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  1. #1

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    Here is a link to what everyone can expect from American Express. It has never happened to me YET but I have heard of many others having horror stories with American Experss.

    http://www.smartmoney.com/consumer/i...story=20070726

  2. #2

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    I am going to use my AMEX for large purchases so I can keep track of what's going on.

    I will use my Bank of America Platinum Plus Visa for everything else.

    Have there been any cases reported that BofA has decreased CL's just to protect themselves?

  3. #3

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    It is actually a very natural development arising from the subprime crisis.

    Banks are greedy to offer you high-interest credit but smart enough not too offer too much in case of default.

  4. #4

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    In all the years I have been talking to people. I have NEVER heard of B of A lowering a credit line, I have heard that they will raise interest rates. I think you are safe when it comes to BofA lowering credit lines. I also checked on the internet and there is NO known cases of BofA lowering anyones credit line

  5. #5

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    Banks offer you money and credit at low rates when you do NOT need money.

    When you do need money the rates are high and credit is hard to get.

    Someday I may figure this all out LOL but I doubt it. Citibank called today and offered me $25,000 at 8%. I told her that I would lend Citibank $25,000 for 8% and she hung up on me LOL. Banks, go figure

  6. #6

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    Has Citibank lowered any CL's as of right now?

    The only bank I trust is BofA that's why I used my card there. My dad has had a checking account with them for about 25 years now and he has tried other banks, but no one can hold up to BofA. Don't hate them if they raise their interest rates, ANY BANK will do that. That is exactly why I pay i full every month and this isn't a problem for me. If you are looking to carry a balance, don't try to pay that large purchase for a long term. Split up the cost into 3 parts and pay big every month. This is only for people that want to make big purchases over $1k.

  7. #7

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    Citibank is known to lower credit lines. A drop in your score or high utilization of credit and they will lower you down to zero.

  8. #8

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    A drop in your score or high utilization
    Do these banks realize that scores drops on a daily basis regardless to if you did something or not? Do they realize that one day you just might decide to purchase a big screen tv? Isnt this is what credit is for? geesh, if that is the case, then credit cards should not exists. amEx should be ashamed of themselvs because they are the ones who initially started all of this credit crap!

  9. #9

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    Meya the only way I was able to get my score over 800 was to NOT use any of my cards. I owe out a total now of $13 on my credit reports.

    Whenever I use my cards my scores drop. I guess we are supposed to just frame the cards and hang them on the wall.

  10. #10

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    That is the best thing you could have ever mentioned because I was thinking that in my head while I was typing this response. This is crazy, I will be glad when this economic crisis pass us up.

  11. #11

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    for me, with a mortgage pending, it is best for me to have a very high FICO score, so I went back to using my debit cards. I have $750,000 in open available credit lines and I am scared to use any of them. I will go back to using the credit cards after the mortgage closes and funds.

    Now that my score went over 800 I am bombarded with pre approved offers. That shredder really comes in handy LOL

  12. #12

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    Ok guys let me ask you this, if you pay your card off every month does your score climb faster than the person who buys a plasma TV in month (a) and pays if off in month (c)? I am like most who pay their card off in full every month but towards the latter part of 2007 I had to carry a balance for a few months and when I checked my score it rose 7 points over those same months. When I was paying off my card every month, my score wouldn't budge. HJM331, I'm like you, I plan on purchasing Furniture tomorrow valued at $1600. My goal is to pay it all off by March 15th. I feel as long as I stay under 20% of my limit, I will be ok, but then I will NEVER utilize 20% of my card unless it a dire emergency!

  13. #13

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    There is no way to boost your scores overnight. Credit useage, how you pay and age of credit is all factored into the FICO score. If you go buy an item for $1600 on a card that has a $10,000 limit it should have no neg impact on your score. HOWEVER, whenever my total useage is just 1% of all of my credit lines, then and only then do my scores remain over 800, so who knows

  14. #14

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    Put it like this, this my comment: I don't create such a score issue if I want to spend something on my credit card that I know that I am going to pay. Paying in full each month just keeps it to the point to where you dont want to worry about finance charges and utilization. If I know that I posses a credit card and there is something that I want that is NOT in my checking account, I get it regardless to what score drops. The only people that worry about their scores dropping are those who are trying to get in the 700's-up. If you know that you can manage to purchase (for example) a tv that costs $1200 and would like to pay it out over 4 months, then go ahead and do so. Those payments that you are making is going to raise your credit scores, and show lenders how well you make payments to your account.

    Now if you are out purchasing a tv at the same value, and then only making minimum payments, it is not going to kill your credit report, it is just that you are going to end up paying way too much over a period of time. You will still get cli's and can still get other credit. This is the same thing as saying you are purchasing a $10k car and making schedule payments or buying a house and making monthly mortgage payments. You build your scores over time, once you are with the creditors, go ahead and utilize it, but use it wisely. Its not how much you should charge, it is how well you can pay it off.

  15. #15

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    Meya, the problem is; well just as we thought that we somewhat had the FICO system 50% figured out it is all about to change with the new FICO 08.

    Some of us will take huge hits in our FICO scores and some will get a big jump in scores. At this point after reading all 640 pages I still cant tell. They say one thing then they say something to offset it. So which is it? the original statement or the what if?

    Time shall tell.

    I do see how a 30 day late payment will have no impact on your scores if it is a one shot time. Do it 3 times and then you take a 100 point hit. Therefore, many who just missed a payment here and there will see a big increase in socres. For people like me who have never missed any payment, my score may go down for my low useage of available credit. Like I said time shall tell. I am not happy about FICO 08

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