Profiling what card is used for???

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The Fuzz
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Postby The Fuzz » Mon Feb 02, 2009 4:59 pm

So wait a second.... You have a card. They give you a credit limit. You use the card only a couple of times for very small purchases. They cut your credit limit because it doesn't seem you are using the card or have any use of the LOC they provided... and you are shocked at this?? Why wouldn't they cut the line of credit? You don't use the card. Hell, if I had a card sitting around that I had completely forgotten about and it hat a line of credit that I totally wasn't using, then I would think I would be grateful for the bank writing to me and letting me know that since I don't seem to be using the card that they are going to do my credit a favor by limiting the amount of exposure I have to debt. You should be thanking the bank and not complaining about it. They just did you a favor by reducing the line of credit on a card that you probably don't even carry in your wallet. Why do you even have it if you aren't going to use it?

edit: 'Spending Habits' is bank lingo for how often you are using the card. Only using it a few times would be reason to cut the line of credit due to the infrequent spending habits of the consumer.

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Postby bozell » Tue Feb 03, 2009 2:37 am

credit limits are probably too high to begin with. there's no reason you need a a credit limit of tens of thousands if you only use a tiny amount of that.

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Postby fffresh » Tue Feb 03, 2009 8:52 pm

I do not believe it's those that are not using their credit cards that are distraught over the credit lines. It is those with credit card balances who have been blindsided by the credit line decrease. Suddenly a 30% credit utilization rate goes to 70 or 80%, which further triggers a series of other negatives. This is where we are seeing the outrage.

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Postby indianamom » Tue Feb 03, 2009 11:54 pm

Well of course you would not care if you were not using the card! I say it too I couldn't care less if my spending limit was chopped on a card I don't use. But I'm mad as heck that Bank Of America cut my spending limit and increased my APR while I had a balance! :( I was always taught no one should attack someone when they've already fallen and that is what the banks are doing to me! They do this to me at the worst possible time and they are doing that to a bunch of others like me too. There is truly something ethically and morally wrong here in doing this to customers when they are already cornered. Anywho it's quite late I need to go to sleep. I had to just add my 2 cents first.

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