No recent changes in our limits, but even if they do lower our limits that would not be a major concern. My wife and I both have limits vastly more than we ever spend, each of us pays in full every month, and we could easily make all our purchases with debit cards, we have much more in savings than we ever put on our credit cards. My FICOs are all around 800, my wife isn't a FICO geek so hasn't pulled her scores but she also has a long and clean history and both of us continue feeding pre-approved credit card offers to the shredder.
I have had a great credit score and history but recently I applied for increasing my credit limit on my credit card and was turned down. This is the first time in 30 years this every happened to me. What gives?
The credit crunch is hitting people all over the place at the moment
I have - by AMEX - and I find it to be a reprehensible practice. We have had this card for over 4 years - never been late. We had a credit limit of about $12,000 - a balance of about $8,000 that we had been carrying for a while. We decided to make an effort to reduce our overall debt, and thorugh a lot of hard work we paid off the card. Then AMEX lowered our credit limit to $1,100. Great - now our score is affected as our available credit is lower. So let me get this straight. I do what they ask me to do, I act responsibly, and I get cut off at the knees?
So - I guess when my son does not do his homework and I scold him - after he cleans up his act and gets straight A's I should ground him?
I can't believe we gave those jerks $800 billion.