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@Revelate wrote:. whenever we have a downturn I'm expecting to get half of them whacked
I've thought about that too.
If ratio's even mattered, I would imagine income would play into that as well.
@Gmood1 wrote:
No need to CLD yourself. If those lenders want to pull back on exposure, they'll do it. I changed that stmt. I didn't mean for it to sound that way.
Keep enough lenders in your back pocket, so that you have options.
If I haven't learned anything else from the credit game. It's never depend on a single lender as though your life depended on it. There are way too many out there that want your business, to do that. Agreed!
@GApeachy wrote:
@Revelate wrote:. whenever we have a downturn I'm expecting to get half of them whacked
I've thought about that too.
I've only seen this sentiment on this forum and frankly it suggests that people suspect they have outsized credit not supported by their spend or income and that it's just a house of cards. Kind of a weird way to live, having the sword of Damocles hovering above (mixed metaphor) yet continuing to seek ever more credit (not @Revelate per se, but others), but I guess to each his own.
@GApeachy, I don't believe cutting credit limits of people who have not shown any financial distress is standard operating procedure for banks. Maintain your payment pattern (i.e. keep paying in full if you've always paid in full). You can lower your spend, which is a prudent thing to do, but always maintain your payment pattern.
During the height of the great recession and apparent credit tightening, in the middle of a cross-country move, I forgot to pay my credit card. One day past the due date, I called Chase to pay my over $20k balance in full. Not only did Chase not cut my limit, but the rep waived the late fee and accrued interest. So I think as long as you've not shown any signs of being financially stretched across all your accounts, the banks will ignore you and let you be.
I've only seen this sentiment on this forum and frankly it suggests that people suspect they have outsized credit not supported by their spend or income and that it's just a house of cards.
My total CL is < 50% of income ( I believe it is plenty) .
(Income / 2) / # of cards = Per Card CL
(0.4: 1) -- Just to balance the other posters
@Kforce wrote:My total CL is < 50% of income ( I believe it is plenty) .
(Income / 2) / # of cards = Per Card CL
(0.4: 1) -- Just to balance the other posters
Cover your eyes youngin's.....a four letter word is coming. ((((( M A T H ))))))