Credit Cards lowering credit

Anonymous · ‎12-27-2009

Does anyone ever wonder or have any idea what will hapen if our (or when) our economy gets better? Will the CC companies continue to evaluate us and raise our credit? Do you think they are still evauating us? The only option to not having our current credit lowered is not to charge right? Or wrong?
What advise would you share today with regards to our economy and the state of our nation?

Some people really need the credit cards and do pay monthly, what can we do?

Anonymous · ‎12-28-2009

There’s an old saying that a banker is someone who will lend you an umbrella when it’s sunny. Although, until recently, almost anyone could qualify for credit and get a pretty large credit line, I think that the easy credit of the past decade was an anomaly and will not return.

Banks used to be able to “sell” the debt from people’s credit cards on Wall Street and take relatively little risk by loaning us money. Now it is much more difficult for them to do that. Additionally, their lending practices are being restricted by Congress. For these and other reasons, I think that banks will not loosen lending standards for a very long time – even after the economy recovers.

-RED · ‎12-28-2009

^ Very well worded I might add!

-800 or Bust...!

DI · ‎12-28-2009

@Anonymous wrote:
Does anyone ever wonder or have any idea what will hapen if our (or when) our economy gets better? Will the CC companies continue to evaluate us and raise our credit? Do you think they are still evauating us? The only option to not having our current credit lowered is not to charge right? Or wrong?
What advise would you share today with regards to our economy and the state of our nation?

Some people really need the credit cards and do pay monthly, what can we do?

Banks never stopped doing AR's and continue to raise credit limits. Only those who run high balances, reluctant making payments on CC's, car loans, mortgages and robbing Peter to pay Paul are those who were affected. In other words it was those who overextended themselves that received AA's.

creditwherecreditisdue · ‎12-28-2009

@Anonymous wrote:
Does anyone ever wonder or have any idea what will hapen if our (or when) our economy gets better? Will the CC companies continue to evaluate us and raise our credit? Do you think they are still evauating us?

No matter what the economic circumstances all of your revolving credit accounts are constantly reviewed.

The only option to not having our current credit lowered is not to charge right? Or wrong?

Wrong! Use of credit is the best way to avoid having your CL's lowered. Just make sure you maintain your credit standing by paying your accounts on time, not making minimum (or even close to minimum) payments and being very circumspect about carrying balances. The slippery slope of credit is paying late and carrying balances!

What advise would you share today with regards to our economy and the state of our nation?

Some people really need the credit cards and do pay monthly, what can we do?

See the above. Beyond that business as usual. Avoid making requests of CC issuers unless your house is 100% in order. No need to invite disaster into your life.