The incredible shrinking CC limit . . .
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| Mon, 02-15-2010 - 9:08am |
Stupid CC's.
This month was the first official statement of $0.00 (last month I had to pay off about $30 in interest even though I had paid the balance fully).
So I looked at my little statement and noticed my limit was $2000.00. WHAT? It was $15,500 last year, then they lowered it to $13,500. Now that its fully paid, they lowered it to $2k. Jerks. After all the money I've given them in interest!
Oh well. Its really not a huge deal since I have all my CC's paid off and I use my VISA for everything and pay it off (For the cashback). It just makes me more angry then anything. When I got my car loan in December the guy there said I have the best credit he's ever seen (I know I do, I keep tabs on it). I just find it funny that they gave me $15k when I was a student (yes, you read that correctly) and now that I am working fulltime making a good income they decide to cut

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Virtually every one of my cards (and we have a bunch -- many never used/paid off years ago) have had the terms changed and credit limits lowered. For me that's probably for the best since I have no willpower BUT I know it negatively affects credit score. The worst was Discover which instantly lowered my credit limit to the exact amount I owed so any charges I had outstanding would be over the limit. I had two recurring charges through Paypal that hit the first of every month so that of course made me over the limit because I got my notice from Discover on Dec. 31. I shifted money around and paid the sucker off. But when I was looking for another card I found several had been lowered to zero or closed.
Someone on here posted that this month's statements have notation showing how long it will take to pay off if you only pay minimum. I got those too. Chase "suggested" I pay $600 a month instead of the $200 minimum payment. How many people can do that? I suspect they worry they may never get paid back because of the number of defaults, credit counseling arrangements and bankruptcies going on.
They'll all get their money. I owe it, I'll pay it. But it will be on my terms, not theirs.
OK, I'm trying to look on the positive side.
Norma
"Patience is the best remedy for every trouble"- Plautus
I have heard that if you do not use the card, they will lower the limit based on the inactivity.
None of my limits are too high - I have noticed on most of the store cc's they like to dangle a carrot and send me coupons to use and I usually will plan the coupon use during that period where the new bill posts the statement and you actually get 45 days of no payment ----
Then I just pay the balance the day it posts.
It does get annoying how they can raise rates and lower limits - yet when you call and ask for a lower APR or a higher limit you get the run around --
XoXo Shannon
2010 YTD Flake $320.50
2010 YTD Flake to Savings $193.33
That is interesting that they are doing that. But it makes sense with the economy. I would mind either if they lowered our because it would take away that temptation of knowing you have your cc and it may make
Liz
student loan paid off 2010
Bathroom remodel loan paid off 2013
Pending Car loan to be paid by the end of 2014!!!!!
What frustrates me is when they lower the credit limits we suddenly then have used a higher percentage of the credit limit!
This is happening to everyone.
They have recently changed the laws regarding credit cards. I received something in the mail last week about this. They have to charge interest a little differently. I think it has to start on the day it is charged. They cannot go back to the beginning of the month. I think they have to do this.
Also, several of my cards were closed as soon as I paid them off. I was shocked! I thought "Fine, I don't need you then!" I also got notified that they no longer offer that program. DH found a low rate card, 7.99% fixed and applied for that and got it. If you go to Bankrate.com you can click on the credit card link and look at the terms and apply for a card that way.
I wish we could do that with health care.
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