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Re: Has Your Credit Card(s) CL Been Reduced, Closed, or Frozen? If So, Please Explain
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Originally Posted by
Brian23
Oh, I've been hearing this more and more with BOA. Have a friend that has had a BOA CC for 10 years, got it up to a 10,500 CL. She has a 6,300 balance which she called and asked if they could reconsider her for a lower interest rate (she was at 29.9%). At the end of the call, no decrease in the APR and her CL which dropped to 6,500. I thought banks couldn't do this anymore, but I guess not.
Yup. The only reason to call BofA is to report it lost/stolen or the close the account. BofA is taking any and all customer interaction as an excuse for an on-the-spot review.
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Re: Has Your Credit Card(s) CL Been Reduced, Closed, or Frozen? If So, Please Explain
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Originally Posted by
Wanderer
Meya - are you in the fortune telling business? :worried: Good ole Chase came back and reduced my Chase Business Visa Ink CL from $10K to $2.5K. Now that is a bite. Problem I have is too many open accounts with large CL's and I can't use them. Yes, loosing accounts seems to be a sign of the times. In my entire life (1973 - 2005) I never had a bank credit card with the big boy banks. Note, the only one's who have bitten me are the big boy banks. I closed all of my Wells Fargo Bank NA products down. Thinking of sending Chase south. Next BofA and eugene66 likes Citi so maybe I will hold as he has had good luck and maybe I will too. :cc: As an aside (theatre talk) Chase is trying to loose another WAMU customer??? I have been a model prisoner! Just ask me!
Wow, sorry to hear it. Does your Chase business Visa report to the bureaus? A $7,500 reduction is a slap in the face. All of the big banks are scandalous and aren't worth carrying anymore. We all need to be giving our business to credit unions.
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Re: Has Your Credit Card(s) CL Been Reduced, Closed, or Frozen? If So, Please Explain
Agreed! Thinking seriously about dropping Chase. No it does NOT report to the consumer credit bureau. Unlike Capital One, that as soon as Capital One announced the report of business to the consumer credit bureaus I closed them out. I said this awhile back, that from 1973 to 2005 I never carried a big boy bank card and had absolutely no trouble. It may be time to close them all down and walk away. I do NOT trust the big boy banks and their games. It is just not worth it. I have had too much open credit and too many cards anyway. The time is now. So far Wells Fargo is gone and Chase is up in the air along with Bank of America. Eugene66 likes Citi so I am watching them (Star insignia... can't remember it). I have dropped many cards and well over $30+K in credit so far. Have moved to regional/area bank products and credit unions (no trouble here). They seem to care.
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Re: Has Your Credit Card(s) CL Been Reduced, Closed, or Frozen? If So, Please Explain
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Originally Posted by
Wanderer
Agreed! Thinking seriously about dropping Chase. No it does NOT report to the consumer credit bureau. Unlike Capital One, that as soon as Capital One announced the report of business to the consumer credit bureaus I closed them out. I said this awhile back, that from 1973 to 2005 I never carried a big boy bank card and had absolutely no trouble. It may be time to close them all down and walk away. I do NOT trust the big boy banks and their games. It is just not worth it. I have had too much open credit and too many cards anyway. The time is now. So far Wells Fargo is gone and Chase is up in the air along with Bank of America. Eugene66 likes Citi so I am watching them (Star insignia... can't remember it). I have dropped many cards and well over $30+K in credit so far. Have moved to regional/area bank products and credit unions (no trouble here). They seem to care.
I am over the big banks. Instead of grandfathering people in and getting tough on new applicants, they are sweeping their portfolios and cutting credit lines. All the banks are doing it; Chase, Citibank, BofA. It is insane. I just wish more people would educate themselves on the benefits of credit unions before blindly applying for the big bankcards.
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Re: Has Your Credit Card(s) CL Been Reduced, Closed, or Frozen? If So, Please Explain
colonative - here is one for you... My MBNA America Platinum Bank Credit Card (2001) had a credit line of $57,500 and a 9.9% purchase apr. That was before the big BK. Add to this that at the time my income was $18,000 annual. Today I was running with set asides for retirement over $100K and can't get credit?! Always makes life interesting. That is why we need to be thoughtful about account closing just in case lenders are not interested in working with us on new credit at the time. Also, once the account is closed lenders may quit reporting and then (on my credit reports) they may drop off after ten years. So what? Only that it drags your average account longevity down. According to one of the infos I read the best FICO scores come from an average of 16+ years or more. To someone with 4.5 average account years they are a ways out from the highest FICO scores. :dumbfounded:
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Re: New/Recent Approvals
Ok guys, I went on NewEgg.com today to pay my bill for some LG front loaders I purchased for my home back in January and I noticed they slashed my credit limit from $4000.00 to $2000.00! What a way to show how you appreciate a good customer huh? Should have known better, CIT Bank is a joke! I still get the no interest deal so whatever, but still thats just plain retarded:suicide:
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Re: New/Recent Approvals
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Originally Posted by
patrick12
Ok guys, I went on NewEgg.com today to pay my bill for some LG front loaders I purchased for my home back in January and I noticed they slashed my credit limit from $4000.00 to $2000.00! What a way to show how you appreciate a good customer huh? Should have known better, CIT Bank is a joke! I still get the no interest deal so whatever, but still thats just plain retarded:suicide:
sorry to hear that, CIT bank I believe had filed for bk and i know they sold their fingerhut accounts to Meta bank, so I would keep my eye open for anymore changes.
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Re: Has Your Credit Card(s) CL Been Reduced, Closed, or Frozen? If So, Please Explain
I am so sorry to hear that one Buddie! These banks are on a slash rampage now days. They claim that they are cutting limits to help reduce "red-flagers" but, they are cutting from customers who pay them faithfully. I just don't get it.
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Re: New/Recent Approvals
Quote:
Originally Posted by
patrick12
Ok guys, I went on NewEgg.com today to pay my bill for some LG front loaders I purchased for my home back in January and I noticed they slashed my credit limit from $4000.00 to $2000.00! What a way to show how you appreciate a good customer huh? Should have known better, CIT Bank is a joke! I still get the no interest deal so whatever, but still thats just plain retarded:suicide:
That's really retarded. So sorry to hear that. Did you call to find out the reason for the CLD?
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Re: New/Recent Approvals
Quote:
Originally Posted by
patrick12
Ok guys, I went on NewEgg.com today to pay my bill for some LG front loaders I purchased for my home back in January and I noticed they slashed my credit limit from $4000.00 to $2000.00! What a way to show how you appreciate a good customer huh? Should have known better, CIT Bank is a joke! I still get the no interest deal so whatever, but still thats just plain retarded:suicide:
Did NewEgg explain why your credit limit was decreased?
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Re: Has Your Credit Card(s) CL Been Reduced, Closed, or Frozen? If So, Please Explain
Hi I just got off the phone from Indigo and was told that they DO NOT report our payment history to the credit reporting companies untill we have a 0 ballance. It is not reported monthly like the rewards 660 did. Now that they bought out rewards 660, they report it as a settlement untill it is payed in full, not a credit card report. Makes your credit look even worse than when we started to repair credit history. Now I know why I can't get a car loan now. I have paid faithfully, 3 times the minimum every month, for 3 years now and my credit it worse than when I started because of this!!!!!:scared:
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Re: Has Your Credit Card(s) CL Been Reduced, Closed, or Frozen? If So, Please Explain
Methunder, do you have any other credit cards other than the Indigo credit card? If yes, then you should close the Indigo card because apparently, you're not benefiting from it.
If you don't have any other credit cards, then I would recommend you apply for HSBC and/or Capital One cards.
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Re: Has Your Credit Card(s) CL Been Reduced, Closed, or Frozen? If So, Please Explain
I totally agree with ya bro!
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Re: Has Your Credit Card(s) CL Been Reduced, Closed, or Frozen? If So, Please Explain
I work in the banking industry as an underwriter. The reasons the banks are hiking up int rates are bc for someone who has a 10,000 balance or more on a few accts its in their best int to raise the rate bc they feel its a matter of time before the consumer will file bk or default on the account. The cl decreases are of course to protect the banks. Everyones best bet is to pay a little more than the minimums and save money they care nothing about you and how you struggle to pay your bills. Why give them all your money to pay them off when they are in control and can increase decrease or close it when they are ready
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Re: Has Your Credit Card(s) CL Been Reduced, Closed, or Frozen? If So, Please Explain
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Originally Posted by
aclove404
I work in the banking industry as an underwriter. The reasons the banks are hiking up int rates are bc for someone who has a 10,000 balance or more on a few accts its in their best int to raise the rate bc they feel its a matter of time before the consumer will file bk or default on the account. The cl decreases are of course to protect the banks. Everyones best bet is to pay a little more than the minimums and save money they care nothing about you and how you struggle to pay your bills. Why give them all your money to pay them off when they are in control and can increase decrease or close it when they are ready
My rates haven't been increased! :laugh::laugh: However - I bank with a not-for-profit bank: a credit union. Something cool I just found out... since I have a checking, savings, and credit card account with my credit union I get a free Equifax score every 5th of the month. Not a full credit report, but just the score. Also my Capital One and Elan cards haven't had any kind of increase.
EDIT: I may have misunderstood your post, I don't have $10k+ balances.
