Sunday, March 01, 2009
Credit Cards - Limits being reduced dramatically
My husband was checking my recent credit card bill and asked why my credit limit was $500.00. Huh? Yes, that what it says – that’s not even enough to purchase a plane ticket, the main reason I keep the Credit Card, you know, ‘just in case’? The limit used to be $8300. Wow, that's a big change!
I pay my credit card off every month, in time, usually $150-200 – mostly Amazon.com or fabric related expenses. DH was concerned that our credit rating had been compromised in some way. Friday I spent at least 5 hours, calling, asking, getting transferred, getting the runaround, to no avail, but with a great deal of frustration. “Derogatory results on your Credit History” is what they told me, although I have no idea what could be “derogatory”. I printed off my credit histories (frustrating experience in itself, from Internet) of 2 of the 3 reporting agencies. Yes, all is Excellent, No Derogatories, No Collections, and I only have my CC and one closed clothing account, and a mortgage also, in perfect order. Despite what the credit histories say, I am feeling like a no-good, sleazy, dispicable person for having lost so much favor, for unknown reasons, and yes, I DID worry about identity theft, etc.
I mentioned this to a friend Sunday, and she said Suzie Orman (financial person on TV) said a LOT of people are finding themselves in this very predicament, due to the latest financial woes. Apparently the CC company had to inform me (who read that letter???) of this change. Just now, I did a Google Search on “reduced credit limit on credit card” and there is a lot of activity along the same lines – I am not alone!
DH had also mentioned that because of the financial woes of Citibank, this reduction might be their solution. He was right!!! I DID manage to get my limit raised to $1500, enough for an emergency flight, should it be necessary, but I had to do a LOT of talking, giving out income and mortgage payment amounts to the “advisor.” My MOM is 94!! and does not live here in Nebraska. My gosh, how would one even book a flight with such a low limit?
So, keep an eye on EVERYTHING ON your Credit Card Statement. I'm not sure what we can do about it.