"I Am Cancleing The Card"

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Written by: desihunk17 on 2008-09-19

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desihunk17's review: Callout Comment I have had this card for over a year now. Starting limit was 4000... Today I checked my account they lowered to 3000... I mean I never even used this account for more then 500... And called them they said because my credit score went down. So there fore they are going in my sock drawer and I wont use them at all... I think I'll just leave it open so it wont hurt my credit scores..


Comment 1 by sethatco
A New Trend User Icon on 2008-09-19

Remarks This seems to be a new trend among some lenders who made really bad sub prime mortages. GEMB and Amex are doing 2 reviews of credit on a montly basis and looking for any excuse to lower the credit line. A drop in credit score is all they need. Fight back and tell them to either put the credit line back where it was or they will never see a dime in interest.
Comment 2 by rsty99
HSBC Is Looking Also User Icon on 2008-09-20

Remarks I have seen HSBC looking also since I have been monitoring now for a few months They have not done anything to my accounts.
Comment 3 by thomas1
Reviews User Icon on 2008-09-20

Remarks All of them are doing their report spying, Amex, HSBC,

and Citi. Don't know about BOA, but due to market mess, they are wanting to keep all their cash in bank. Credit lines won't be extended like before, no car loans, mortages, etc. They are looking for anyway to take back some of the money lended. Any changes in our scores will prompt quick CL decreases.

I won't be applying for any more credit cards in the near future as I have lines combined to 45k. Actually, I am a risk now, with too much available unsescured credit, but I'm waiting for this mess to blow over with the FED, and Wall Street to build my new house when I move back up north.

This mess will affect most of us, and will make it more difficult Sorry, didn't mean to ramble on!
Comment 4 by rockin35
All Doing The Same Thing...... User Icon on 2008-09-20

Remarks They are all doing the same thing. I got a letter from HSBC, I know that GEMB, BOA, AMEX all of them are doing this now. I got a letter about term changes from 2 of my credit cards including AMEX. I read it online 2 days ago where lenders are looking to decrease some credit lines where needed, as to not "OVER" extend the banks in case the consumers go out and run-up their credit lines available. I think they are doing damage control before they get into a mess.

Comment 5 by mrrob
Sorry User Icon on 2008-09-22

Remarks All of the Credit card companies are on pins and needles because of the economy right now. AMEX is known for lowering credit limits without giving any notice
Comment 6 by nchantim
Screwed By Paypal Plus Credit Card User Icon on 2008-10-31

Remarks I had a $700 limit, and my last balance was $319.

They decided to reduce it to $150, lower than my balance!

I called and they "temporarily" increased it to $320, but I paid it off and canceled.

Amex had just given me a credit line increase, and I don't need a card with a $150 limit. This was about a year old, so killing it off may actually improve my credit score.

The guy on the phone said they were reducing everyone's credit limits. Soon they will have fewer customers though, with a strategy like this.
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