I find it insane that ALL the banks and cards are 1st reducing the limits to the current balance (thereby making the cards all "maxed out") then forcing the consumer to EITHER opt-out (Then closing the account and hurting your credit considerably worse) OR pay down the balance at 29.99%, which is complete ROBBERY.
Why is it, that my score is now going to fall from 750 to below 700, simply because I don't want to digest 29.99% consumer theft ?? Why are so many FICO threads all calm and OK with this, (MANY posts I have read are saying, oh - just pay them down faster...) Hmm - That does NOT make this Ok or "right". Many folks have (had) Excellent credit. This automatically slashes scores and forces folks into appearing as though they have not managed their credit appropriately - or worse, ran up all their cards then closed the accounts like a deadbeat.
I do not understand why so many posts on the FICO site, seem to think this is Ok. It's not - this is thievery - I am aware of the new banking legislation that caused all this - and that does not make this fair, appropriate nor an ethical business practice against the very tax payers that funded these very same bank bail-outs. There is something seriously wrong that people are not writing their repsresentatives in Washington and that NOBODY is protecting the consumers at a time like this. I have never seen so many scores negatively affected by actions they had nothing to do with.
For those that post comments about how they maintain no more than 10% utilization on their cards, and simply paid the full balance - I applaud you. But, many, many other folks do not have that superior cash flow.
