I just viewed my old WAMU account (which went to Chase) online and my credit line has been slashed from $9,000 to $4,700.00. Called and was told I have too many revolving balances with high limits (thanks Amex and BOA). I was also told that I had an excellent WAMU account with me paying 3x the minimum each month on my account. (my minimum payments runs around $70.00 and I pay $252.00 a month). What good has it done me? The CR even stated you're up to date with everyone and have a long history of ontime payments!!!
To top it off, my reg Chase account has been slashed also from $8500 to $5100.00. Reason given was the same as above.
I have sent both cards to the shredder like I did with the Amex and BOA cards last year when they too CLD me.
Dave Ramsey's program is looking better and better each day as hubby and I will be in financial peace very soon without worrying about the attacks from the credit card companies anymore. We'll be DEBT FREE!!
Anytime financial gurus tell you to only pay your minimum on your credit cards and start saving your money, something is up "people" (word "people" used often by Suze Orman).
Thanks for your positive comments HaulingTheScoreUp and Smallfry!
Seems Suze has company as Steve Rhodes of GetOutofDebt.org has a similar article on paying only the minimum on one's credit cards.
Noticed http://www.CreditMattersBlog.com is right on top of the story too. Credit Matters does reference myfico on their blog as well.
We'll weather the storm with great forums like myfico and the moderators who take the time to teach us. Thanks Hauling and others.