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Wow I am part of the new club!

January 4th, 2009 at 07:22 pm

What new club? Well I received a letter on Friday from HSBC saying they were lowering our credit limit. We have not used the credit card in 3 years or so. I have to say they lowered it to $300.00 which is really low considering our limit was $10,500.

Oops just reviewed DH credit report and it says it is closed. I must have had one in my name. Something tells me it is time to order my free credit report and get some things organized and figured out.

I watched Clark Howard's first show on Headline News or CNN or one of those. He did say that lowering our credit limit will effect our FICO score. Normally I would not care, but with interest rates so low I am considering refinancing our house since it is currently a 7/1 ARM from ING Direct with 5 years to go.

I think it's time to get off the computer and start getting some financial records organized!

Posted in This and That | 6 Comments »

6 Responses to “Wow I am part of the new club!”

  1. lizajane Says:
    January 4th, 2009 at 07:26 pm 1231097197
    1231097197

    That is a big jump down in credit limit. I can't believe they went that low. At least they didn't cancel it; that's what one of mine did.

  2. Blue Eyes Says:
    January 4th, 2009 at 07:34 pm 1231097662
    1231097662

    I got a notice like that yesterday on one of my Citibank cards. It states that my credit limit has been reduced to $100 and will be closed as of 1/20/09, even if I use it by that time. On the other hand, the credit limit on my other Citibank card that I use to charge all expenses each month (and of course I pay it in full monthly) has increased a few thousand dollars a few weeks ago.

  3. Amber Says:
    January 4th, 2009 at 08:40 pm 1231101622
    1231101622

    Wow a lot of cc companies are lowering limits...but will this hurt your credit?

  4. Ima saver Says:
    January 4th, 2009 at 08:57 pm 1231102668
    1231102668

    Yes, this will hurt your credit score. I got the same letter. They lowered my credit limit from $11,000 to $300 because I have not used the card in a while. I got on the phone and they just raised it to $5300. I guess I will start charging something small on that card once in a while.

  5. nance Says:
    January 4th, 2009 at 09:40 pm 1231105220
    1231105220

    A good friend just had her limit lowered from $12,000.00 to $1,000.00, so it seems to be very common. She has a good credit history, and makes a lot of money. Go figure!

  6. Koppur Says:
    January 4th, 2009 at 09:43 pm 1231105425
    1231105425

    I can't believe they are lowering them that much! What if you had an emergency and no EF? They sure seem to care more about money than their customers, but I suppose that is a common theme these days.

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