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Message
re: Credit Card Dropped My Limit......
Posted on 5/14/09 at 11:21 am to LSURussian
Posted on 5/14/09 at 11:21 am to LSURussian
quote:
He says the unused portion of credit card lines is not used in the capital requirement computation although it is included in a bank's call report. It doesn't map over to the RBC requirement.
good to know. I will file this away in my brain for future reference.
quote:
COF would not be able to ever have enough capital to satisfy the RBC requirements.
yeah, that makes sense.
1
Posted on 5/14/09 at 11:30 am to MileHigh
Does this mean *GASP* that the blog you read was wrong?!? Say it ain't so, Joe! 
Posted on 5/14/09 at 11:35 am to LSURussian
quote:
Does this mean *GASP* that the blog you read was wrong?!?
I would need to match what they said. They could have said credit lines. and I thought credit cards. Could have been me.
Blogs are wrong a lot of the time, but they are still a great source of information. the trick is to check what they say, vs. common sense and what other people say.
But you should do this for everything, not just blogs.
Posted on 5/14/09 at 11:51 am to MileHigh
quote:
I also read on a blog, so not sure if its true, that BAC did this to a number of cardholders and it forced them overlimit and they nailed them with fees, and upped their interest rate. That is just fricking wrong if you ask me, and its true.
If I understand what you're saying correctly, that's not only wrong, it's illegal.
Posted on 5/14/09 at 12:35 pm to Catman88
quote:
When a loan officer sees that you have a card with a very high limit they will see that as a possibility that you could be X amount in debt in a hurry. It would actually be better to have a lower limit with nothing on it. Having 100K in credit available with no balance isnt always better than having 20K in available credit. In most cases the LO will prefer the later.
i've always thought this myself, but I think your actual scores are better with the higher limit and less balance ... kinda dumb
Posted on 5/14/09 at 12:54 pm to Cold Cous Cous
quote:
If I understand what you're saying correctly, that's not only wrong, it's illegal.
Which part is illegal? I would assume they have to have some kind of notification before they lower your limit.
Posted on 5/14/09 at 12:56 pm to dranknpurple
quote:The way he described it there was not only no notification, but they applied it retroactively to an already existing balance.
Which part is illegal? I would assume they have to have some kind of notification before they lower your limit.
I'm not saying what he says is true, but if it is, it violates the regs
Posted on 5/14/09 at 7:21 pm to Cold Cous Cous
Just happened to me, I have a CC I only use 2-3 times a year and pay off each time I use it, well it had a 40K credit limit (way more than I would ever need) and just got statement in today and credit limit had been cut to 20K
Posted on 5/14/09 at 11:42 pm to wizard of smart
quote:
dont buy shite you cant afford
well, as a matter of fact I don't buy anything I can't afford...I typically float a pretty large balance out and pay it off every month...I have had the card for nearly 20 years and have NEVER paid a penny in interest or fees to the company....
I'm figuring that is why these rectums reduced my limit....I am basically an undesireable customer to them...
this is just pissing me off that my credit score can be lowered based on absolutely nothing that I did or had any control over...
Posted on 5/14/09 at 11:59 pm to Spankum
quote:
NEVER paid a penny in interest or fees
i dont understand the people who sacrifice tomorrow for today.
quote:
credit score can be lowered based on absolutely nothing
this is why i hate/dont have/hope i never have to rely (too much) on credit or credit cards. the only thing i see needing credit for is a house or for starting a business
but for the house, the most ill do is a 10 year. ive seen the interest paid at the beginning and total. frick that noise
Posted on 5/15/09 at 7:56 am to Spankum
quote:
I am basically an undesireable customer to them..
they're still collecting merchant fees on your purchases and you're a low risk of default. This seems to be a much broader action than weeding out undesireables.
Posted on 5/15/09 at 10:48 pm to Martavius
quote:
they're still collecting merchant fees on your purchases and you're a low risk of default.
true...I hadn't thought of that....
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