BoA just lowered my wifes credit line again.She had an 8500 line ,they lowered it to 7500 now its down to 6100.She now owes 5600 on this account.She has never been late or over the limit on any of her accounts.She has a credit score of 630 and has no negatives on her credit report.The reason they give is that she has a high balance on several accounts.Chase,Discover and american express has never lowered her credit line in the 7 years she has had these accounts.I told them they are hurting her credit every time they lower her line.They are sticking with their decision.Is this the way BoA treats their good customers?My wifes balances and credit lines are as follows:Chase balance 3900 credit line 5500,Discover balance 2500 credit line 3500 and american express balance 800 credit line 1000. [Posted by 72.231.252.243 via WebWarper: saving traffic, antivirus, acceleration, anonymizer, optimization of sites This is added while posting a message to avoid misuse. Try: http://webwarper.net/webwarper.exe Example of viewing: Credit Talk - Credit Talk Forum ] [Posted by 74.78.12.224 via WebWarper: saving traffic, antivirus, acceleration, anonymizer, optimization of sites This is added while posting a message to avoid misuse. Try: http://webwarper.net/webwarper.exe Example of viewing: Credit Talk - Credit Talk Forum ]
This universal default issue has recently become a major issue in Congress. Not so much for lowering limits, but for raising interest rates to loanshark levels. Banks are resorting to this now as they are afraid that next year a Democrat will be President, and will have a Democrats controlled Congress which will overturn most creditor friendly provisions of the 2005 bankruptcy laws which lined banks' pockets - before the well runs dry, and banks will have to absorb more losses/filings.
Don't plan on getting all those laws overturned just because there is a Democratic Congress and a Democratic president. We've had that situation before and none of these great consumer-protection laws have passed. If it does happen, it won't be immediate.
I agree---it took years to of planning to get the current laws into place and no doubt will take years to get them off the books. Although, the consumer needs to spend for the markets to move and with the weak dollar, the lessening of discretionary spending and because gas is so high the goose that produces the golden eggs ( consumer) might get some favorable laws that are more friendly and than in less time than expected.
That's true, but some people think that when the administration changes all the laws will magically change. It ain't necessarily so.
