I am completely upset ......

[Anonymous]

Well Gemb cut my overall credit limits on my cards , this dropped my score .. Dumb butts.. I think the people that work hard and pay thier bills get screwed .. From now on its cash .. I sent all my GEMB cards ( gap , oldnavy and belk ) the complete payoff on each card and said thanks for the oppurtunity,but no thanks.. I futher more will no loinger shop at any store that use gemb as a credit card service..  Maybe I will just start shopping online, and pay cash.. I have done nothing but make myself sick.. I went from a 670,665,and a 673 to a 654,615.. So from now on cash is it for me.. Screw Credit Numbers and scores ... By next month I am paying 13,200 dollars off and be done with all credit...

[Anonymous]

I'm sorry that this happened to you. It's been all over the Credit Card board these last few weeks that GEMB, HSBC, and now BoA appear to be doing credit line cuts across the board. It is exceedingly frustrating when you're utilizing the credit line to help with utility and credit scoring.

The good news, though, is that it won't matter what your credit line is or isn't when your overall utilization is down to 9% or less. Somewhere between 1-9% is your optimum utilization percentage to maximize your FICO score. You, having paid them, get to have the last laugh. Even if you decided to close your accounts (I'm not recommending that, I'm just saying...), you will get 10 years of positive history, and they will get not another dime out of you. If you leave the accounts open, and only use them just enough to keep them open, never allowing a balance to report, they get to pay to maintain an account, and you get the benefit of infinite positive history.

From all appearances, they have 'punished' themselves with the loss of revenue, far more than they have impacted you.

[Anonymous]

Bevy,

               I hear you, bigtime. It's heartbreaking to play by the rules and not get any benefit from it. But believe me you only hurt yourself by closing accounts and dropping out of the game. Take it from me, I cut up all of my credit cards decades ago thinking, like you, I'd pay cash and never let these yahoos profit another dime by me.

But in the end, all I accomplished was to erase the fine credit history I had. And 20 years later I had  to start out all over again like a college freshman. I could barely qualify for a subprime credit card with a ridiculously low credit limit.

My advice is: don't get mad--get even. Pay your bills on time. Maintain your credit lines. Make minor charges to keep them open. By all means, pay cash if that's more convenient for you for large ticket items--but don't let these bozos get the best of you by giving up. Credit remains a very useful tool to have at your disposal.

Keeping your accounts nominally active will surely accrue to your benefit over time. Be patient. Don't lose heart or do anthing rash in the heat of the moment.

In time, you'll have the last laugh as your Fico score rises to reflect your responsible conduct.  

As for the credit limits--don't sweat the small stuff. The whole industry has been rocked by the housing and lending bubbles finally blowing up. Things will settle down in the years to come. And by maintaining your credit lines and acting responsibly now, you'll be very well positioned to reap the benefits when the banks finally get their balance sheets squared away. 

I have a couple of charities that I make modest donations to on a monthly basis just to keep my accounts active.

What's a few bucks to a good cause if it also keeps my credit cards in good standing?

But the surest way to lose at the credit card game is to simply walk away. Hey, you can never win if you don't play.

So, hang tough...And good luck, my friend.

Cato