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I have to vent....

My daughter is at college and has a credit card of mine with a low limit. Even though I pay on line sometimes 2 times a month I failed to notice that she was over the limit by 30.00. That was all it took for all my other cards to notice and send out letters stating that "we noticed that one of your cards is over the credit limit so we have decreased your credit limit and raised your interest" Note that this is on cards taht I have had for 10+years and never been late and usually pay them off when I get my tax refund. I just had another one get cut down which I've had for 13 years. When I called they said that it is happening to every one and it's just the economy, it even the person I talked to had it happen. It looks like the ones that are fortunate to have a job are going to be suporting the entire country now. I usually keep my mouth shut when I see some discussions on this board but this wone really pisses me off. I don't mind paying my fair share but I don't want to be the one making up for all the people who unfortunatly cannot pay on their credit cards. I feel for them but come one. Is this a sign of things to come. Next thing you know I'm going to have to share my Pantera with someone not as fortunate to have one. Thanks for letting me vent, I think I'll go for a ride....
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This is a bit off topic, but there is a movement afoot that is summed up as....

Move your Money. http://moveyourmoney.info/

Basically it says, as we all know (or should by now) the large banks are money-grabbing thieves that should be.....

Ooops, almost got carried away there. Wink

Move your Money is asking we all pull our savings from the big banks and put in into our local banks and credit unions.

These institutions have a better track record in putting their money to work in their communities. The big banks put it into obscene bonuses and third-world loans that are defaulted or forgiven.

I'm slowly moving my IRA CD's out of Chase as they mature, to my local CU. And have closed all the rest.

As for your CC issue, did you actually ASK them to restore your previous terms? Or did you just vent your frustrations.

It sounds as if you have credit options. I'd call around, find the one willing to restore your previous terms and tell the others to go to hell.

Larry

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Larry,
Yes, I did ask them to restore back to the previous terms and the lady said she will put in the request. I was very nice and did not vent, only to my friends here. I will also take your advice and head to the credit union. Agree OSOFAST...

Off subject, I took my chocolate lab for a ride in the cat last weekend and he was really confused as to why he could not get to the back seats. He just hung his head out the window like some sort of brown air intake snorkle. Then a BMW cut me off and I almost went for it but I looked at my dog and said OH no not today... Damn BEAMER....
FWIW, I recently called my credit card companies and had them lower my credit limits. They've given me automatic limit increases for years, and I just started getting concerned at the exposure should my credit card account be compromised in this day and age of identity theft. I also added cards to one of the accounts for my teenage children, and there was no way to set a lower limit on their cards.

The funny thing is that I went to Costco a couple weeks later (right before Christmas) and one of my cards was declined because my wife had hit the limit on it already. Embarrassing to say the least.

Also, if you find yourself refinancing your home mortgage, credit card limits can impact your debt to income ratio, and ultimately whether you qualify for the loan or not. When I was in lending many many moons ago, any credit account with a $10,000 limit or more was added to the borrowers debt service amount, regardless if there was anything owed on the account or not.
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