So, I get a letter in the mail today from one of my credit card companies stating that they are reducing my credit limit as if this is some kind of honor.
Excuse me?
This is not a good thing. Anyone that knows about FICO scores knows that the debt to credit ratio is important and they reduced it to just right above the amount I have on the card. Speak nothing of the fact that it is a 0% interest loan!
Now I have to worry that they will change their promise of the 0% interest rate and tell me after the fact.
I've heard about this on the news, but for the amount of transactions that I do, and with having a high credit score, I thought I was above the fray. Not so. It appears that all will be punished.
Right now I'm thinking that I need to move the money over to one of my other cards so they can't win at their own game. After all, the person that will be losing the money will have the most vested interest in the game and so now that they got my attention - I'm in the game. And I will win it.
Ok, serenity now Rebecker....I took the day off to blow off some work stress and this is just adding to it.
Time for the treadmill perhaps?
3 comments:
That is interesting. A month ago or so I got a small postcard in the mail from my credit card company. It looked so unassuming that I didn't bother to read it for several weeks. When I finally got around to it I discovered that they were letting me know I had a choice. Keep my current credit limit (which is very low on that card), or raise my limit, AND my interest rate! And if I don't reply to them by a certain date (which had passed) they would just be raising my interest rate to 27%!! (from 8.9%).
Um.
NO.
So I called them, got a call center in India, and they couldn't do anything for me. They claim I have to mail in a letter. So I went to their website and emailed them. It has been over a month. No response.
The card has a very very low limit ($500), and I just use the card and pay it off every month. SO really the interest doesn't even bother me. But it is the fact that it is there in the first place that I am annoyed.
So this month I just paid off the card. No balance.
And now I am shopping around for a card that doesn't annoy me as much.
I got something similar - that they were raising my rate from 4.9% to 13.5% and if I didn't like it then I could cancel the card. Um, what? So we are shopping around, too. We both have excellent credit and pay off our balance so they aren't making any money off of us!
This happened to us too, and we didn't get the note until after I had sent away a bill statement. We manage our credit payments very well and felt the same way: thanks for the reward for being responsible consumers. That also happened to our Home Equity loan, which we were well into paying off: boom, sorry, we're freezing the account even though you are way ahead of schedual. Love the mess Americans are in right now, especially the programs where people who can't afford homes are still complaining that they can't buy homes right now. Hello, sit back, relax, save, and this too shall pass. Just, don't bother to be responsible because the TARP doesn't cover that.
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