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