So I called one of my credit cards today to try to lower my APR. It was 11.99% and that sounded high to me because I have an excellent credit rating. The first person I spoke to said she couldn't change it, so I asked to speak to a supervisor. The next woman asks me all these questions, finds out I'm currently out of work (I cannot lie for my life, it's horrible) and says, ok, we'll lower your APR to 9.99%, but because you are out of work, we have to lower your credit limit to $4K!!!!!! It was 14K!!!!! AND, one of my other cards is owned by them too, and that limit was lowered from 3500 to 1000.
I just got sooooo upset. I have excellent credit, am never late, always pay much more than the minimum, and i had a lot of available credit - which is good for a mortgage -- the percentage of the credit i was using vs. what I had available was very small. NOW that changed a lot and I am PISSED at myself for calling. I was trying to better my situation and I wound up making it worse.
What else can go wrong???????
futuremrsfab
Posted:
Member since
Re: Credit cards SUUUUCK
I dont understand why they HAVE to lower your credit limit because you are out of work? especially if you are making your payments- call back and say you got a job and dont feel bad about it- the lowering of the credit limit could affect your credit score and they shouldnt be able to since you havent done anything wrong
Mici n KC
Posted:
Member since
Re: Credit cards SUUUUCK
Yeah, they said that to me too when I was out of work, but they never dropped it. They do it because they don't want you racking up your CC and not being able to pay it. It suckss I know, but it may be that they won't end up doing it.
snwb08
Posted:
Member since
Re: Credit cards SUUUUCK
Posted by futuremrsfab
I dont understand why they HAVE to lower your credit limit because you are out of work? especially if you are making your payments- call back and say you got a job and dont feel bad about it- the lowering of the credit limit could affect your credit score and they shouldnt be able to since you havent done anything wrong
ITA, are they even allowed to do that?? they wouldn't have known you were out of work otherwise - what CC/bank is this? Mine is BofA Amex, and they are always lowering my rate (it's like 7%) and increasing my credit line.
TrueLoveIn2008
Posted:
Member since
Re: Credit cards SUUUUCK
Posted by Mici n KC
Yeah, they said that to me too when I was out of work, but they never dropped it. They do it because they don't want you racking up your CC and not being able to pay it. It suckss I know, but it may be that they won't end up doing it.
Thank you -- that made me feel a lot better. I felt like I was the dumbest person ever to call them and then ANNOUNCE I was out of work. MY good credit is the only thing *I* am bringing to the table financially right now - because we want to buy a house within a year and DH has ok to bad credit - and I felt like just screwed it up.
Thanks Michelle
TrueLoveIn2008
Posted:
Member since
Re: Credit cards SUUUUCK
Posted by snwb08
Posted by futuremrsfab
I dont understand why they HAVE to lower your credit limit because you are out of work? especially if you are making your payments- call back and say you got a job and dont feel bad about it- the lowering of the credit limit could affect your credit score and they shouldnt be able to since you havent done anything wrong
ITA, are they even allowed to do that?? they wouldn't have known you were out of work otherwise - what CC/bank is this? Mine is BofA Amex, and they are always lowering my rate (it's like 7%) and increasing my credit line.
It was Bank of America / visa -- I have a choice priv. card with them, it's the one that gives you points to use for free hotel rooms with comfort inn, etc. I got it because we like to go away on weekend trips and we stay at the comfort inns because they are affordable. (not that we have done it recently) I didn't even know my Fidelity cc was a Bank of America card too.
That card now has a $1000 limit on it (so they say) and I don't even use it. If I call next week and see that it was dropped, do you think I should cancel?? It's not adding to my available credit that much ... and I never use it ...
anneandchris
Posted:
Member since
Re: Credit cards SUUUUCK
Posted by TrueLoveIn2008
Posted by snwb08
Posted by futuremrsfab
I dont understand why they HAVE to lower your credit limit because you are out of work? especially if you are making your payments- call back and say you got a job and dont feel bad about it- the lowering of the credit limit could affect your credit score and they shouldnt be able to since you havent done anything wrong
ITA, are they even allowed to do that?? they wouldn't have known you were out of work otherwise - what CC/bank is this? Mine is BofA Amex, and they are always lowering my rate (it's like 7%) and increasing my credit line.
It was Bank of America / visa -- I have a choice priv. card with them, it's the one that gives you points to use for free hotel rooms with comfort inn, etc. I got it because we like to go away on weekend trips and we stay at the comfort inns because they are affordable. (not that we have done it recently) I didn't even know my Fidelity cc was a Bank of America card too.
That card now has a $1000 limit on it (so they say) and I don't even use it. If I call next week and see that it was dropped, do you think I should cancel?? It's not adding to my available credit that much ... and I never use it ...
BOA is screwing everyone with CCs right now. Well they did it to DH recently. Anyway DONT close that card -- the one with the $1000 every little bit of available credit helps. We just learned that too!
RisiLeigh
Posted:
Member since
Re: Credit cards SUUUUCK
Oh, Jenn, that is SO annoying!!! I would totally call them back and say you got a job and you want it raised back up. I didn't even know they could do that (although I guess it sort of makes sense). If you don't NEED the card open, I would cancel it.
Good luck, hun!!!
Kimbalina
Posted:
Member since
Re: Credit cards SUUUUCK
That blows!!! It is annoying. They just are protecting themselves, but it's not in your best intrest.
Bride908
Posted:
Member since
Re: Credit cards SUUUUCK
I think credit companys are using anything they can right now to lower peoples credit lines. They are so far in debt I guess they are protecting themselves before getting worse.
One of my cards sent me a letter lowering my limit b/c I never use the card Another company did this to my mother as well AND they raised her interest rate saying that they are doing it across the board.
We both have excellent credit.
Mici n KC
Posted:
Member since
Re: Credit cards SUUUUCK
Posted by TrueLoveIn2008
Posted by Mici n KC
Yeah, they said that to me too when I was out of work, but they never dropped it. They do it because they don't want you racking up your CC and not being able to pay it. It suckss I know, but it may be that they won't end up doing it.
Thank you -- that made me feel a lot better. I felt like I was the dumbest person ever to call them and then ANNOUNCE I was out of work. MY good credit is the only thing *I* am bringing to the table financially right now - because we want to buy a house within a year and DH has ok to bad credit - and I felt like just screwed it up.
Thanks Michelle
I kind of felt like a schmuck when I said that too. But what was I going to do, lie? I was calling for a loan for something because I needed to use a CC and the stupid place didn't take VISA (which I didn't end up using anyway). I mean they can find out either way. I mean people's limits are dropping anyway and cards are being cancelled. My card was a BOA too and I kept checking religiously to see if they would drop it and they didn't. I wouldn't be surprised if they drop it now like they've done for others.
