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Originally Posted by GeezLouise  It was about 3 months ago. I just happened to catch it on his statement and when he called to ask why and they gave the same deal, so he just canceled his account with them. They also said that there was no recent activity on the account so maybe that's why they lowered the limit....however, it had only been 3 months or so since we had used it, so it wasn't like it was a long time that the card hadn't been used. They were giving us the run-around. |
Earlier this summer, I had the same thing happen to me with my VISA's. I had 2, both had $0.00 balance, both had not been used for about 3 months and neither were never late. As I checked my mail, yes I open the bill knowing the balance was zero, I saw they reduced my credit limit on both cards. Mind you, this was 2 different banks.
I called, they could not offer a solid explanation. I cancelled both account right there. Said I do not like doing business with companies that do not take the time to notify good-standing customers. I mean a simple form letter would have been enough for me. Telling me, because of this or that, we reduced your credit limit. But for me to find out without a courtesy notice, I told them to keep there credit, I didnt need it.
Now to my point, that was early in the summer, way BEFORE this current crisis. That tells me the banks KNEW this was going to happen and began circling the wagons earlier this year.
Uhmmm, where was the white house and congress earlier this year. If the banks knew it, I bet they did.