Well whaddya know. Bank of America cut my credit limit from $13+K to $7.5K.
It took me 5 months to notice because I carry zero balance on that card so I don’t get a paper statement for it. I needed to change the address on the account when I realized that the limit was lower. It’s not effecting my credit score which is holding steady at 700+ with Equifax since December 2008.
My situation is pretty much the same as SingleMa’s. My credit score hasn’t been impacted by the change, don’t need all the credit I have on credit cards, and (once I pay off my balance) I only have a mortgage to pay.
Que sera, sera.
For a flash yesterday afternoon, I did think I was a bad person for not paying attention to this aspect of my finances, but I realized that was silly. Zero balance of any credit limit is 0% utilization.
I pay attention to what needs it, and a zero balance card is not what needs it now. I’m busy hoarding cash for a condo renovation and that’s all that’s important now.
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{ 4 comments… read them below or add one }
I get e-statements from PC Financial, so.. no problems on my end with not seeing statements
I also, wouldn’t care if my credit line dropped to $0. I don’t carry any balances on there and I can live without ‘em
In fact, one credit card company PAID ME $25 to keep them even though I had never charged a single transaction on the card in my life.
I kept the $25, kept the card and am using it to buy groceries
sucky…i use 2 cards every month to budget and to make sure nothing happens w/ closing them out and what not, but i’d REALLY be pissed if they cut my credit lines…together they have a total of $55k! love it.
you should still make a point to look at your statements every month…I stopped looking at my BOA card statements after I paid the card off and stopped using it…then an (unauthorized) automatic renewal hit the BOA card, but I didn’t see it to pay it. 6 months later I noticed a 90 day late listing on my credit report, and according to the all the dozens of people I talked to on the phone trying to fix it, it was too late, there was a 30 day limit or something for reporting unauthorized
anyway, it only takes a minute to check it but it’s worth it for the piece of mind. charges…
Wow, same here only it was Chase Business, reduced a $16,200 down to $6,500. But I noticed the next day since I am always checking my accounts online. But just like you, don’t need all that credit, have a zeor balance (and going to remain at zero) and this is a business account very seldom used. I called just to get the facts, and they said because of low usage they pull many open lines in to make their balance sheets healthier to public. They offered to restore it with a credit report pull, I politely declined, thanked him for his assistance and hung up.