Credit Cards Start Cutting Limits

[fritscher]

Fifth third bank cut mine from 9000 to 800 2 wks ago

[Revelate]

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@M_Smart007 wrote:

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@Anonymous wrote:

Yikes! I hope discover takes into consideration that I cld myself this month and there is no need to add to it.

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I am not so sure a "computer algorithm", takes a self initiated CLD into consideration?

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The computer is of course indifferent as algorithms run moment in time; however, a lower CL might get a pass by the algorithm whereas the higher one might not of.

If things start getting weird at Amex I will do a strategic CLD on my Hilton card. 

[Anonymous]

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@Revelate wrote:

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@M_Smart007 wrote:

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@Anonymous wrote:

Yikes! I hope discover takes into consideration that I cld myself this month and there is no need to add to it.

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I am not so sure a "computer algorithm", takes a self initiated CLD into consideration?

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The computer is of course indifferent as algorithms run moment in time; however, a lower CL might get a pass by the algorithm whereas the higher one might not of.

If things start getting weird at Amex I will do a strategic CLD on my Hilton card. 

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AMEX just gave me an $11,500 credit limit, 73 days ago, with 1 year and 2 months total history with revolving credit.

I should be the canary in the coal mine here.

[Anonymous]

@Anonymousremember that the Canary in the Coal Mine was the sacrificial lamb

[M_Smart007]

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@Anonymous wrote:
@Anonymousremember that the Canary in the Coal Mine was the sacrifical lamb

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@Anonymous 

[Anonymous]

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@Anonymous wrote:

@Anonymousremember that the Canary in the Coal Mine was the sacrificial lamb

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My signature will read: "She uses a debit card now for our credit sins."

brb Cleaning up my debit card. I mean, it does have 1% cashback...

[pete19103]

@fritscher Sorry to hear that... what is your FICO  score, if you don't mind sharing a data point

[sarge12]

Perhaps this virus may be a wakeup call for everyone. These plastic credit cards we carry are a tool for trade, and should always be only a luxury. Sadly, way too many have allowed them to become a necessity for survival. If the sudden loss of all your credit cards would prevent you from being able to feed your family, you should re-evaluate how you use those cards. If the sudden loss of all your credit cards would create panic, it might be a problem you should address. These cards should be a tool we cardholders control, not something that can control us. It took many years and a lot of pain for me to learn that lesson the hard way, but I had to learn that. I went for about 10 years having no credit what so ever, except for the mortgage that existed before filing chapter 7. I survived, and learned that cards should be used for convenience, rewards, extending warranties, and simplified book keeping. They should not be used to spend money you have not yet earned, and especially not to buy items that are not necessities on borrowed money. I know that your house and car are such major expenses that debt may be needed for. It is not practical to save enough for them because then rent and cab fares will prevent ever acquiring them. Everything else should be coming from money already earned or at least from very short term debt. I was around for the start of the eventual switch from tube type TV's to big screen TV's. Some early adopters were spending 10,000 dollars of borrowed money to get a 50 inch plasma TV. Before they ever even made the last payment on those plasma TV's, we could all buy a better one for 500 bucks. These early adopters of new technology are examples of how good things come to those who wait. If you are wealthy you may be able to pay cash for the latest and greatest electronic gadgets, but if you must go into debt to do so, just start saving for it, and buy it once everybody and their brother has one for 1/20th of the cost. I hope that none of my cards are cancelled, but my life will not be altered in a major way if all of them are. I will just have to use a debit card, not really a big deal. Sure I would miss the rewards, but frankly I am amazed that I have gotten away with them paying me to use their money interest free for this long.

[Anonymous]

I got this today and immediately thought of lamb chops....

...they're just raising the late fee and returned payment fee 'up to $40'. *whew*

[Revelate]

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@Anonymous wrote:

I got this today and immediately thought of lamb chops....

...they're just raising the late fee and returned payment fee 'up to $40'. *whew*

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Oh they don't actually send you mail ahead of when they start barbecuing

You might get a letter two weeks after the fact on that one heh.

I don't know financial world is slowly going pear shaped: CLD or closure of credit cards?  Pfft, I have a lender trying to claw back my mortgage a day before closing.  I know which one I would rather have: lenders cooking my credit cards en FUEGO.

I may be walking away from a 10K EMD and getting a lawyer.  Maybe I see my money back in 3 years if they are even still in business.