I'm really angry... (account, charge, income, balance)

[sterlinggirl]

Originally Posted by wheelsup

If you want/like the protections of a credit card over debit, a way to artificially increase your credit limit is simply to carry a "credit" on your credit card. That is to say, if you have a $1000 limit, and a $0 balance, paying $1000 on your credit card will essentially give you $2000 of available credit. I do this from time to time, pre-pay my credit card that way I don't have to worry about paying $0.01 too little and them charging me interest on the average daily balance of my card.

I routinely round up credit card payments to the next $10. Their computers record the excess as activity even if you aren't using the card...

[KAYLINDA]

Same thing happened to us too. One card went from a 3100. limit, to 800...which was 100 over my balance. Never late....and we carry a balance...so they were getting their payment (plus we always add 50.00 each month) plus their interest. Capital one raised purchase rates..so we cancelled all 5 we had. It would have been different if we had ever been delinquent, but we hadn't been. I know it will hurt our credit score...but it hurt my "feelings" more that they did this to us. Janet...I'm so sorry they did that to you...and all others on here that were left in unreasonable circumstances.

[janetvj]

Originally Posted by KAYLINDA

Same thing happened to us too. One card went from a 3100. limit, to 800...which was 100 over my balance. Never late....and we carry a balance...so they were getting their payment (plus we always add 50.00 each month) plus their interest. Capital one raised purchase rates..so we cancelled all 5 we had. It would have been different if we had ever been delinquent, but we hadn't been. I know it will hurt our credit score...but it hurt my "feelings" more that they did this to us. Janet...I'm so sorry they did that to you...and all others on here that were left in unreasonable circumstances.

Thanks to you Kaylinda, and everyone else who has commented here. It was rather humiliating really, to have the card declined. And of course the sales agent just kind of looks at you like you're some kind of deadbeat. You're right...it hurts your feelings.

[Sam82]

Originally Posted by janetvj

Thanks to you Kaylinda, and everyone else who has commented here. It was rather humiliating really, to have the card declined. And of course the sales agent just kind of looks at you like you're some kind of deadbeat. You're right...it hurts your feelings.

I really am sorry that you had to go through that . Is there any way that the CC company can raise your limit? Maybe $2,000.

[janetvj]

Originally Posted by Sam82

I really am sorry that you had to go through that . Is there any way that the CC company can raise your limit? Maybe $2,000.

I am canceling the card. As I said, I have other cards (probably too many, really) but I have been hesitant to cancel any of them because I'm not sure of what effect that would have on my credit rating. I confess that the whole process of evaluating one's credit and FICO score is confusing to me. This particular card was not one of the oldest that I have, and didn't have the highest credit limit. But it had a decent limit ($5,000) and was one that I used fairly regularly. I used it to charge all of my Christmas purchases, and then paid it off when the bill came. I used it last year on a 2 week vacation and again, paid it off when the bill came. I don't want or need a card with a $300 credit limit, and I can do without this card, if this is the way the issuer treats its customers.

[tilli]

I am canceling the card. As I said, I have other cards (probably too many, really) but I have been hesitant to cancel any of them because I'm not sure of what effect that would have on my credit rating.

Unless you don't need your credit rating (and really everyone does, it even effects your auto insurance rates), don't close revolving accounts. Closing accounts will have a detrimental effect on your credit rating. Try to get them to increase the limit, even if you never charge anything more than a dinner out now and then to keep the account reporting as active.

[Azalea City Man]

My cards havn't changed majorly ... yet.

I have a 35k limit on one (with a $400 balance) and a 10k limit on the other (with a $6,500 balance). Still the same.

I did get a letter the other day with one minor change. The late payment or "default" interest rate went from 26% to 29%. To me, that doesn't matter at all, as I always pay on time. The regular 10.99% interest (on one) and 6.5% interest (on the other) have stayed the same.

[njguy]

I've been reading up online about this and it seems too many good paying and or responsible credit

customers are getting their credit score diminished in one way or another.

There are customers who are paying their "thousands" in debt to only see the CC companies then

lower their credit limit drastically which would effect anyones credit score in that scenario.

There are customers requesting an interest rate deduction with customers getting their card

canceled right on the spot with lame excuses, another credit score downward hit.

There are customers who rarely use their card and have received HUGE interest rate increases.

There are customers who are never late and never over the credit limit who are getting interest rate increases.

Many of these customers are revolting as to NO longer paying their credit card(s).

The stance they're taking is that their tax $$$ in the Billion$ have gone to these CC sharks and now

targeting them for more $$$$, so they're saying "F" them.

[financewizard]

That is why you should only use a debit card. Credit cards have zero benefits right now, not even worth the free miles or what ever bs perks they give you. But you do need to have one or two open to keep your credit scores from falling. That is crazy but how it works.

[HappyTexan]

Originally Posted by janetvj

I am canceling the card. As I said, I have other cards (probably too many, really) but I have been hesitant to cancel any of them because I'm not sure of what effect that would have on my credit rating. I confess that the whole process of evaluating one's credit and FICO score is confusing to me. This particular card was not one of the oldest that I have, and didn't have the highest credit limit. But it had a decent limit ($5,000) and was one that I used fairly regularly. I used it to charge all of my Christmas purchases, and then paid it off when the bill came. I used it last year on a 2 week vacation and again, paid it off when the bill came. I don't want or need a card with a $300 credit limit, and I can do without this card, if this is the way the issuer treats its customers.

I have only ever had one credit card. I use it and pay it off monthly.
Just refi'd and my credit score was just fine..in the upper numbers.
This one card I've had with my credit union for about 15 years.

Don't believe the hogwash that you need several credit cards.