Credit card issuers, meanwhile, have begun to take steps to protect themselves. Curtis Arnold, CEO of CardRatings.com, has seen evidence of issuers boosting transfer fees and introductory rates, reducing the periods for which lower introductory rates are valid and even lowering credit limits on existing cardholders, including some prime customers.
"That correlates in my mind with what's going on in the subprime market," Arnold said. "I wouldn't say [these moves are] widespread, but I think we'll see an uptick."
That's why he cautions consumers to keep a close eye on their credit card bill and, in particular, any pamphlets that accompany them which may notify them of policy changes.
Brammy,Good read.Now is the time to take inventory of what cards you do have and like you said, "Send some of them to the chopping block" .Apply for those cards that will give you a fresh line of credit to keep in abeyance to ride out this storm; preferably cards with good balance transfer options so you can make a quick transfer in case you're having a problem.My two- cents worth.SandyK
Well I just closed two low limit store cards that will not hurt my uti at all. Especially seeing that one store card just upgraded to Major with enough to cover the two closures with the exception of two hundred dollars. Less than 1% of my total credit. Waiting on my next CLI on a major to see which of my majors will be going next. Luckily my oldest open card has an outstanding rate so its safe. I would say its down to two but the truth of the matter is that there is only one in my wallet that is totally useless in my book. A graduation cardfrom Subprime that has not grown with me..At least this way when I call a CSR and let them know that I am going through my portfolio to see which cards to keep and which to close, they will know that I am serious. Walmart advised me to keep the card for emergencies....oh yeah I have a Walmart Emergency just about every other day