Is it even worth calling about?

iVillage Member
Registered: 04-10-2003
Is it even worth calling about?
8
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


Bex -

iVillage Member
Registered: 03-16-1999
Sun, 11-15-2009 - 3:42pm

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.

iVillage Member
Registered: 08-24-2007
Sun, 11-15-2009 - 4:00pm

Bex,


The credit-to-debt ratio was the only thing I could think of.

Kate


empty purse

iVillage Member
Registered: 04-10-2003
Sun, 11-15-2009 - 4:17pm
So strange kate because the one that did this is my PC mastercard! I'm going to call tomorrow just for peace of mind and make sure there isn't anything funny happening with my credit that I don't know about!

Bex -


"Yesterday is history, tomorrow is a mystery, today is a gift -thats why its called the present."


Bex -

iVillage Member
Registered: 08-24-2007
Sun, 11-15-2009 - 8:07pm

Bex, I just went to get back to double-check the notice that was in my statement, and I was wrong.

Kate


empty purse

iVillage Member
Registered: 04-10-2003
Mon, 11-16-2009 - 8:43am

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 -

iVillage Member
Registered: 08-24-2007
Mon, 11-16-2009 - 10:28am

Thanks for posting the update!

Kate


empty purse

iVillage Member
Registered: 04-10-2003
Mon, 11-16-2009 - 11:26am

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 -

iVillage Member
Registered: 08-24-2007
Mon, 11-16-2009 - 1:29pm

Interesting!

Kate


empty purse