Good point Creditable but the new "Reform" does not go into effect until July 2010. So until that point in time, any balances that we have carried will be paid down/off. And until July 2010 we will continue to play their game to assist in paying down/off the debt that we have accumulated. If it weren't for those *^&@(&^!%$ kids that wanted to further their education and the job loss for most of 2007, we would not be caring any balances.
Thanks for calling attention to the July 2010 date.
That is the date the trap door on the gallows actually drops. Until then the banks are merely jockeying for position. Basically the way I see it is that you, I, and many of the others in this forum don't have much to worry about. The MyFico forum members are quick to learn and adapt to the games that the credit industry plays.
In a year and a half most of us on these boards will be fully aware of the new game rules. We will be well informed and prepared for any new "gotchas" that are perpetrated on the consumer.
I recently received a letter from Citi saying that my Citi Flex credit line would be decreased from $9,000 to $1,900. I have a balance of $1,820 with them right now. I phoned and told them I was upset about this since twice I have paid my account ($9,000) in full and I have never been late with any payment. They restored my $9,000 credit line within thirty minutes. They have also increased the APR on the reamining balance from 7.24% to 14.99%. I have now paid off the remaining $1,820 balance and have no intention of giving them any more business, however I did not want an available credit decrease to negatively impact my Fico score. Thanks.
I have had a Citiflex loan since April 2007 for $9,000 credit limit and what started as a 12.99% APR that was decreased to 7.24% until one month ago. I have PIF two balances (one in 2007) and another (2008) each for close to $8,000. Recently ( two months ago ) they jacked my APR to 14.99% and I have phoned them twice to try to lower it. They refused so now I will keep the account open but I have PIF for the third time an amount that was $6,535.00 in January! I am very happy!
Thanks for your support!