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More Credit downgrading today! What does that mean for us?

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dharalex
Established Contributor

More Credit downgrading today! What does that mean for us?

Today, BOA and my beloved Citibank got downgraded by the credit agencies. What does that mean for us as cardholders? Will the cards be harder to get? Will they start decreasing limits and withholding CLI? Luckily I've started the habit of PIF and on time (finally). I'd hate to lose my new citi thank you card with an 8000 limit!



Starting Score: TU:676;EQ:648 8/2011
Current Score: TU:738; EQ: 739 ;EX: 729 6/2012
Goal Score: 760


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coldnmn
Mega Contributor

Re: More Credit downgrading today! What does that mean for us?

More then likely it has to do with the mortgage industry. They will have to pay more interest for the money they borrow.

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Gardening Date 7/01/16 / MyFico 08: EQ 801 / TU 777 / EX 771 / 06/08/17
Message 2 of 3
Anonymous
Not applicable

Re: More Credit downgrading today! What does that mean for us?

BofA is struggling. Their long term and short term debt is up, and deposits are down. They're still taking heavy mortgage losses. Moody's downgrade essentially has made their credit default swaps more expensive. Everything Ive read says no immediate impact on customers, but it may take some time to shake out.

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