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OZ ...I only have two major credit cards and three department store cards. I pay off the department store as soon as the bill come in, however two of the three dropped my credit limit without notification good thing i'm NEVER close to my limit.
My major credit cards are a different issue. I have what was once a WAMU but now chase card. My interest rate (which was not a introductory rate) was 9.5%, received my bill two weeks ago from Chase, the rate is now 18%, now this isnt on any new balance, but the ENTIRE balance. Even if i cancel the card, that balance with the hire rate has to be paid.
That is not we we found,when you receive the notice of changes,it states you can decline the new agreement,however your card can no longer be used OR your rate will go up.....
As to dropping your credit limit,it is their choice,you can choose to not have the account.
We owe a TON of money on our C/C's...and oddly enough our limit was just increased on one and the others remain the same....not that I care.
If you truly want to be free,stop using credit to live.
No actually its true. If you close a credit card account especially after paying it off, your credit score will drop, not by much but it will drop. Which is why i did not close the cards i have yet.
No actually its true. If you close a credit card account especially after paying it off, your credit score will drop, not by much but it will drop. Which is why i did not close the cards i have yet.
Yeah, a few years ago, I didn't realize it & I ended up paying off I think it was 2 or 3 smaller credit cards w/like Gap & Victorias Secret. Paid them off & closed them so I wouldn't ever use them again. Stupid of me, of course it screwed up my rating. Wish I would've known it before I did that. How stupid is that though, you do something responsible like pay off your debt, then you close it so you don't use it, again doing something responsible, & you get penalized for it! This whole credit rating thing is a joke, it takes just a few late payments or missed payments & your rating is shot but try to get it back up there, forget about it. It takes years. And another assinine thing that affects your rating: companies checking your credit rating. Let's say you want to lease a car & they check your credit, it'll affect your credit rating. The more companies that check it, whether it's to rent an apartment or what not, the worse your credit gets, how insane is that??
We are in debt to the Credit card companies PAST our eyeballs....
But no-one forced us to do this....we made the decision.
As to increasing your interest,you can simply choose to not agree to the change in terms,sure you can no longer use that card but your interest rate won't change as long as you stay current.
Dropping customers is their prerogative as well.
TO me it is your choice to use a card.
The way things go today, it's about impossible to get by without a credit card. I have only one, and have to have it for my job because my company forces me to pay upfront for airfare, rental cars, and hotels for travel. That's another thing I don't agree with - your company forcing you to have a credit card!
I would welcome some reform from Congress. They should nail the credit rating agencies while they're at it.
Of course its no surprise as this the most debt-loving government we have ever had.
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