Comments on: Are Credit Card Limits Being Lowered? Will This Impact My Credit Score? – Episode #42 http://www.videocreditscore.com/credit-card-limits-lowered/ Tue, 24 Jan 2012 18:29:53 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: nora http://www.videocreditscore.com/credit-card-limits-lowered/#comment-1553 nora Sun, 17 Apr 2011 04:45:06 +0000 http://videocreditscore.com/test2/?p=63#comment-1553 credit card use is a demonic trap.. This game comes with unstated rules ...and real consequences everyone gets suckerpunched regardless of behavior data...banks are balancing the profit line to prevent bank losses..they don't give a damn about conxumers..scores or otherwise. credit card use is a demonic trap..
This game comes with unstated rules …and real consequences
everyone gets suckerpunched regardless of behavior data…banks are balancing the profit line to prevent bank losses..they don’t give a damn about conxumers..scores or otherwise.

]]> By: VideoCreditScore-Andy http://www.videocreditscore.com/credit-card-limits-lowered/#comment-1184 VideoCreditScore-Andy Wed, 19 May 2010 04:43:35 +0000 http://videocreditscore.com/test2/?p=63#comment-1184 The last couple of years have been tough on people. The banks have been lowering limits on good users of credit. Here's the good news. This won't go on for too much longer. The banks will start lending again and will find themselves needing to reward users with higher limits. Ultimately, you will be rewarded for paying on time and in full. That makes you the best prospect. You may want to call 1 or 2 cards to see if you can get your limits raised. It's worth a call. You are doing the right thing by getting educated on <a href="http://www.videocreditscore.com" rel="nofollow">credit scores</a>. Bernadette, hang in there. Things will get better. The last couple of years have been tough on people. The banks have been lowering limits on good users of credit. Here’s the good news. This won’t go on for too much longer. The banks will start lending again and will find themselves needing to reward users with higher limits. Ultimately, you will be rewarded for paying on time and in full. That makes you the best prospect. You may want to call 1 or 2 cards to see if you can get your limits raised. It’s worth a call.

You are doing the right thing by getting educated on credit scores. Bernadette, hang in there. Things will get better.

]]> By: Bernadette http://www.videocreditscore.com/credit-card-limits-lowered/#comment-1183 Bernadette Mon, 17 May 2010 15:55:11 +0000 http://videocreditscore.com/test2/?p=63#comment-1183 My comment is this. I worked SO hard to pay off all my debt, which wasn't a lot to begin with and was never ever delinquent. It seems now that every time I pay something off in full, down to 0, I receive a notice that my credit has been reduced to like $100 or something??? WTF! I was doing all this (6 months of starvation basically) so me and my husband could buy a house and start a family. I guess that's never going to happen now. I don't know what to do, you pay your bills you lose, you don't pay your bills you lose. No matter what you do banks are out to destroy you and make sure you have no hope at ever having a normal life or any sort of happiness in your future. Guess I'll be renting the rest of my life and never having children. I honestly feel like my life has been ruined. My comment is this. I worked SO hard to pay off all my debt, which wasn’t a lot to begin with and was never ever delinquent. It seems now that every time I pay something off in full, down to 0, I receive a notice that my credit has been reduced to like $100 or something??? WTF! I was doing all this (6 months of starvation basically) so me and my husband could buy a house and start a family. I guess that’s never going to happen now. I don’t know what to do, you pay your bills you lose, you don’t pay your bills you lose. No matter what you do banks are out to destroy you and make sure you have no hope at ever having a normal life or any sort of happiness in your future. Guess I’ll be renting the rest of my life and never having children. I honestly feel like my life has been ruined.

]]> By: VideoCreditScore-Andy http://www.videocreditscore.com/credit-card-limits-lowered/#comment-1132 VideoCreditScore-Andy Sun, 31 Jan 2010 17:26:44 +0000 http://videocreditscore.com/test2/?p=63#comment-1132 I agree that there should be tighter rules around the raising and lowering of limits. You should see what the impact to your score was. It might have gone down just slightly. But, I get it. You are attacking the principle of this practice. Here's a way to fight back. Pay off your credit cards every payday - every two weeks. That will lower the amount of credit you using in the eyes of the bureaus and that will make your score rise. I agree that there should be tighter rules around the raising and lowering of limits. You should see what the impact to your score was. It might have gone down just slightly. But, I get it. You are attacking the principle of this practice. Here’s a way to fight back. Pay off your credit cards every payday – every two weeks. That will lower the amount of credit you using in the eyes of the bureaus and that will make your score rise.

]]> By: Susie http://www.videocreditscore.com/credit-card-limits-lowered/#comment-1131 Susie Sun, 31 Jan 2010 16:14:02 +0000 http://videocreditscore.com/test2/?p=63#comment-1131 This kind of thing is incredibly frustrating, and I don't enjoy taking a hit on my credit score (that I'm trying to rebuild after a bankruptcy) through no fault of my own. Two years after bankruptcy, I got a Citibank card with a $1000 limit. That was fine with me. Over the next two years, they gradually raised my limit, to $7000. I did not ask for any of these limit raises. I just got a letter telling me they were lowering my limit to $4000, no reason given. Frankly, I think they're just upset that I pay off my balance every month, and I have never carried a balance in the two years I've had the card, although I've used the card nearly every month. (So they're really not making any money off of me, except what they 'skim' off the merchants I use my card at - the transaction fee.) I'm not sure what my highest balance has been in those two years, but probably less than $2000 at a time. So, it's not like I needed the $7000 limit, and $4000 is probably just fine....but I'm simply angry that this is now (I assume) a black mark on my credit. It feels like they set me up and sucker-punched me, and frankly, THAT should be illegal. This kind of thing is incredibly frustrating, and I don’t enjoy taking a hit on my credit score (that I’m trying to rebuild after a bankruptcy) through no fault of my own.

Two years after bankruptcy, I got a Citibank card with a $1000 limit. That was fine with me. Over the next two years, they gradually raised my limit, to $7000. I did not ask for any of these limit raises.

I just got a letter telling me they were lowering my limit to $4000, no reason given.

Frankly, I think they’re just upset that I pay off my balance every month, and I have never carried a balance in the two years I’ve had the card, although I’ve used the card nearly every month. (So they’re really not making any money off of me, except what they ‘skim’ off the merchants I use my card at – the transaction fee.) I’m not sure what my highest balance has been in those two years, but probably less than $2000 at a time. So, it’s not like I needed the $7000 limit, and $4000 is probably just fine….but I’m simply angry that this is now (I assume) a black mark on my credit. It feels like they set me up and sucker-punched me, and frankly, THAT should be illegal.

]]> By: Donna http://www.videocreditscore.com/credit-card-limits-lowered/#comment-777 Donna Wed, 10 Jun 2009 16:03:28 +0000 http://videocreditscore.com/test2/?p=63#comment-777 Well, I have a story for you. But first let me make a few points. The credit card companies have been sending me checks through the years trying to get me to cash a check and put it in the bank or use one for vacation or transfer monies from another card on to theirs. I have never done so. They have been increasing my lines over the years without checking to see if I can make the payments. All this is of their own doing and now they lower my credit limit ( I have no problem with that) but THEY are the ones at fault, I did not ask for these increases, I did not ask them to send me checks and give me ideas on how to use them. I mean really who is at fault. I pay my bills on time and more than the minimum. When are we going to point fingers or I should say when is the president going to shame those banks that got themselves in this mess. Now my credit score will be lowered, it was in the 800's but thanks to the banks I have now got to find a way to fix this mess and it may take years. Oh well, I hope others feel the same way I do and do something about it like write to your congressmen and to the pr esident himself. Thank You, Donna Well,

I have a story for you. But first let me make a few points. The credit card companies have been sending me checks through the years trying to get me to cash a check and put it in the bank or use one for vacation or transfer monies from another card on to theirs. I have never done so.

They have been increasing my lines over the years without checking to see if I can make the payments. All this is of their own doing and now they lower my credit limit ( I have no problem with that) but THEY are the ones at fault, I did not ask for these increases, I did not ask them to send me checks and give me ideas on how to use them. I mean really who is at fault. I pay my bills on time and more than the minimum. When are we going to point fingers or I should say when is the president going to shame those banks that got themselves in this mess. Now my credit score will be lowered, it was in the 800′s but thanks to the banks I have now got to find a way to fix this mess and it may take years.
Oh well, I hope others feel the same way I do and do something about it like write to your congressmen and to the pr
esident himself.
Thank You,

Donna

]]> By: Julian http://www.videocreditscore.com/credit-card-limits-lowered/#comment-757 Julian Thu, 28 May 2009 15:28:21 +0000 http://videocreditscore.com/test2/?p=63#comment-757 Hi, I started a cause on Facebook called "Boycott American Express". Feel free to join and spread the word: http://apps.facebook.com/causes/289806 Hi, I started a cause on Facebook called “Boycott American Express”. Feel free to join and spread the word:

http://apps.facebook.com/causes/289806

]]> By: VideoCreditScore-Andy http://www.videocreditscore.com/credit-card-limits-lowered/#comment-729 VideoCreditScore-Andy Fri, 08 May 2009 03:58:34 +0000 http://videocreditscore.com/test2/?p=63#comment-729 Jennifer, I still haven't seen a cancellation based on paying off cards, every example of someone getting a cancel notice is someone [like me] who had a card that they stopped using over 6 months ago. Happy to hear of other examples if you have them. :) Jennifer, I still haven’t seen a cancellation based on paying off cards, every example of someone getting a cancel notice is someone [like me] who had a card that they stopped using over 6 months ago. Happy to hear of other examples if you have them. :)

]]> By: Jennifer http://www.videocreditscore.com/credit-card-limits-lowered/#comment-724 Jennifer Mon, 04 May 2009 22:29:20 +0000 http://videocreditscore.com/test2/?p=63#comment-724 Be careful about paying off your credit cards, working in the banking industry, many banks are looking to make money and if you pay off your card and no interest, they may cancel the card. Be careful about paying off your credit cards, working in the banking industry, many banks are looking to make money and if you pay off your card and no interest, they may cancel the card.

]]> By: VideoCreditScore-Andy http://www.videocreditscore.com/credit-card-limits-lowered/#comment-459 VideoCreditScore-Andy Mon, 09 Feb 2009 16:23:24 +0000 http://videocreditscore.com/test2/?p=63#comment-459 Thomas, the key dates for everyone are the closing date and the due date. You can set these on most cards by calling customer service. The closing date is the balance reported to the credit reporting agencies. If you can't set it, they have to tell you what these dates are, and they are the same each month. Your card issuer is a lender, and once you pay off your loan, your account is reset. It wouldn't be correct to assess risk on your overall card usage for the month, as that might make you look riskier. Other lenders, especially installment lenders, see your behavior of paying off frequently as great, i.e. low risk of default. So, keep up this strategy. I think the reps you talked to may be grasping at straws a bit. I've never heard a negative view [re your comment on "suspicious"] on making so many payments. This strategy has worked for me for years. The easy habit in all this, is to pay your card off every week. That's a habit you can keep for life and will reward your credit. Thomas, the key dates for everyone are the closing date and the due date. You can set these on most cards by calling customer service. The closing date is the balance reported to the credit reporting agencies. If you can’t set it, they have to tell you what these dates are, and they are the same each month.

Your card issuer is a lender, and once you pay off your loan, your account is reset. It wouldn’t be correct to assess risk on your overall card usage for the month, as that might make you look riskier. Other lenders, especially installment lenders, see your behavior of paying off frequently as great, i.e. low risk of default. So, keep up this strategy.

I think the reps you talked to may be grasping at straws a bit. I’ve never heard a negative view [re your comment on "suspicious"] on making so many payments. This strategy has worked for me for years.

The easy habit in all this, is to pay your card off every week. That’s a habit you can keep for life and will reward your credit.

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