did they cut your cc????

[junker]

i have been reading about credit cards being cut for many,but though maybe it was a late payment or over limit that triggered the cut....... but just had a friend that had his b of a card cut from 5k to 1500 for absolutely no reason. he was in good standing.... made me wonder how many have had their cc cut for no reason at all, having always paid on time etc......

[falken]

Credit card companies are cutting limits and raising interest rates all over the board without reguard to your payment history or credit score.

[liz417]

Last year I had my Amex card (never late, good standing) cut my limit of $30k to just $200 above my balance (about 12k). No reason. In turn, slowly, ALL my other credit cards started to increase my interest rates (I had excellent credit, FICO of 780) between 4.99-9.99% to 29-33% because I was "at my limit" on the AMEX card and considered a "risk". I think this was some sort of scam with the creditors. I had NEVER been late, excellent credit and always paid more than the min. payments, yet once one card did this, all the others followed suit within 2 months! Some fishy going on...

Edit: P.S. When I called Amex regarding the limit decrease, I was told that they were "monitoring my charges" (the Rep for Amex didn't give me specifics), but that I was now considered a "risk"...funny how they knew I was in trouble before I had any indication...hmmm....
It wasn't until everyone increase the interest rates and the min. payments ballooned to over $1500/month that I began to sink.

[albacore44]

Last year I had my Amex card (never late, good standing) cut my limit of $30k to just $200 above my balance (about 12k). No reason. In turn, slowly, ALL my other credit cards started to increase my interest rates (I had excellent credit, FICO of 780) between 4.99-9.99% to 29-33% because I was "at my limit" on the AMEX card and considered a "risk". I think this was some sort of scam with the creditors. I had NEVER been late, excellent credit and always paid more than the min. payments, yet once one card did this, all the others followed suit within 2 months! Some fishy going on...

Edit: P.S. When I called Amex regarding the limit decrease, I was told that they were "monitoring my charges" (the Rep for Amex didn't give me specifics), but that I was now considered a "risk"...funny how they knew I was in trouble before I had any indication...hmmm....
It wasn't until everyone increase the interest rates and the min. payments ballooned to over $1500/month that I began to sink.

Yeah, It's kinda like they are trying to flush out all the questionalble debt. What better way to make it surface by forcing people into BK

[dscurlock]

Last year I had my Amex card (never late, good standing) cut my limit of $30k to just $200 above my balance (about 12k). No reason. In turn, slowly, ALL my other credit cards started to increase my interest rates (I had excellent credit, FICO of 780) between 4.99-9.99% to 29-33% because I was "at my limit" on the AMEX card and considered a "risk". I think this was some sort of scam with the creditors. I had NEVER been late, excellent credit and always paid more than the min. payments, yet once one card did this, all the others followed suit within 2 months! Some fishy going on...

Edit: P.S. When I called Amex regarding the limit decrease, I was told that they were "monitoring my charges" (the Rep for Amex didn't give me specifics), but that I was now considered a "risk"...funny how they knew I was in trouble before I had any indication...hmmm....
It wasn't until everyone increase the interest rates and the min. payments ballooned to over $1500/month that I began to sink.

You filed chap 7 and you had a limit of 30k? 12k on one card is a lot
of debt, you were sinking well before you thought you were...card card
compaines have closed the door on a lot of consumers, and not only consumers, but themselves also...by giving a high risk factor to people
that were in good standing, they did not just screw you, but they screwed themselves also...

[Nicollette]

I have a friend that had both of her store card accounts closed. They were both issued by GE Money Bank. She was never late or missed payments.

[liz417]

You filed chap 7 and you had a limit of 30k? 12k on one card is a lot
of debt, you were sinking well before you thought you were...card card
compaines have closed the door on a lot of consumers, and not only consumers, but themselves also...by giving a high risk factor to people
that were in good standing, they did not just screw you, but they screwed themselves also...

I don't think 12k is a lot as I am over the median income for my State. I had this card for over 20 years and it was always my "big card" that I used for large purchases. I would always pay it off (or almost pay it off) when I received bonuses, taxes, etc. I guess I should thank AMEX for my new Heating and Air Conditioning Unit and the $600 tires on my truck Darn, I should have "charged" those new windows I wanted... (Just joking before anyone jumps down my throat!)

[HakunaMatata]

I've never been late or missed payments. I've had numerous credit lines reduced within the past few months; although, I haven't had any interest rates adjusted...yet! I had an AMEX card with a $22k limit, no balance, and recently received a letter stating they closed my account due to inactivity. I had this card for 12+ years and I rarely used it. Interesting that inactivity suddenly became an issue.

[liz417]

I don't think most people know how they track EVERYTHING you buy and it is compared against a model and how you score sets the stage for what is going to happen.

From the way it was explained to me by AMEX...YOU ARE EXACTLY RIGHT!!

[BKOnce]

It's a new BK law signed by Mr. Bush & Obama for all credit & bank/lenders to straight themselve up (their acts), & nothing to do with your scores ....to PREVENT MANY FUTURE BK/DEBTORS & CREDIT FRAUDS, CREDIT ABUSES, CREDIT THEFTS, etc. !!

All the following types are affected:


1. All accounts with inactivity over 1 year+;

2. All accounts with late fees, with less than minimum paid maintenance;

3. All accounts with large balance owed over many months, many small charges, or ONE sudden LARGE charge; etc.

4. All accounts with sudden large online/phone balance transfers, or mucho mini-cash ADVANCES$$, mucho small charges per day, etc.

5. One person carry too many accounts with one credit lender, or too many accounts with too many lenders, but that person making less money/salary to afford them, etc.

Then, they will have special software to routinely run your report EVERY FRICKING YEAR thereafter, and do accordingly to their PROGRAMMED wishes, etc..

[OhioFiler]

I don't think 12k is a lot as I am over the median income for my State. I had this card for over 20 years and it was always my "big card" that I used for large purchases. I would always pay it off (or almost pay it off) when I received bonuses, taxes, etc. I guess I should thank AMEX for my new Heating and Air Conditioning Unit and the $600 tires on my truck Darn, I should have "charged" those new windows I wanted... (Just joking before anyone jumps down my throat!)

You darn well should have got them new windows while your limit was available. You could have even got the favorable tax credit for installing Energy Star rated windows!

[optimistic1]

They utilize risk predictors and just cut ya off, the days of credit are numbered.

[wantout]

Last year I had my Amex card (never late, good standing) cut my limit of $30k to just $200 above my balance (about 12k). No reason. In turn, slowly, ALL my other credit cards started to increase my interest rates (I had excellent credit, FICO of 780) between 4.99-9.99% to 29-33% because I was "at my limit" on the AMEX card and considered a "risk". I think this was some sort of scam with the creditors. I had NEVER been late, excellent credit and always paid more than the min. payments, yet once one card did this, all the others followed suit within 2 months! Some fishy going on...

Edit: P.S. When I called Amex regarding the limit decrease, I was told that they were "monitoring my charges" (the Rep for Amex didn't give me specifics), but that I was now considered a "risk"...funny how they knew I was in trouble before I had any indication...hmmm....
It wasn't until everyone increase the interest rates and the min. payments ballooned to over $1500/month that I began to sink.

Sounds like my situation, now I can care less if the CC make it or not.

How is a guy going to pay off a balance when the interest rate is changed every month, only higher, and now is a variable and a minimum of 30%, how can you pay that off or even make the payment each month to "stay in good standing", simple, you cannot.

[wantout]

They utilize risk predictors and just cut ya off, the days of credit are numbered.

When all is said and done, I am going to be cash and carry only.

[downrollings]

the company cut my cc for not paying their loans.what should i do now?can i take anylegal action?