Credit Card Limits Being Reduced w/o Notice

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Mainegal

Super Moderator
Staff member
#1
Not sure if you all saw this but wanted to pass it on.
The GM Card reduced my credit limit but not sure if they did it before I got the letter or not as I don't use it very often. I do use my Discover Card all the time as I get the cask back bonus and I pay it off every month. I put all my gas, groceries, phone, cable etc on the Discover card and have 1 bill to pay every month. I've saved up $170.00 so far on my cash back bonus. It's free money to me, didn't cost me a cent for it. I'll save it up for something that I want and don't have the $ to spend on it. I used it when I went to Randy's in 2007 for spending $.

http://finance.yahoo.com/banking-bu...ow-to-Blow-Your-Credit-Limit-Without-Spending
 
#2
Too bad the controls are not enforced until 2010. We bail them out and then get double charged for it. Now that these companies are getting away with this,they are showing a profit. I've been writing my reps and asking that they get our money back.
 

Jade

New Member
#3
My hubby is a Canadian and after our recent transfer to the States he has no credit here, was turned down numerous times at many places, not good for his self esteem, but it is a time thing. Now all of the credit places want him. We went thru a canadian bank with branches here to get our Visa card just before Christmas. I was able to get a credit card at Penney's my first try since I have a credit rating in the states. It seems strange to be denied credit. We are fine, not big spenders, but my hubby at 58 is not happy to be denied.
 
#4
Jade since you can get a credit card in your name have him apply for a credit card account in his name and you be the co-signer on it. Then he can start establishing credit. After 6 months to a year of credit history on the co-signed card he can then apply for his own credit card with no co-signer. Then close the co-signed card so there will be no current history of maintaining a co-signed card.
 

Randy

Super Moderator
Staff member
#5
I got denied one time when I applied for a gasoline credit card from Texaco. I got the denial back and it said that I didn't have any credit history. I knew better than that, but I didn't worry about it. I knew they didn't look very hard because I had excellent credit and a history that went back at least 20 years. I have to admit though that it also hurt my ego a little bit. LOL
 

Bernie

New Member
#6
Credit Card companies are insane. They'll give cards to every kid in college with no history and no sense whats so ever. So many of them get into financial trouble before they realize what they are doing to themselves.
At the moment I have an outrageously high credit limit on my cards. If I actually used them I'd never be able to pay that much off in this life time. I have two cards. Only use one for my internet service and pay it off every month. Otherwise I only use my cards in an emregency and to buy airline tickets or send flowers out of state. Only reason for the second card is because the first isn't accepted everywhere. I've had both for about 30 years and periodically they raise my credit limits and of course the intrest rate. I've never once paid interest though.
 
#7
My DD who is 21 has been trying to get a credit card from jc penny's and old navy and they keep denying her it's been a year and they still won't let her have one, she has a debit card which for 1 1/2 years has been using as a credit card but still they say she does not have enough credit history. shes very disappointed. how can you build credit if no one will give you the chance.
 
#8
Sunflower if your daughter applies for more then 1 credit card in a 3 month period she will have her credit report flagged with a negitive warning.
 
#10
Looks like now that Bruce has an established credit history, it took a year, now all of the companies want him, he gets numerous offers every week in the mail. As long as we have Visa we don't need any more. Thank goodness our Canadian Bank had branches here. I don't really need a credit card unless we are travelling or at Christmas. We try to stay within our means. I take my kids grocery shopping for holidays and birthdays...they love it and I feel good helping to supervise their shopping. I just hate writing checks and not knowing where they are going. I suppose that will change as they get older.
 
K

Kale

Guest
#11
Rates are going ...went up too! If you do not like it you can just pay them in full because they will close your card.Only they will give you a warning..about a month.
They watch to see what it is you are using it for. Then if it's different kind of shopping they lower your amounts and/or raise your rates.

They love those like me that never pay them off until they grrrrrrrrr me and then I just transfer....(if I can ) and don't close the card then they start sending you love letters on 0 percent interest for 6 month ,hang tough..it will go up to a year, then before you know it 2.99% until 2012!*LOL Sounds right to me *LOL


To get a history..It is called PRE PAID.You prepay a card company say...$200.00 and use the card.
Be certain to know the date it starts and billing cycle ends.
Orchard Bank I think does it. When you no longer need them ( have another card) make sure you are paid in full and tell them to send you back your $200.00.

Watch those due date changes thought!...
Might want to get a credit report.No History is the reason..?
Also getting another card added to an already established history.But..... that can be daring..The owner of the card will be responsible if the card is lost or stolen or overdrawn.

I recall in 2003 I tried to get a CC and was asked why I needed one at 40!*LOL I was told I was too old ! I never had a card before then..actually they all came right to the mailbox once I (*hem,hem ) bought my house. I just took the lowest rate for the longest time period after I researched a little*LOL
Watch those SUPER CHECKS!...not what you may think! Read the teeny tiny print...up to 28% considered cash advance.You don't want that!!!!!!!!!


Kale:)
 

Randy

Super Moderator
Staff member
#12
Good advice. I listen to a fellow on the radio named Clark Howard and he tells us how to keep from getting ripped off. I get those checks too and they head for the shredder as soon as I open the envelopes.
 

Mainegal

Super Moderator
Staff member
#13
I sent this out to alot of ppl and my cousin replied and said that they closed 2 of his credit cards and reduced the limit on another one and never notified him. He has a business and had to go get some parts as his equipment broke and that is how he found out about his credit cards. He was very upset as he could not get the parts that he needed.
 

Mainegal

Super Moderator
Staff member
#14
You need to have credit in your name. My neighbor lost her husband and all the credit was in his name, she had a real hard time keeping her house as the mortgage was in hubby's name and she had no credit. When this happened all the wives in the neighborhood went out and got a credit card in their name so they could establish some credit in their name
 


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