I am furious right now. I just learned my credit limit was cut by 30% for "business considerations." :tantrum:
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Happening all over.
One of our main business cards was cut by 85% out of the blue last month. Come June, that bank was out of business altogether. -
This is heading into PoFo territory, so feel free to move it, mods.
What frosts me about this is that for all the talk of "credit card reform," the package approved in May is only designed to help those who struggle to pay their credit card bills. Meanwhile, those of us who have had no problem have their purchasing power crippled.
It's symptomatic of the thoroughly screwed economic triage happening in response to the recession. The insolvent and irresponsible get a scuba tank, while the rest of us tread water.
It amazes that the same people who scoff at "trickle down" economics are convinced "trickle up" economics will work any better. Hello ... gravity!!!
:pity:UCF FINatic and USArmyFinFan like this. -
IF you keep a low balance...they do that.
fill that bastard up and watch how they will never cut it.unluckyluciano and TrueDolFan like this. -
To go with your point, I've got a friend who is having trouble paying their mortgage but haven't missed a payment yet. They went to refinance and the lender said no. Afterwards they the lender told them if they had missed a few payments it would be a different story and they wouldn't have any trouble refinancing.
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Getting closer and closer to a Union mentality out there:
Do less and less and demand more and more.
Its impossible to fail when there is ZERO emphasis or benefit associated with striving to succeed. :up:Sethdaddy8 likes this. -
Damn Steve, that would frost my nuts too.
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I don't even use my credit card anymore, and I only keep it in case of financial emergency. My limit has been cut by more than half and they raised my interest rate to over 25%. That's the "thanks" they give to those of us who are responsible. -
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My credit card company raised my intrest and added monthly fees, so I paid it off and cut the card up. I will survive with out a card.
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1) it wont last forever, and eventually your credit limits will increase...and you can cancel the 2nd card
2) Presuming no single purchase exceeds 1 cards limit (although you could always spread over multiple cards) the 2nd card is not a bad approach to play by their rules and still float some free money your way.
3) If you are earning any interest in Checking w/Interest or Savings acct while you have placed charges on the cards and simply pay them off in full by the deadline once they arrive you still come out ahead
4) While the sound of .25% interest is scary...never having it applied makes it moot!
I do think its dumb for CC companies to reduce credit limits, and know some folks are impacted by higher interest rates...but its like every other aspect of life....if you can play the game and spin it to your advantage, adjusting your strategy to beat them again as they adjust keeps you on your toes and still a winner in the short and long run.
Its fun beating the man! :up:DrAstroZoom likes this. -
That sucks Doc.
This started last year. It happened to my boss and all his rich friends.
Not to me though. I outsmarted them. I keep a very low credit score, and they won't give me a card....:lol:dolphan117, Colorado Dolfan, DrAstroZoom and 1 other person like this.