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Re: BoA slashed credit limit AND closed other CC. What the heck??

[ Edited ]

mchristopher5 wrote:

Washington Mutual closed out a CC that had no balance, never later, never close to limit. Now my HSBC CC reduced my credit limit from $5000 to $1600 just barely above my current balance. I'v never been later paying this bill and have always paid more than the min. Are they going to just keep reducing my credit limit every time I reduce my balance. Banks are punishing the good people because they were stupid enought to give CC to people who could keep up with their payments and bad mortgages.


I'm so sorry you're experiencing this...scares me a bit too. I have two Wamu accounts about to become Chase accounts and I've worried a little about  CLD myself.

 

Keeping my fingers crossed that HSBC isn't chasing your balance.  Good luck

 

Not sure how to paste a link here but check out the thread below....HSBC is doing this to losts of others here.

 

http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&thread.id=146768&view=by_date_as...

Message Edited by VEEnVEGAS on 03-03-2009 09:51 PM
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Registered: ‎12-11-2008
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Re: BoA slashed credit limit AND closed other CC. What the heck??

[ Edited ]

Nikish05 wrote:
  I got these cards when I was in graduate school and making like $1k a year and swimming in loan debt and now that I'm employed and making $40k+ they decide to take the rug out from under me.
Message Edited by Nikish05 on 03-03-2009 01:50 PM

Please don't take this the wrong way, just a reminder of where you rank among other American income levels.  A friend I've known since High School who never went to college makes $60k+/year as a union painter (paints commercial buildings), and has no student loans to pay off. 

 

So, your 40k+ income doesn't really put you in that great of a position to negotiate credit lines, considering you probably have a lot of student loans to pay off due to you attending college and graduate school for a low paying career.  You still haven't told us your credit score, AAoA, utilization, outstanding debts, etc...that's all information which BofA has access to in order to make a more informed decision about your situation than we do.

 

Reality bites sometimes.

Message Edited by Mark_in_Pasadena on 03-03-2009 11:18 PM
Established Contributor
Posts: 645
Registered: ‎10-24-2007

Re: BoA slashed credit limit AND closed other CC. What the heck??

[ Edited ]


Mark_in_Pasadena wrote:

 

Please don't take this the wrong way, just a reminder of where you rank among other American income levels.  A friend I've known since High School who never went to college makes $60k+/year as a union painter (paints commercial buildings), and has no student loans to pay off. 

 

So, your 40k+ income doesn't really put you in that great of a position to negotiate credit lines, considering you probably have a lot of student loans to pay off due to you attending college and graduate school for a low paying career.  You still haven't told us your credit score, AAoA, utilization, outstanding debts, etc...that's all information which BofA has access to in order to make a more informed decision about your situation than we do.

 

Reality bites sometimes.

Message Edited by Mark_in_Pasadena on 03-03-2009 11:18 PM

Please don't take this the wrong way but income is relative. 60K isn't much at all if you're living in some parts of CA as the cost of living there can be so outrageous.  40K in a small town in the southeast could possibly go much farther than your friends 60K.

 

OP also said he received these cards "when I was in graduate school and making like $1k a year and swimming in loan debt".  He didn't say he still had these loans...he was merely pointing out the huge difference in his income at that time as opposed to what he makes now.

 

Reality may bite sometimes, but rudeness is always rude.

Message Edited by VEEnVEGAS on 03-03-2009 11:44 PM
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