1 in 4 US Credit Card Holders Saw Their Limits Slashed

[CreditInspired]

The article even breaks the closure percentages down by age groups

https://www.pymnts.com/consumer-finance/2020/1-in-4-us-cardholders-saw-credit-limit-cut-over-the-las...

[M_Smart007]

Thanks for posting. Some interesting stats for sure.

I guess I should count my Blessings, I have had nothing cut at this point.

No Comenity cards .. But fairly large exposure with Synchrony. (been using them, and PIF)

[CreditInspired]

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@M_Smart007 wrote:

Thanks for posting. Some interesting stats for sure.

I guess I should count my Blessings, I have had nothing cut at this point.

No Comenity cards .. But fairly large exposure with Synchrony. (been using them, and PIF)

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I havent had anything slashed but I think I would be surprised if I did. My scores are high, my aggregate UT extremely low, PIF everything but Disco BT, which I pay 5-10x min pymt. So if I do get slashed on any card, honestly, I'm ok with it. And then I have NFCU, so yeah, I'm good 😉. Yep, I'm counting my blessings too. 

[Anonymous]

meanwhile in MFland... CLs on the uprise ⬆️

[M_Smart007]

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@Anonymous wrote:

meanwhile in MFland... CLs on the uprise ⬆️

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Ha!,  .. We are a different breed (myFICO'ers) ..That is for sure

[Anonymous]

Happy with my decision to pay my credit cards way down this month (even though my savings account balance makes me sad)

[Anonymous]

I'm not gonna get ahead of myself, not while I still have 0% and 1.99% BT going. If something severe does happen and I lose my income, the Money is in the Bank to pay them off. In most cases I don't charge what i cannot afford to pay, i just prefer to use the Bank's Money as long as possible.

[Anonymous]

As a male and a millennial I guess I should count myself lucky that nothing has been slashed. 

I won't really be too fussed if I do have some losses though. I have credit unions to replace any bank losses and I have the money in the bank to immediately pay off my outstanding balances in the event I have to. 

[Anonymous]

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@Anonymous wrote:

As a male and a millennial I guess I should count myself lucky that nothing has been slashed. 

I won't really be too fussed if I do have some losses though. I have credit unions to replace any bank losses and I have the money in the bank to immediately pay off my outstanding balances in the event I have to. 

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Meanwhile, as soon as many very profitable companies with money in the bank heard 'COVID-19 everybody stay home!', my company started getting calls like, "Yeah, we're going to need change the net term to 180 days."

It is now obvious: All that advice given to millennials from so-called fiscal conservatives is just 'Do as I say, not as I do.'

You're doing really well - if you get hit, a lot of people are going to be in trouble.

[Revelate]

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@Anonymous wrote:

As a male and a millennial I guess I should count myself lucky that nothing has been slashed. 

I won't really be too fussed if I do have some losses though. I have credit unions to replace any bank losses and I have the money in the bank to immediately pay off my outstanding balances in the event I have to. 

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Yeah, I actually put some additional spending and even investment on hold for now.  My downstairs is just empty, been eating takeout on the stairs for a chair.

I still have a F-ton of cash coming in for now, though admittedly I added on an additional 2.4K monthly payment with this new home with everything escrowed but I'm going to be much more judicious in spending it.  I'm also on the fence about just refinancing the LA condo even though I'm expecting to sell it I don't know when that's going to be at this point with the market in turmoil and my not being able to get back out there: it'd cost me like 1.5K in fees but cutting my payment in half is like 900/month from a cashflow perspective and maybe that makes sense.

Likewise the auto loan, I'm paid well ahead on it with USBank, next payment isn't due till sometime in 2022; I'm tempted to refinance down and get to something like 2.25-2.5% instead of the 3.85% as that costs me nothing but an inquiry, but it also starts a payment again that I don't have to make right now if I just sit on it a while longer.  Or just take the 26K draw off the HELOC to pay it is an option too which takes it to 3%, but same issue again of getting a mandatory payment that I otherwise don't have to make right now.

It's just time to get really tight financially, I wasn't really worried when COVID hit and clearly I went through with my new home purchase even if it might not have been the best of times to do so, but now one of my gigs (the one I actually want to keep for the long term) is going a little sideways the longer COVID keeps going and that is starting to worry me.