Paying off CC's NOW They LOWERED MY LIMIT
Date: Wed, 02/08/2006 - 17:58
Now my debt balance to debt limit is almost 100% for this card and it hit my overall debt limit to balance really hard and another company ATT Universal has choosen to do this too! I had a 20K limit now lowered to 10K just above my balance. They cited my high balance to limit in the decision.
Is there anyway to keep this from happening with my other cards! Is this common? If so why bother!
Quicksand, Did you ask them why the suddenly lowered your cre
Quicksand,
Did you ask them why the suddenly lowered your credit limit. Is this stated in their company policy?
Suddenly lowering credit limit is a bad practice done by credit card companies. This is known as ???Sliding Credit Line' and it is never considered to be a good one. This is a trap of fetching more over the limit charges, perhaps you are realizing this.
Credit card users are always advised to avoid the companies involved in this type of abhorrent practices. I am not sure if there is any law to prevent it, however, you can contact the consumer protection office of your state to know your rights. Being a hurricane victim, you need special care. Best of luck.
It was American Express, you would think they were reputable! No
It was American Express, you would think they were reputable! Not to mention I had this account since 1991, 15 years of good credit should count for something.
opps, double post, forgot to answer your question, in the letter
opps, double post, forgot to answer your question, in the letter they stated high about of revolving debt.
After the second card lowered the limit my husband & I decided to consolidate. Any good suggestions...
It's really sad to know what happened to you. Since you are clos
It's really sad to know what happened to you. Since you are closed to your credit limit, you might have to pay over the limit charges. It will definitely make the repayment process harder. Hence consolidation is the best option for you. See the benefits of credit card debt consolidation-
http://www.debtconsolidationcare.com/benefits.html
There is hardly any recourse especially when companies change th
There is hardly any recourse especially when companies change their business policies. Being at the situation where there are fewer options, you will have to look for the ways so that things do not get adverse. Consolidation is a good option during such times. Besides, if there any tax refund that can take the load, it will be a wise move.
