[Yeti]

Why are you walking to China?

[aqualung8705]

Only decent place to get dim sum.

I was able to speak a bit to the collection agency that's representing the HOA the other day. They said that I have 200+ before the auction. If I can hopefully find a job before then, I might be able to make a down payment on a house. Otherwise I'll have to buy a mobile home. I'm hoping to keep all of the dogs. It'll be hard to place my mom's Yorkies.

It's hard to believe that she'll have been gone six months on the 11th.

[airics]

so i've had bankofamerica and american express for years.. no lates ever.. total credit line combined between the two around 150k.. using about 25k... they (both lower my limits down to a total of 25k..) said i am a risk with that much credit available (again no lates)... of course, i'm ticked.... had about 16% debt ratio now closer to 95% because of the lowered limits... score plunges from a 730 to a 600... well i'll show them.. paid'em off last night.. and plus they lose a 15yr customer! so when does the score get reevaluated?

[Matt Angry]

I'm waiting for the same thing to happen. We use our AMEX for EVERYTHING and pay it off every month. Havent paid a .01 to AMEX in intrest since day one of having an account with them. Each year in May we get out rewards money (about $800) they acutally pay me to use their card! HA! Anyway, I'm just waiting for the day they shrink our credit limit!

[jfkIII]

great job, Matt.

Actually, I keep getting increases...and all those damn blank checks that they want me to use for cash advances and other expenditures...not from AMEX, but from Discover, Chase VISA and CitiCards! I have balances...all with low rates...from 0.00% to 3.99% (nothing higher) for life of balance. Using one of those damn checks would eventually replace the low rates, so I just shred them. AMEX (currently empty) has yet to reduce my credit limit, as I keep hearing in the media that they will, but I do have an Optima with $2K balance at 3.90% for life of balance...again, no reduction in credit limit. Credit score currently stands at 721.

I think these credit cards are a lot like slot club cards...you've got to use them to keep getting the good deals.

[jfkIII]

Originally Posted by airics

so when does the score get reevaluated?

Airics, as a victim if identity theft, I subscribe to a credit monitoring service. According to them, as soon as the credit bureaus receive info from the credit companies, your score is immediately re-evaluated. I have seen this happen first hand, as my service has direct links to the 3 major credit rating companies (Equifax, TransUnion and Experian)...each providing their own reports & scores.

Please be aware that there are new calculations in effect under the new Fair Isaac Act (FICO)...and paying off big balances and closing accounts can now affect your score negatively...

"Fair Isaac has made it clear that closing accounts can never help a classic FICO score and may hurt it. With FICO 08, that's even more true. You get more points for having open accounts in good standing; conversely, having a higher proportion of closed accounts can hurt you more."

"But FICO 08 is even more sensitive than the classic FICO to how much of your available credit you're using. If your credit card issuer slashes your credit limit -- which is increasingly likely these days -- you could see your scores plunge, regardless of whether you carry a balance."

New threats to credit scores - MSN Money

"The three major credit-reporting agencies -- Equifax, Experian and TransUnion -- use software developed by Fair Isaac Corp. to rate your risk for assuming debt based on your credit history. The result is commonly known as a FICO score. This year a long-delayed update to the scoring formula is rolling out, and there are a few advantages to consumers -- and some serious new risks. Here are three scenarios to help you understand the changes.

The score is based on five factors, including payment history, the amounts you owe and the types of credit you've obtained. Personal information like income, occupation, age and marital status are not considered. (See "Credit bureau move creates 'secret' scores.")"

Your 5-minute guide to credit scores - MSN Money

[Daddys///M3]

Originally Posted by airics

so i've had bankofamerica and american express for years.. no lates ever.. total credit line combined between the two around 150k.. using about 25k... they (both lower my limits down to a total of 25k..) said i am a risk with that much credit available (again no lates)... of course, i'm ticked.... had about 16% debt ratio now closer to 95% because of the lowered limits... score plunges from a 730 to a 600... well i'll show them.. paid'em off last night.. and plus they lose a 15yr customer! so when does the score get reevaluated?

Unfortunately this is happening alot now. Eveyone is trying to reduce their exposure. Surprisingly I have only had 1 credit card do that to me (BofA). My Citi Professional MC actually raised my limit recently by $5000.

I've heard rumors that the bureaus are looking into revamping the scoring model due to things like this. Hard to say if or when it will happen though. I sure hope you didn't close them. Seasoned tradelines are a HUGE boost to your credit score. If anything you could keep them around for small things and pay them off in full every month. That way they don't collect on any interest and you can still upkeep that payment history.

FWIW, creditors report to the bureaus every 60-90 days or so. Sometimes more, sometimes less.

[airics]

i kept the american express opened.. closed the boa, $90 a year each.. no thanks....ive had capital one since i was 18 but they dont report credit limits.. they should be required to do this

[jfkIII]

huh? My wife has a CapOne card...and they report to the credit bureaus????

[airics]

yes cap one reports HOWEVER they do not report your credit limit... meaning if you have $500 on the card, you are at 100% debt ratio even though your limit may be 10k