Just noticed Home Depot lowered my credit limit

[Naomi]

Actually, it was lowered in Nov to $2,600.
Not that I'm really surprised since the last payment I made was in Aug. That happened to be the month that they raised my limit from $7,800 to $9,800 since I was one of their Most Valued Customers.
So, now I'm over my credit limit. Guess that's just another way to add another fee onto my bill? There wasn't one on this Dec statement.

My balance was $2,112.45 after Aug payment and is now $2605.49.

[AngelinaCatHub]

Well did you spend the extra $500 there? They may not charge you any extra for your now over limit. You just cannot use your card until you get below it. Not a bad idea anyway for one who is contemplating bk. Happy New Year Naomi. 'Hub

[Naomi]

No, I haven't charged anything since Jun. I stopped charging on most of my cards since I joined this forum/started thinking about filing BK, but for some reason I charged $88 something at HD in June. Nothing since then.

The $500 is just from interest/late fees every month. Which are going to continue every month + the over limit fee if they start charging one.

Happy New Year to you too!

[AngelinaCatHub]

Wow, they hit you hard. Not to worry, it will all be discharged. 'Hub

[ForumReader]

No, I haven't charged anything since Jun. I stopped charging on most of my cards since I joined this forum/started thinking about filing BK, but for some reason I charged $88 something at HD in June. Nothing since then.

The $500 is just from interest/late fees every month. Which are going to continue every month + the over limit fee if they start charging one.

Happy New Year to you too!

Naomi,

That is what happened with my HD card, too. At first whim of a missed payment on another card, HD lowered my limit all the way to the balance I owed. Then the following month, slapped with over the limit fees, late fees, etc. Then the snowball effect took place with the rest of my cards.
Wishing you good luck with your BK process if you decide to file or have already filed and Happy New Year, too!

[Flamingo]

Home Depot or any other creditor lowering limits or imposing fees should not be a shock to anyone if they stop making payments. Pull out the information you received when you signed to obtain the credit. You will be surprised as to what you agreed they can do. Not too many people take the time to read all that before they apply or agree to the credit line and it's an eye opener. You will pay dearly to use someone else's money if you don't comply with the rules. Educate yourselves and think about all that before you ever apply for a credit card again.

[AngelinaCatHub]

Home Depot or any other creditor lowering limits or imposing fees should not be a shock to anyone if they stop making payments. Pull out the information you received when you signed to obtain the credit. You will be surprised as to what you agreed they can do. Not too many people take the time to read all that before they apply or agree to the credit line and it's an eye opener. You will pay dearly to use someone else's money if you don't comply with the rules. Educate yourselves and think about all that before you ever apply for a credit card again.

Good point: I have saved myself from all that eyestrain attempting to read microscope print. I refuse to get another CC or renew my checkbook. If I don't have cash, I don't need it. If the Debit Card fails to work, I'm out of money and don't need it. A very simple solution. LOL.

Have a great Happy New Year all of you. 'Hub

[Naomi]

Flamingo, you're right I'm sure I didn't read any of the fine print or care what it said when I got the card.
It won't happen again because I don't care if I ever have a Home Depot card in the future. I've learned my lesson.

Angelina, that's what I tell myself...it should all be discharged anyway so they can continue to add fees and the balance just gets higher and higher.

ForumReader, I haven't filed yet. Plan on filing at some point in 2010. Not sure where you are in your BK "journery" but good luck to you also.

[Flamingo]

Flamingo, you're right I'm sure I didn't read any of the fine print or care what it said when I got the card.
It won't happen again because I don't care if I ever have a Home Depot card in the future. I've learned my lesson.

Angelina, that's what I tell myself...it should all be discharged anyway so they can continue to add fees and the balance just gets higher and higher.

ForumReader, I haven't filed yet. Plan on filing at some point in 2010. Not sure where you are in your BK "journery" but good luck to you also.

If you end up filing Chapter 13, note that while you are getting deeper in debt now with all the fees, etc. you will still be paying back a certain percentage of all this increasing debt. It's not all dischargeable in a Chapter 13...we robbed Peter to pay Paul for a year prior to filing and all we did was end up paying most of the interest and fees back due to waiting so long and trying not to file. You will be dealing withi whatever the balance is on the day you file if you file a Chapter 13 - keep that in mind as to "all dischargeable."

[Naomi]

By April, my GI Bill benefits will be gone and I don't graduate from the program I'm in until Dec.
We will be about $3,000 under the monthly income at that time for our household size so it should be a Chapter 7.

[Flamingo]

By April, my GI Bill benefits will be gone and I don't graduate from the program I'm in until Dec.
We will be about $3,000 under the monthly income at that time for our household size so it should be a Chapter 7.

Hope things work out for you as situations change all the time. Best of luck to you!

[Anon2k9]

Lowes did this to me. I had a $600 balance on a $800 limit card (never missed a payment, always on time), they cut the limit to $575 and charged me a crap load of late fees (they "retroactively adjusted my minimum payment for the prior 3 months before the credit limit change) and overlimit fees till the balance was $900+. Took me nearly two months to get them to stop it, reverse the charges, close the account, and set up a payment arrangement.