What to do with credit card ?
I would like as many resonses as possible please. Also If you have direct knowledge or are in the bussiness please tell me..
I had a credit card that I owed $ 6,300 .. credit line was $ 6,500.
I have been paying on time for a few years. I recently came into some money and made an online payment of $ 4,000
leaving a balance of about $ 2,300
Now I see they have lowered my credit line to $ 2,500 and raised my interest rate..
What the hell ?
I get screwed for making a large payment..
I have paid of my bank of america card on a few occasions and they didnt lower my credit line or raise my interest rate..
Should I call this card and try to get the terms put back the way they were ?
Should I move the balance to another card and tell them to go to hell ?
Doesn’t a lower credit limit affect my fico? thats crap !
How does one improve your debt to income ration if they keep playing games ?
Thanks
Google the term – balance chasing
That is what they are doing. Unfortunately, once they start chasing the balance they will probably continue.
It probably won’t do much good to call them. If you have another card that has a good balance transfer offer then you might want to take them up on it.
If you balance transfer to another card or if you pay the BoA card off, you could close the card or you might go ahead and leave it open, just use it every 4 to 6 month to keep it active.
Bank of America and Amex are the two top balance chasers, but many of the other creditors are following.