Dear Mrs. Crone,
As a responsible lender we have reviewed your account and noticed that you have only been using a small portion of your available credit. Therefore, we have adjusted your revolving credit line to [an amount that accounts for about 2/3 of my 2008 net income].
Signed,
A major bank in the process of being bailed out by the taxpayers
The reason I’m only using a small portion of my available credit is because I’m a responsible borrower. I’ll bet a lot of people who have had their credit limits increased can’t say the same. Why is the U.S. bailing out banks that continue practicing blatantly irresponsible lending policies?
3 responses so far ↓
1 Roger Green // Mar 3, 2009 at 12:23 pm
Actually, in the last nine months, four of my cedit cards have been canceled, by the banks, because I wasn’t using them. So now my available credit is only 57% of my gross income, instead of 118%
2 Toastie // Mar 4, 2009 at 1:22 am
I’ve experienced the other now-common phenomenon. “Here are your new cardmember terms…your new APR is [old APR + 12%]. You’ve actually been paying on time and everything. We just did it because we can”.
Squeezed either way…pay down your balances, they’ll cut your limit…don’t pay down your balances, they’ll up your interest rate.
3 Howard // Mar 4, 2009 at 2:43 pm
Our Bass ProShops card (Bank of America?) was kind enough to raise our credit limit to 20 thousand dollars a few weeks ago. My husband usually ignores such things, but I asked him to please cancel that card, as we should have no relationship with such an irresponsible company. He did finally call and they were SHOCKED that he wanted the old limit. We haven’t used that card in over a year now. We still have the card, but if they raise the credit limit again, we’re ditching them forever.
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