Anyone else had their credit card limits slashed for no reason?

[funkyab 10+ year member]

I pretty much have most my CC's maxed out.........yeah for me!
Taking care of that this tax season, hopefully.

All I know is, they can not lower mine, lol!

While continuing to read about this limit slashing business, i read something else interesting. Some people had their limits slashed to just above their balance. next time they made a 500 dollar payment for example, the limit was lowered an additional 500 dollars, essentially slowly pusing you out the door. This is soo fvcked.

the worst part of everything is the negative effect on your FICO score. I can understand if lenders want to be dicks, they can because it is their money, but to damage your credit rating is not fair, especially it will decrease your chances of getting money from other lenders.

I spent the last 10 years establishing very good credit after messing some things up when i was a young guy. My AMEX accounts and my histlry helped with this. Now by doing what they are doing they are essentially saying, yea buddy, we will just leave you where we found you.

Probably the worst thing about this is the effect on my new wife. She is norwegian and we moved back here to my home after working in africa last year.

She of course had no credit history being a new resident but was fortunate enough to start out with good credit based on me adding her as a joint on my current accounts, which helped her to quickly qualify for her own revolving lines of credit. Since our credit scores are linked, she is going to suffer as well.. AMERICAN DREAM WIFEY!!!

 

[azimuth 5,000+ posts]

credit card companies are the next in line to need a bail out