Reduced Credit Limits? Share Your Experience
About a month ago, I published an article over at Credit Addict about protecting yourself against reduced credit limits. Since that time, readers have left a smattering of comments lamenting that their credit limit has been reduced. We’ve been totally unaffected by this, so I’m curious as to how widespread this problem is. Interestingly, all of the commenters reporting a reduced credit limit have been dealing with American Express.
Have your credit limits been reduced?
Published on October 31st, 2008 - 64 Comments
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I have no clue if any of my limits have dropped. I never get any where near the limit to begin with so it wouldn’t matter anyway.
Though with a FICO score exceeding 800 I doubt I’ll see my credit denied or lowered.
Comment by Ben — Oct 31st 2008 @ 10:10 amMy credit limit on my one credit card has not changed which probably means that because I don’t use consumer credit, they don’t bother with me. “Reducing credit limits” is another way of saying “Adding reason and logic to the credit marketplace.”
Comment by Mr. ToughMoneyLove — Oct 31st 2008 @ 10:12 amNone of my limits have dropped, but I’m still early enough in this process that I’m still sitting fairly close to the limits on my cards. One thing I will note however, is that Discover is usually pretty quick to RAISE my limit when I sit as close to the limit as I am now, but they’re not budging it right now. That’s fine because I don’t want more credit, but I did find it interesting to note the difference.
Comment by Jennifer — Oct 31st 2008 @ 10:20 amMy wife’s American Express CL was reduced from 10K to 500. Prior to the CL reduction she hadn’t used the card for about 6 months. She got an offer from them to use the card at some specific stores and she would recieve a $30 credit. After the first use she got a letter reducing the CL.
Comment by Joe — Oct 31st 2008 @ 10:25 amOddly, Chase raised my limit from $4,500 to $5,300. BofA hasn’t changed my limit with them at all.
Comment by ACB — Oct 31st 2008 @ 10:43 amOddly enough, AMEX doubled my credit limit from $5,500 to $11,000 in September. I do not have anything on the card but I do have some debt on other ones. I have not had of the other ones get decreased either. I wonder if the individuals that had their limits decreased have bad credit.
Comment by Adam — Oct 31st 2008 @ 10:50 amStill have my $30k Blue and $20k Costco AMEX limits.
Haven’t touched the blue in a year. Most i ever used on a card was about $10k when i had 0%.
Comment by Ken — Oct 31st 2008 @ 10:53 amMy Wife’s Sears MC (Citibank) was reduced from $11,000 to $7,000, with the explanation that they had reviewed her spending pattern, and reduced her limit accordingly. There was actually mention of Sears / Citibank doing this on the national news this morning. All we have on the Sears card at the moment is an HDTV we bought last November that has 18 months 0% interest … so, of course, we’re not making other charges with the card until that’s paid off.
Comment by cemccon — Oct 31st 2008 @ 11:36 amActually, oddly enough, some of mine have increased.
Comment by Brandon — Oct 31st 2008 @ 11:38 amNone of mine have decreased, but I just got a notice from Citibank that my visa card with them actually increased! I was like “What the heck???” I definitely wasn’t expecting that.
Comment by Luna — Oct 31st 2008 @ 11:51 amIn the Philippines, credit card credit limits do not decrease. Card companies usually increase credit limits on a yearly basis.
Comment by Yvon Thea — Oct 31st 2008 @ 2:20 pmNope, no Credit Limit decrease here either. But, I got a Terms of Agreement change from Chase (in which I don’t have a balance) increasing the APR to 20% something. Yikes! I will be cutting that card up for sure.
Comment by frugalchick — Oct 31st 2008 @ 2:29 pmDecrease? What Credit Crisis? Discover has INCREASED my limit TWICE this year!
I don’t really get it, but I think they are trying to get me to use that card again. They were even nice enough to lower my now Variable APR from 28.9% to 25.9% since I’ve been such an awesome customer!!!
I hate them… And have already told them what they can do with their limit increase. I would starve before I would ever use that card again.
Comment by Kev — Oct 31st 2008 @ 4:18 pmNope, no decreases. They have stopped increasing my limits, though. Last year, Citibank increased my limit twice. At the beginning of the year, my credit limit was $9000. By the end of the year it was $17,900.
Comment by Kristina — Oct 31st 2008 @ 4:57 pmI haven’t had any changes of credit limits but Citibank sent me a letter saying they were canceling my credit card with them because I hadn’t used it in a year or two. I charged something on it (small item) so I don’t lose my credit history with them.
Comment by Kim — Oct 31st 2008 @ 7:45 pmMy Sears MC (Citibank) was reduced from $10,000 to $6,000, with the explanation that they reviewed my spending pattern (I only used this card once ot twice a year), and lowered my limit accordingly.
I closed out this account - one less card to manage.
Comment by cs — Oct 31st 2008 @ 8:02 pmHad an AMEX line dropped from 25K to $500 a couple months ago. Hadn’t used the card for any purchases, ever. But did use it to balance transfer 21K at 0%. Paid it off before paying any interest. Just applied for an auto loan through Capital One auto and was approved literally in 30 seconds for 30k at their lowest rate. Interesting times…
Comment by JC — Oct 31st 2008 @ 8:47 pmI’m with capital one, and so far, so good!
Comment by Michelle — Nov 1st 2008 @ 12:03 amI have an Amex SimplyCash card and so far no reduced limit….yet
Actually, quite ironically, Citi just recently gave me a credit limit increase!
Comment by EN — Nov 1st 2008 @ 12:22 amMy wife and I have various credit cards, all with limits ranging from 5K to 35K on each card. Most of our cards have RAISED our credit limit by carying amounts- 3K to 5K. American Express LOWERED our credit limits twice in the last 18 months. It went from 20K to 3K to $1,500. They claimed it was because of delinquent credit on our other cards. My wife and I have credit scores near 800 and have NO blemishes, late payments, etc. Delinquent my a*$. I hope they go bankrupt. They will NEVER see another dime of our money.
Comment by TonyN — Nov 1st 2008 @ 2:32 pmNo reductions yet .. not even on my Amex, which I just got a couple of months ago. I am still getting at least one credit-card offer in the mail every day. I thought credit was hard to come by?
Comment by DW — Nov 1st 2008 @ 6:59 pmI’m like Tony, I’ve had multiple AMEX cards over the past couple of decades, never been late, never missed a payment. I have several other credit cards with high available credit and no missed payments… and yet, inexplicably, AMEX has lowered the rate on my Blue card from over $10K to just about $2,300 in the past year — all without notice. I absolutely HATE AMEX and hope they go under. They are a disreputable, dishonest, sleazy company.
Comment by Susan — Nov 1st 2008 @ 9:47 pmQuite the opposite, some of my limits have been raised recently. I don’t have AmEx though. I think people with top tier credit will become more valuable to creditors, hence they’ll do more to keep them happy like higher limits.
Comment by Miss M — Nov 1st 2008 @ 11:18 pmAmEx increased our credit limit unsolicited.
I actually don’t like when they do that.
Comment by Shadox — Nov 1st 2008 @ 11:39 pmAmex lowered our limit by about $3k, that is the only card we use regularly, not sure why it was lowered. Never late, no other problems on other cards or any loans for that matter.
Comment by Ed — Nov 2nd 2008 @ 12:58 amAlthough it hasn’t happened on American Express, two of my other cards have actually raised my limits.
American Express has stayed the same for about a year now…
Comment by Brack — Nov 2nd 2008 @ 9:17 amNo reductions yet, but just signed up for the AmEx Blue Cash card and only got a $5000 limit. Anyone have any thoughts on the best strategy to get them to increase it? Maybe a couple of months of full, on-time payments?
Comment by MITBeta @ Don't Feed the Alligators — Nov 2nd 2008 @ 10:17 amI haven’t seen a reduction yet, but I did get this “IMPORTANT NOTICE OF CHANGE IN TERMS” from Chase’s Visa card:
“Your default APR will be changed to a variable rate of 29.99%.”
Nearly as exorbitant are rates for “overdraft advance APR” and “cash advance APR,” both variable rates now pegged at 20.99%.
Since I don’t carry a balance and, because I’m less than fond of Chase, rarely charge much on this card, I don’t suppose it matters. But it is…well…jaw-dropping.
IMHO, rates of this magnitude ought to be illegal.
Comment by Funny about Money — Nov 2nd 2008 @ 8:14 pmwe have two that have no limit, so i guess those don’t count. others, they have increased limits and we continue to get 0% BT offers on all of the cards.
Comment by Tim — Nov 2nd 2008 @ 8:58 pmI have had limits reduced on three of my cards recently. Amex, US Bank and Bank of America. All lowered my limit to within $100 of my balance. Stated reasons was my credit usage/high balances.
I have been making large payments to try to pay these cards off and each time I pay them down by $500, they lower the limit by that amount.
Comment by michele — Nov 2nd 2008 @ 9:48 pmNo reductions yet on any of the cards yet including AmEx blue (13K credit limit). Higher limit (from 10K to 18K) on one of the cards.
Got a couple of pre-approved 0% offers for 15K; I don’t need it so I just tore it up and threw it away.
@Funny about money — I also have Chase (Amazon) and I got the same type of a letter; since I also pay my balances in full, I couldn’t care less. I’ll continue using it for amazon purchases since I like their rewards. This one is set up for automatic payment of the full balance, so there is no way it can ever be late.
@Shadox - if you feel strongly against their raising your limit, you can call them and tell them you don’t want the increase. They will lower it back. You can also tell them you don’t want further increases, and they’ll mark it on your account.
Comment by kitty — Nov 2nd 2008 @ 10:15 pmMine have actually been increased. I would say that’s because the companies are issuing less to new customers, and are maybe trying to make up for that by allowing their current customers with good credit to spend more.
Comment by Nick — Nov 3rd 2008 @ 8:44 pmIronicallly, I got a notice today that my credit limit on Citi has been raised about 10%. However, they have consistently raised my limit any time I get serious about paying down the balance. So, despite the current credit crisis, Citi is trying their best to entice me to spend more.I’m paying (literally) for past mistakes, but I have no intention of repeating them.
Comment by Jo — Nov 3rd 2008 @ 10:26 pmI don’t have any other cards, so as far as my experience goes, I don’t see reduced limits.
My cash doesn’t have credit limits, so I’m not concerned.
Comment by Brian — Nov 5th 2008 @ 7:09 amOut of all my credit cards, the one card I haven’t used was reduced. It was my IKEA card and it went from $500 to $221 (which is an odd number, to say the least).
They reviewed my spending patterns too and adjusted the card accordingly.
Comment by Noreen — Nov 6th 2008 @ 3:18 pmciti keeps increasing my limit and lowering apr but target just raised all apr on there cards by 3% they suck
Comment by rhona — Nov 9th 2008 @ 8:28 pmMy Costco AMEX credit card had its credit limit lowered from $30k to $2600 in one fell swoop last week There has been no change in my credit score (720s) since I applied for the card two years ago. AMEX is turning into a bank and trying to limit its risk so it can qualify for some gov’t bailout money. I hope Costco picks up a different creditor.
Comment by PowerhouseD — Nov 12th 2008 @ 1:51 amAmex cut my credit limit from 8000 to 5500 without any notice, I was confused if there was a fraud purchase on my card. Amex stinks, I never made a late payment and gave them a lot of business. no more but.
Comment by rj — Nov 17th 2008 @ 3:36 amAMEX SUCKS!!! My husband and I have credit scores close to 800 (we just checked w/credit union) and today I get an email stating that our credit limits have been lowered on both our Blue and Costco cards. We have been card members since 1999. Our Costco card went from $29500 to $10600 and our Blue went from $22500 to $10600 but our Discover card was just increased. We do not carry large balances on these cards, but have been using them (for rebates & points) to decorate our new house. AMEX is totally screwing with people credits and I am very disappointed in their business practices. I too hope they go under or somehow is able to be reported on their unfair business practices. We are planning to pay the balances off and not use them again. I wish I could sue!!
Comment by K&S — Nov 20th 2008 @ 6:04 pmStill at 30k Blue and 20k costco with amex. 800+ score.
Haven’t touched the blue in a year.
Max on costco is about 2k in a month.
Comment by Ken — Nov 20th 2008 @ 6:07 pmJust found out that AMEX lowered our limit by another $4000 on Wednesday, November 26! Found out when my wife went to purchase gas. They had just lowered it by $4000 10 weeks ago. As soon as I sent them $3000 for this month’s bill, they lowered it another $4000 putting me over my limit immediately.
Comment by jackson bridges — Nov 28th 2008 @ 7:07 pmAs a result, I will not send them any extra and will pull $ out of a mutual fund and send it to another creditor freeing up more credit with them and cease to use the AMEX.
My wife and I have spent over $680000 on our AMEX cards in the last 19 years, but now we are “high risk!”
We will also boycott businesses that accept AMEX and buy from those who do not accept AMEX. We will let the merchants know why. We are in our sixties and have 82 credit accounts “paid as agreed” without a single late payment!
I suggest that anyone else who has just gone thru this send a letter to the CEO, Kenneth I. Chenault @ Amex, World Financial Center, 200 Vessey Street, New York, NY 10285, and express your complete dissatisfaction.
AMEX cannot survive if people do not use their card.
I always pay on time and I pay over the minimum. My score is 774.
Comment by MS — Dec 2nd 2008 @ 4:38 amLast week American Express cut my credit in half, down to what I owe. This act on, the part of American Express, will damage my credit by showing that my credit is extended. Won’t this create a domino effect, that will have a serious effect on my credit? I say yes it will.
I have contacted my representatives on this. This is a serious problem. I urge everyone to write and call them.
just had a nice arguement with 3 of boa’s card services managers. they cut my limit from 14400 to 4400. my balance is 4200. they left me 200. i did not even get any notification. i happened to see it through my on line banking. i have Never been late with a payment on any of my accounts.When i told them they were going to lose a good paying customer they really didn’t seem to care. screw bank of america i will just transfer my small balance to another card with a 0% transfer for 1 year
Comment by jtd — Dec 3rd 2008 @ 10:02 pmYep, same thing happened to me. Six weeks ago Amex cut my limit by half. Just yesterday I checked my credit scores, and they all three dropped by about 75 points (average). I am LIVID. I have always made my payments on time, but the credit score analysis said that I have too high of a debt ratio. I didn’t prior to them lowering my balance. Sure when it goes from $30K down to $15K, my debt ratio is going to be higher.
I am paying the thing off and never paying them another dime. The whole “banking/credit card/credit score” practice is the most idiotic, unethical thing I have ever witnessed. Amazing that I’ve turned into high-risk when I have not changed one thing in the way I spend, work, or pay bills.
Comment by Melissa — Dec 4th 2008 @ 8:40 amMelissa: Are you sure about cause and effect here? 75 points is a really big drop in response to a credit limit reduction. Is it possible that your score dropped (at least somewhat) which prompted Amex to reduce your credit limits, perhaps further reducing you credit score.
Just an update to my previous post. Amex attempted to raise our interest rate on us after chopping our credit limits to nothing. That was the last straw. I cancelled them. I hope they go bankrupt- just like their business sense and ethics.
Comment by TonyN — Dec 4th 2008 @ 9:12 amI contacted my congressman, Trent Franks in Arizona, and they looked into the problem they said. They called me and told me they can’t help. I told them that this was happening all over the country. It’s a nation wide, “NATIONAL”, problem. They said, only, that the congressman is aware of the problem. If they won’t act on this what the hell is going to happen. This credit crisis will just keep getting worse.
Comment by MS — Dec 4th 2008 @ 11:12 amI have also written my Senator, Kyle. I didn’t bother writing that worthless fool McCain.
Just this morning the news said that home interest rates could drop from 5.5% now to 4.5%. What the heck good will this do us when our credit rating is dropping. Home prices are dropping also. How can a person get re-financed under these circumstances. What the heck is going on. What a joke.
Talk about “Discrimination” by American Express. I feel i’m being slapped in the face and their is nothing i can do about it. I just read a paper on American Express and it states that one of the ways they come to the decision to lower ones credit limit is based on several accounts. They base it upon where you live, where you shop and who holds your mortgage on your home. Even tho i pay my bill every month on time, and have never been late, These fools seem to think its good business practace to slapp me in the face with a letter that they are lowering my credit limit by more than half. I will never use this card again, and i will be sending several letters. I urge you to shop around and find another company to do business with. AMEX Sucks!
Comment by Mike — Dec 6th 2008 @ 4:00 amI have noticed a few people on here making comments like, “I have a credit score in the 800’s so they keep people like me with good credit happy…” Well, a little newsflash: My credit score is in the 800’s, have NEVER been late on any of my payments, but AMEX just cut my credit limit in half with no prior notice. What ticks me off is the fact that we never used it until 3 weeks ago, when my husband bought me a new ring for our anniversary, and we decided to put it on that card. Today, I checked the account and they lowered the limit to 300 dollars above our balance, so now the card is almost maxed out which is something I never do. I am extremely upset, and will be cancelling the card once it is paid off in a month or so. AMEX is a bunch of crooks.
Comment by Katharine — Dec 6th 2008 @ 11:14 amIs there someone here that would/could supply me with the wording of the letter you received from your credit card company in regards to lowering your credit card limit?
This is a strange request .. but my alcoholic husband, refuses to stop using MY card. I would like to “tell” him that my limit has been reduced. If that does not work, I will attempt to “conjer” up a letter documenting this.
This is very manipulative, I know .. but husband will not listen to me and continues using my card. I KNOW that if he thinks that the limit has been lowered, he will finally get it through his head that he cannot continue to use for his “entertainment” pleasure.
For those of you who believe that this is being dishonest and manipulative on my part .. my husband, I believe, is in a cycling stage of his bipolar depression and it does not matter what I do or say, I have not been able to reason with him. If I have to be somewhat underhanded and extreme, I have resigned myself to this .. at this point and time.
Thanks in advance for anyone that may have some compassion and might supply a “generic” form of the letter that they received.
Comment by Molly — Dec 7th 2008 @ 3:52 pmmy credit score is 710 due to the fact i just started building my credit about 2 years ago, my amex and capital one limit has not changed but my paypal buyer credit and my citiflex credit line lower my limits to about 30% of what they used to be, i’m never late on my payments, allways send a lot more than the minimun payment due and allways finish paying everything quick. i really don’t like to use my credit to buy small stuff but it’s needed to build my credit, i guess i’ll be using my cash more and cancelling a couple of credit cards.
Comment by Ronald, New York — Dec 10th 2008 @ 10:16 amI just noticed my credit limit for my Citibank Professional MC was reduced from 15,000 to 2,300. When I called they said it’s because I only use less than 5% of my credit limit. I have a credit score of over 800, I wonder if this will affect my score. Citibank told me it won’t but I’m not sure.
Comment by Payman — Dec 16th 2008 @ 6:22 pmLast night on CBS world news with Katie Coric, they had a good report on this probelm. A nurse’s credit was 780 and a credit card company cut her credit in half. As I recall that dropped her score 60 points. This gave reason for a drastic raise in her interest rate’s, they moved up to 21%. She just stopped using her cards. Thats ok for her she very seldom used her cards. For most people this will be crippling or worse.
The point of the story was how the cut in credit card level effected a person that doesn’t use there card that much. I hope to see a program on how it will effect the rest of use who use our cards regularly.
I urge everyone to call there congressman and senator’s, please call. I have.
Comment by MS — Dec 17th 2008 @ 12:24 pmI urge everyone to contact House Committee on Financial Services and complain to them about this credit card problem. Go to the following website:
http://financialservices.house.gov/contact.html
Comment by MS — Dec 17th 2008 @ 6:16 pmI have heard about this issue but it hit me first hand today. Barclay’s Bank reduced my credit line from $10k down to $2 and what’s worse is that put me over limit. To top it of, I haven’t received notification of the decrease, I had to have a purchase declined to find this out. When I called the credit card company they didn’t care and wouldn’t raise my limit back up except to cover my current purchases so that I’m not over limit. However I was warned that the limit could be reduced again in the future.
I warned them that they are losing a long-time loyal customer, no “might” about it!
Comment by Marianne — Dec 19th 2008 @ 10:33 pmI went to Pay my fiance’s Best Buy card this morning since its right before the holidays & i know we have used it a small amount. We always keep it at under a 30% credit usage, especially because he just payed off his car so that is the only thing on his credit report right now. Without so much as an email they cut his limit down so there is only $38 available credit!!!! He has had the card for about 4 years & uses it rarely, probably about 3 times in the last two years & has only paid late once & that was over 2 years ago. So now right before the holidays we are going to have to come up with the money to pay it off or risk him losing a good 30 points or so on his credit. We’ve been saving for a house so we can’t let that happen. Good job Best buy & the rest of you credit “know it alls” at these banks, now someone who was making good credit decisions so they could buy a house next year will have to dip into our savings or risk having their credit wrecked!!! Once again the middle class is taking it on the chin for something a bunch of rich arrogant fools did. Welcome to America.
Comment by Lucie — Dec 20th 2008 @ 10:42 amI just received the letter regarding my interest rate increase along with a notice from Blue stating that my credit limit is going from 10K to $4400. This is totally reidiculous and unacceptable. In the statement they claim, among other things, that the decision was based the fact that my debt is too high with AMEX. That’s total BS because I just made a $4000 payment in May bringing my balance to $0.00, which is where it has been until the last month or so because of Christmas shopping. They also refer to my credit score from Experian, which again is bogus because my most recent Experian score is 721. I am soo sick and tired of these coporate sleezebags sticking it to us that are just trying to get by. I will be contacting AMEX tomorrow and if i do not get any satisfactory answers, I will be contacting an attorney. If someone has already initiated a class action lawsuit, PLEASE contact me.
Comment by Kendall — Dec 21st 2008 @ 10:50 pmI agree with all the people who HAVE HAD A LIMIT DECREASE. What gives. I payed off the cards and did not want to over spend so now I have no credit - like $300 is going to help if I need to go the MD or get the car fixed. I have no late payments and pay more then the limit. Discover, Amer Expr, HSBC, GM CARD all the saME. IF YOU DO NOT GET IN OVER YOUR HEAD THEY DO NOT WANT YOU.
Comment by Malini — Dec 28th 2008 @ 11:03 pmMaybe we should lose the cards and just let someone have a good time. They certainly are having a good time messing us up and keeping their money.
why would you lower a limit on someone who pays off their cards. I am very disappointed in the congress.
they do not even answer email. Pelosi emailed me back and said it was against the rules for her to communicate with me as I am not in her district.
well she may not have a district if she keeps up that attitude.
sorrry but I do not like being made to look like I have gone over my lmits and most of all they never even gave notice. They just did it and then sent the letters.
not good . at all!!
How do we start a class action lawsuit. Count me in,
This is really disgusting. I am glad I finally found a site that even mentions this . Nothing on the AM radio about it at all.
contact me too just like #57 asked.
thanks
Comment by Malini — Dec 28th 2008 @ 11:07 pmI just received a letter today from Juniper MasterCard stating they are lowering my limit from $6000 to $650 because quote: “you are only using a small portion of your available credit”. I have had this card for 3 years with spotless record. I have a 782 FICO. (Well, I did last month!!!!). This really makes me mad.
Comment by Ellen — Dec 30th 2008 @ 7:24 pmI just called BoA to see if they would lower my interest rate a little bit; not only did they not lower the rate, they cut my credit limit on both BoA cards to right at the balance level. Thanks a lot, jerks. Can’t wait to see what that does to my credit rating.
Comment by Tandy — Jan 3rd 2009 @ 11:31 amAmerican Express management is making bad decisions about how they treat their customers. This will affect American Express profits for years to come. My Optima limit was reduced from $24,000 to $17,000 which was a few hundred over my balance at the time. My response was that I made an additional $1,000 payment to my regular payment in order to stay under 90% usage on the card. Once again American Express has reduced my limit. This time to $15,000 which is just a few hundred dollars over my balance. The balance is charged a low promotional rate so I am not inclined to pay it off by any more than the minimum payment. But, after the first limit reduction I called Am Ex to ask how I could be a better customer and how much I should pay in addition to the minimum. The customer service representative suggested I pay $50 to $100 more than the minimum each month so that is what I have done. I have been a member since 1985…never been late with a payment and have never gone over my limit. If I treated my customers that way I would be out of business in a few short months. I wonder how long it will take before Am Express is asking for a government BAIL-OUT ? ? ?
Comment by John D — Jan 3rd 2009 @ 6:16 pmActually Amex has already asked for bailout money. They got themselves reclassified as a bank holding company specifically so that they could do that.
But they have been doing this balance reducing thing for more than a year now. Its just that they started with their less than stellar customers, you know, the ones who carried high balances and only paid the minimum or near to it. Or were a day or two late with a payment here or there. That was me. Funny how when I started talking about this in forums 6 months ago, I was ridiculed and told I deserved being treated like a criminal by Amex and BOA, but now that they are targeting all their customers equally everyone is ready to file class action suits.
The only advice I can offer is the same advice that was given to me. Pay them off and cancel the cards and don’t use credit if you can’t handle the terms you agreed to. Thats what I am doing. I have learned in the past year that I really don’t need them as much as they advertised me into believing. The best revenge is living well and as Amex and BOA struggle to stay alive, I will be here still earning paychecks, conspicuously consuming, and I won’t need them.
Comment by MICHELE — Jan 3rd 2009 @ 6:40 pmJohn D and everyone else. American Express applied for Bank status with the past month and now has already gotten the bank bailout money.
So had GM financial services who did the GM loans. They are now a bank as well and got a double bailout
one as car manuf and the other as a bank
Discover is doing the same.
Comment by Annie — Jan 4th 2009 @ 1:21 amthis is not about helping people at all.
I never had any lates, but now several of my cards are withing 100 of the limit and credit score has dropped
I was just aoout to get pre qual for a mortgage.
Fair Issac must know whats going on but does not give a hoot.