Is it even worth calling about?
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Is it even worth calling about?
| Sun, 11-15-2009 - 2:51pm |
Hi all,
I checked my MC statement online today (this is the one I used to pay off my car because my interest rate is only 5.9% and the car loan interest rate was 9.9%).
My limit has always been $15,400.00. I never even had the balance close

We had something similar happen. The concern we had was that by lowering our limit it made our balance much closer to the limit which did not look as good on our credit report.
Bex,
The credit-to-debt ratio was the only thing I could think of.
Kate
Bex -
"Yesterday is history, tomorrow is a mystery, today is a gift -thats why its called the present."
Bex -
Bex, I just went to get back to double-check the notice that was in my statement, and I was wrong.
Kate
Okay so I called this morning. The rep said there was nothing flagged in my file and it was likely just a general reassessment based on recent payment history (read: I haven't charged anything in over 4 months and have just been chipping away at the account so what good am I to them, lol). I have a feeling that its just the amount of credit that I have (on paper) at this point that is bugging them.
On paper I'm actually quite a mess!!! I have 30k in student loans (dad is paying) a 50k investment loans (investment residuals more then cover this plus pay down the mortgage) a mortgage, CC debt of $13K and $2k on the Brick card (appliances, down to $1225 but that only just happened). No wonder they are freaking out, lol.
Bex -
"Yesterday is history, tomorrow is a mystery, today is a gift -thats why its called the present."
Bex -
Thanks for posting the update!
Kate
Yup, its an investment loan. Its actually quite convoluted to be honest. Its something called the Smith Manoeuvre (sp?) and its a way of accelerating mortgage payments. The investment loan pays dividends which pay down my mortgage and the interest is tax deductible (its a way for Canadians to make the interest on their mortgage a tax deduction and increase tax refunds - completely legal). This is a simplified version.
Anyways, my dad is my financial advisor, so if poop were ever to hit the fan, he will bail me out, lol. So far its working great though :) I'm on track to pay of the whole mortgage in about 15 years!
Bex -
"Yesterday is history, tomorrow is a mystery, today is a gift -thats why its called the present."
Bex -
Interesting!
Kate