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...and promptly had both accounts closed by the issuers. "Thanks for years of being a loyal customer and allowing us to bumrape you with usurious interest rates. But now that you're no longer carrying a balance, get lost!"
thats good now you dont ever have to worry about being indebted to them again!
True enough, but as a full-time student with very limited income and occasional unforeseen expenses (such as having to replace a dead computer a few weeks ago), it was nice to have a credit line to help manage cash flow.
I'm really wondering what those credit card companies were thinking by closing the accounts. I find it surprising that they took that step.
1) Credit is tightening, obviously.
2) While I'm not a deadbeat, I'm not an attractive credit risk either. I had an actual income when these credit lines were first opened, and now for all intents and purposes I don't.
So I'm not surprised to see my credit line shrinking these days; I just wonder why they waited until I paid them off to close them. It's as if the lesson taught is "don't pay off your credit card if you want to continue having access to your credit line."
It's happening all over. I had a credit line of $5,000 on a card that I only used for travel, and paid off in full when I got the bill. I took it with me on a trip to Florida last winter, and tried to use it to rent a car ($357 charge), and the charge was declined. Come to find out the creditor had lowered my limit to $300. I got the letter advising me about it 2 weeks later. Thank goodness I had other credit cards with me, as I was 1,000 miles away from home, and that could have been a disaster.
I tried to close the account because I was so angry about the whole thing - I called them and I emailed them and they kept telling me I had to send them a letter. I never got around to it, so the account stayed open.
A few days ago, I got a letter from them telling me the account had been closed due to inactivity, but they "valued" my business and I was free to reapply with them in the future. Fat chance!
I had my credit line lowered recently when I called to have one of my cards reinstated. I have been faithfully paying on my balances...but they refused to reinstate one card and lowered the balance on the other account. I told them it is wrong to punish customers who are actually using their credit lines and paying on them each month!
True enough, but as a full-time student with very limited income and occasional unforeseen expenses (such as having to replace a dead computer a few weeks ago), it was nice to have a credit line to help manage cash flow.
Savings will accomplish the same things just as well, only you don't have to pay interest on it. You are way better off without the CCs, congratulations on paying them off.
Savings will accomplish the same things just as well, only you don't have to pay interest on it. You are way better off without the CCs, congratulations on paying them off.
Unfortunately that doesn't do me a lot of good until I graduate and obtain the means to accumulate savings...
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