CHESSNOID

I get comments on all my credit card posts because many people fall right the same disgusted feeling.  We are all taught the importance of how to maintain good credit and that as you build a history, your credit will reflect that.  So now that the credit card companies are cutting people’s credit card limits indiscriminately, without really taking into consideration people’s credit profile or financial situation like they do when they first open your account.  In a sense, this is a slap in the face considering you have paid on time and proven yourself with them.  They are not even taking a chance based on your personal payment history with them.

This latest comment on my previous post Recession is forcing American Express to reduce credit lines for no reason is buried, but expresses the feeling we all get when we are the victim.

Darla:

Sears (Chase)did this to me today from a 5900 limit to 800.  ”Because of recent economic times it is advisable that my credit limit be reduced because of the debt I am carrying.”  Never been late on a payment always paid in excess of minimum.  FOR MOST OF THIS YEAR HAD A CREDIT BALANCE ON THIS CARD!!!!! They say I can ask for an increase in 6 months, they say it won’t reflect on my credit rating, they say I am a valuable customer…….I SAY BITE ME!!!  I am still a bit miffed this happened today.