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Son of a....

MrMatt

MrMatt

Banned
So I was in a restaurant yesterday and went to pay with my visa card, and the thing got declined. It's been randomly doing that the last few days, some stuff goes through, other stuff doesn't. I called up today, and my credit limit was lowered from 8000 to 1400. Ugh. I've never paid late, and I rarely carry a balance forward month to month.
 
Mine was just raised. This is the 2nd time my credit limit has be raised and I never requested it either time.
 
That sucks. One of my cards was raised recently from 8000 to 10,000 and then two months later to 11,200. No idea why. I do carry a balance on this card though. I had another card that I don't carry a balance on just outright canceled.
 
The banks got plenty of money from the government. They do not need yours and do not want the risk of giving you that much credit.
 
My wife's Old Navy card was lowered from $500 to $100. And she always paid it whenever she bought something. She decided to not even bother at that point, so she cut it up.
 
They cut my limit in half a couple of months ago. In my case, my credit limit is still arguably higher than it should be, though.

8,000 to 1,400 is pretty harsh, have you taken on any new debt recently?
 
Mine just went from about 24,000 to 27,000. And I only worked about 18 months part time out of the last 8 years.
 
I asked for an increase from my bank and went from $1500 to $3500. Wife did the same thing last year and went to $10,000. We both have similar credit scores (good ones at that).
 
Originally posted by: JeffreyLebowski
Mines at 0. If I need a credit card I'm doing something wrong with my finances.
Click to expand...

There are good reasons to have a credit card, like building a credit rating for buying a house or car, fraud protection, etc. Just don't carry a balance and you'll be fully responsible.
 
Originally posted by: JeffreyLebowski
Mines at 0. If I need a credit card I'm doing something wrong with my finances.
Click to expand...

If you're not using a credit card, you're missing out on at least 1% cashback on all your purchases. Heck, I have several of my bills on a recurring payment cycle with my credit card. Just make sure to pay it off in full every billing cycle for this to work.
 
Originally posted by: Balt
They cut my limit in half a couple of months ago. In my case, my credit limit is still arguably higher than it should be, though.

8,000 to 1,400 is pretty harsh, have you taken on any new debt recently?
Click to expand...

Nope, that's the thing. I carry forward maybe a couple hundred every month. The weird thing is I just got 4 months ago, after being unemployed for 7 months. I go from carrying forward like 2000 almost, and only being able to make minimum payments, to paying it off in huge chunks, and getting it down to virtually nothing....and they cut my limit to shreds.
 
Originally posted by: gorcorps
Mine was just raised. This is the 2nd time my credit limit has be raised and I never requested it either time.
Click to expand...

Same.

My Wells Fargo Visa went from $700 to $1200 a few months ago and then to $1700 a few days ago. Sometimes I keep a balance on it, $300 at most.
 
Originally posted by: gorcorps
Mine was just raised. This is the 2nd time my credit limit has be raised and I never requested it either time.
Click to expand...

Same..my Chase card just went from $5k to $7.5k, I think. I never carry a balance on it, either. 😕
 
I work in debt collection and I will tell you to cut those things up now!!!!!! you have no idea how many cases we sue per year!!!!!

The interest rates, default rates, etc. are horrible, they tend not to work with you but go for a Judgment.

In any event, you don't need free rewards, etc. In the long run, those programs work to raise money for the credit card company. trust me, if they didn't, they wouldn't do it.

Pay for everything in cash. It won't hurt you to wait on the big screen tv or trampoline.

Also, Capital One is one of the worst. Cut those cards today!!! 29.99% default rate plus over the limit and late fees.



 
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