I have heard a lot of people say that the CC companies have been reducing their credit lines and guess I'm not special...just paid down two cards and both of them reduced my credit line right after...Has anyone had any luck getting them to reverse this? Any suggestions?
Can't hurt to call them up and simply ask, but I would say your chances are slim these days. Credit issuers are cutting limits across the board right now as they prepare for the CARD Act to take full effect next month. Good luck, and please come back and let us know how the conversation goes.
I have been hit with several CLDs and had my utilization ratio wrecked as a consequence. I need to know if bankruptcy is the smartest option at this time or if I should wait months for law suits to be filed. I am being forced into default due to being on a fixed income and the rates being jacked. I am pretty angry as I have a record of not one late payment since 2001, and am considering just stopping paying and letting them come after me. My major source of income is SS and a small pension.
@greyfox If your rates have recently been jacked on a fixed rate card, remember that as of last August you now have the right to "opt out" of the increase and pay off your cards at the old interest rates. You should have received 45-days' notice of the change in interest rates. Yes, it may hurt your credit score even more due to the loss of available credit and perhaps length of history, but that may be better than going into default due to higher payments. I'm not a lawyer, so if you're considering bankruptcy based upon other information not posted here, it wouldn't hurt to find a good bankruptcy attorney who will take a look at your entire financial picture and give you a free consultation regarding your options.
