American Express lowered my credit limit? WTF.

[SoulAssassin]

Originally posted by: VTHodge

Originally posted by: halik
you have 30K of CC debt and you're wondering why they lowered your limit?

If he has a locked in rate at 3.9% he would be a fool not to take advantage of it. There are many many ways to get a higher rate of return on that money. As long as there are semi-liquid assets (money market, mutual fund, CD) somewhere to pay it off when the rate rises then there is no problem.

There are not many ways to get a safe rate of return much beyond the 4% they're charging him especially when you take into consideration the taxes you will pay on the interest income. 0% is where you really need to be to turn a profit. That being said, 3.9 for life on "real" debt certainly isn't a bad rate.

 

[mugs]

Originally posted by: Kelvrick

Originally posted by: alimoalem

Originally posted by: mjuszczak

Originally posted by: dawks
Maybe they lower it if you don't use it.

Note: Your credit rating drops 3 points every time you check it.

untrue. your credit rating drops 3-7 points for every hard pull outside of a two week period. self inquiries are soft pulls and do not reflect on your report.

check your credit every day for the next year and then tell me it doesn't affect your credit

I basically do. I get free daily monitoring. They tell me everytime anything is posted or there is any change.

'splain how!

 

[mugs]

Originally posted by: sicko
Amex has credit limits? I was never aware of that, I have been charging outrageous amount on my card from time to time they have never stopped me, I just got to pay up at the end of the month except when there was that time that I was outside of country and they told me that don't worry about it until I return to the states (which was about another month).

Don't quote me on this, but Amex has credit cards and they have charge cards. The charge cards don't have a hard limit (although they will stop you if you're using it excessively) but have to be paid off every month, and the credit cards (like the blue card and the Costco TrueEarnings) don't have to be paid off in full every month but they have a credit limit.

 

[Platypus]

You're 23 and you have 27k worth of CC debt :shocked:

what did you buy?!

 

[halik]

Originally posted by: VTHodge

Originally posted by: halik
you have 30K of CC debt and you're wondering why they lowered your limit?

If he has a locked in rate at 3.9% he would be a fool not to take advantage of it. There are many many ways to get a higher rate of return on that money. As long as there are semi-liquid assets (money market, mutual fund, CD) somewhere to pay it off when the rate rises then there is no problem.

True,
though that's a lot of debt all in all. How did you manage to lock it at 3.9%?

 

[sooner22]

Originally posted by: alimoalem

Originally posted by: mjuszczak

Originally posted by: dawks
Maybe they lower it if you don't use it.

Note: Your credit rating drops 3 points every time you check it.

untrue. your credit rating drops 3-7 points for every hard pull outside of a two week period. self inquiries are soft pulls and do not reflect on your report.

check your credit every day for the next year and then tell me it doesn't affect your credit

You're an idiot.

Checking your credit everyday would actually help your score. Why? Because 2 of the 3 bureaus only allow so many inquires to be kept track of, so eventually hard inquiries start getting bumped off.

 

[shocksyde]

I've checked my credit report every day this year and so far my scores are all up 50+ points. Explain that, genius!

 

[shortspanishguy]

Originally posted by: halik

Originally posted by: VTHodge

Originally posted by: halik
you have 30K of CC debt and you're wondering why they lowered your limit?

If he has a locked in rate at 3.9% he would be a fool not to take advantage of it. There are many many ways to get a higher rate of return on that money. As long as there are semi-liquid assets (money market, mutual fund, CD) somewhere to pay it off when the rate rises then there is no problem.

True,
though that's a lot of debt all in all. How did you manage to lock it at 3.9%?

balance transfer promo?

 

[Bumrush99]

A lot of ignorance here. Check out www.creditboards.com for some really good information. I have been browsing the forums for a few months and have been able to raise my scores significantly