Bankrate.com did a story on Friday (sorry for not getting to this earlier) highlighting some of the same stuff that I've been pointing out at GlobCredit.com for weeks. More and more customers are experiencing credit-limit reductions and account closures. Over the course of the past few weeks, Bankrate.com readers have been chiming in with their own credit-card tales. Many of their stories will seem familiar. Indeed, many of my readers have been experiencing the same thing.
From the story: Credit Card Horror Stories (link here)
My American Express credit line got cut down to less than half the credit limit from $10,000 to the current balance I had at the time. I found out about it when I went to do a $33 purchase and was told it did not go through. I said, "Something is wrong," and we called, and then I was informed by AMEX that the credit limit got lowered due to a report from the credit bureau. I found out a week later -- by pulling my report from three bureaus -- that was incorrect because they did not pull credit through any of the three bureaus. There had been no inquiries, and my payments had always been on time and I always paid 50 percent more than the amount due.
This is just one reader tale. There are more.
Enjoy the story.
Heads Up: Macy's and Citibank Closures and Credit Limit Reductions On My Radar Screen
American Express Appears to be Stepping Up Its Slash and Burn Campaign
Citibank to Students: Use Your Card or We Will Shut You Down
From the "Use it or Lose it" Department: Citibank on a Rampage with Citi Flex
- How Closed Credit Cards Impact Your FICO Score