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!
Wow I am part of the new club!
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