted it all to go on Black. Bastard! PhillyCrownOfThorns-11-2-12
"Free Shipping" SPEEDY MCCREADY
My friend was going to see Eddie last night. Since he was in Vegas, I gave him 5 Grand to gamble with. I told him I wanted it all to go on Black. Bastard! PhillyCrownOfThorns-11-2-12
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I just had a card closed. I use AMEX as my everyday card, but I have (or had) a Master Card that I used maybe twice a year- mostly just 10c purchases b/c they don't take AMEX. I always pay off my balances, but they closed it down because I didn't use it enough I guess, plus, credit card companies hate people that pay their balances off
Sign of the times I guess...
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5/23/2011- An utter embarrassment... ticketing failures too many to list.
Of course they do! When you pay off the whole of your balance they can't charge you for the interests. They prefer when you keep your payments down to the minimum. That way you generate interests and don't fully amortize your debt, which in turn is capitalized and keeps generating interests.
Neil deGrasse Tyson
Why not (V) (°,,,,°) (V) ?
Whatever you are, be a good one --Lincoln
Hell, the bank charges $39 per oerdraft. I owed them $280 and now it almost $600.
Let them use that bail out money!! Many people did keep up with their mortgages by borrowing thru credit cards, loans, et. They aren't getting any help, only those who here lazy, irresponsible and didn't caare. NOW, they are getting help, while the rest of us suffer!
This stimulus plan will not work! :evil:
Let them eat cake!
our tax money is going to these banks to bail them out and they are turning around and screwing us over. :evil:
Only problem with this advice is that an astute telephone rep (if any exist) would explain that canceling the account would hurt your credit score even more. Two reasons why:
1. Assuming you have a $0.00 balance so you can cancel the account, your overall credit to debt ratio will increase. You're taking away available credit while your debt remains the same. That adds credit risk.
2. If it happens to be one of your older, establisheds accounts, then canceling it will make the overall length of time your accounts have been opened decrease. This is considered additional credit risk as well.
Granted, most reps wouldn't think of this counter-argument and would just try to avoid an account closure. In any case, this has happened to me as well...when Chase bought WaMu, they did me the "favor" of closing one of my $0 balance accounts that hadn't been used in years. Great.
(Shawn Smith's official website, but not Thee Shawn Smith)
Sounds like it's time for you to take that higher score and apply for a new, low rate card, then transfer your balances. Keep the high rate cards open (with zero balances) for the two reasons I mentioned in my post above, but get out of that mess!!!
(Shawn Smith's official website, but not Thee Shawn Smith)
interesting how that in America actually being in debt or having credit cards actually increases your credit score?!?
In the UK having 3 credit cards and all of them having a £4000 limit would actually be a bit of a credit risk and therefore your score would be adversely affected.
seems odd that to get a credit score you have to actually to own a card that can get you into debt? :?
in the words of the great Sophocles.... "thats fucking stupid!"