Credit Card cut limit...

[PacificBlue]

The only things we ever plan to buy again on credit again is a newer truck. (in about 5 years). After 30 years of good credit, never missing a payment or evening being late, the thanks we got from them put us in BK. (another issue too, but they added to it largely, lowering our limits and raising the interest rates). Over night we went from a 720, to a 440 score.

As far as a secured card, I would rather just use my own debit card. We are never going to put ourselves in a situation that gives a company that much power over us again.

[dscurlock]

update:

was approved by applied bank for $500

If you are having a hard time getting credit started again, and you have
a few dollars to put up for a secured card, then this is a good way
to get your credit rolling again. You can get a guaranteed secured
credit card through applied bank, and you can secure up to $5,000

I already have cancelled one of my credit cards, and as they have
reviewed me to cut my limits, now I am reviewing them to cut theirs.

[flyinbroke]

FIA is Bank of America. I have a BoA and an FIA; both bought out other banks. Both raised my interest into the mid 20s so I opted out. The sly dogs keep your accounts open hoping you will slip up and use them; they apply the interest retroactively.

Every time I paid off a large chunk, they slashed to within 200 dollars of what my balance owed was. My credit went from 50 percent utilization to 99 percent utilization. Credit score in the toilet because "you are maxed." Can't BT because "you are maxed." No one else would approve me. Won't work with you until you default. So I did. I don't consider it a default as much as a stimulus plan for the consumer. Since I have not used the cards since 2006 and 2008 respectively, I can say I have paid off all of the principle on the first one, and a huge chunk on the second (based on min payment.) I told them that due to the current economic climate and recent risk assessment I could not pay them at this time.

Hell, I bet that even as OCs they could not validate the debt since they bought out other banks...but my paying them probably does that for them. Grrr.

[dscurlock]

FIA is Bank of America. I have a BoA and an FIA; both bought out other banks. Both raised my interest into the mid 20s so I opted out. The sly dogs keep your accounts open hoping you will slip up and use them; they apply the interest retroactively.

Every time I paid off a large chunk, they slashed to within 200 dollars of what my balance owed was. My credit went from 50 percent utilization to 99 percent utilization. Credit score in the toilet because "you are maxed." Can't BT because "you are maxed." No one else would approve me. Won't work with you until you default. So I did. I don't consider it a default as much as a stimulus plan for the consumer. Since I have not used the cards since 2006 and 2008 respectively, I can say I have paid off all of the principle on the first one, and a huge chunk on the second (based on min payment.) I told them that due to the current economic climate and recent risk assessment I could not pay them at this time.

Hell, I bet that even as OCs they could not validate the debt since they bought out other banks...but my paying them probably does that for them. Grrr.

FIA and BOA are the same bank? and that is what happened to
me, I paid off $1000 - and boom, credit cut to $500 - I guess they
see this as an opportunity, if they cut it now, then that saves them
$1000 later on. Its not an opportunity for them since Ive been
paying ontime for 3 years now...this mistake will be their last...

[justbroke]

FIA and BOA are the same bank?

Yes, FIA is Bank of America. FIA is the old MBNA card division. Bank of American purchased MBNA back in 2007.

[dscurlock]

Maybe Applied Bank is not the best to go with. I am finding a number
of complaints. I guess you got decent banks, then you got
border line fraudulent, if not banks that commit fraud...

http://www.consumeraffairs.com/credit_cards/applied_card.html