Oh no - Visa increased my CC limit
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| Thu, 11-18-2004 - 3:52pm |
What a day yesterday. I discovered that some company took $49.95 for a membership to something I never realized I even signed up to. Luckily they're refunding the money, and luckily I had enough in my account to cover it. Had it been one of my leaner weaks, I could suddenly find myself UCF on my account and charged $30 for it, and not been able to contest it. Bad enough I went about $2.00 over my Chase limit and have a $29 fee for that. Now I have to pay a huge chunk over to Chase this month - waah!!! I threw the card in a drawer - not to be touched.
Then when I was looking at my account, I took a look at my VISA CC and saw that they have increased my limit by another $1,000. Bad news, I have that new limit and I need a futon mattress for next week for my mum visiting (cat ruined the other) and I overspent when I got my commission cheque, haven't been balancing my chequebook and I need to put money aside for the work being done on my shed ($300 plus I need powerwashing work esp after someone egged my house an extra probably $100). The only thing that makes me happy about the increased limit is that it will help my Beacon Score, since I'm not as close to my limit now. That card also needs to be thrown in the drawer.
I lost a client last week too, so that was bad news for me. I spent 6 months trying to get them to use our services, made the deal and then the 2 people sent to the site didn't work out. Now the company says they won't use temps for now. I was pretty sad about that. I thought things were going well, then I look at my checking account and wonder where the money went, I need to do my spreadsheet for this month!

Visa liked to do that to me...the automatic credit limit increase. They did that numerous times and I took the rope and hung myself with it. Then they started sending me "missed payment" letters; guess they shouldn't have given me so much credit!!
I spent years in the Visa hole because I didn't know better and never called and told them to put the limit back down. I finally wised up and each time I paid the card down to a certain milestone I called and told them to drop the limit.
I highly suggest that you call your visa issuer and tell them to put the limit back down to where it was before. If you were surviving on your previous limit, you'll probably be just fine if you have it put back to the lower limit. Just make sure that you request that they note on the file that you requested the lower credit limit, otherwise it can look like the company reduced the limit because you were a credit risk (and that is the last thing that you want).
Good luck.