Feb 27, 2009 letter received March 4 states that due to a 'recent loss mitigation review' my credit limit was reduced to $300 from $2, 400. I don't really care...I have $50 of recurring charges every month that I pay off in full and occasionally go up over that $300, also paid off in full but I spent a lot of time waiting and paying in full every month, being a good slave to the credit master, so I could boost my FICO.
Because as we all know, the system is stacked against us and in order to get a decent interest rate on a loan, you need that FICO up there and to get the FICO up there you have to dabble with using credit and to dabble with credit means minimum payment bondage in perpetuity for all but the most responsible so yeah...paying in full every month got me ZIP now that my credit limit was reduced.
My credit report is fine, nothing changed, it's simply that they are in trouble and want to reduce their liability across the board since our wonderfully reckless new homeowners who are facing bankruptcy anyway like to jack all their credit cards out to the max, and then walk away from the house AND the cards. Hey...House of Cards, I made a funny.
So I can't wait until I see my FICO take a dive because my total available credit limit gets nicked away by this card and that card for NO GOOD REASON but being fiscally responsible. Just ONE MORE WAY the rest of us who did the right thing are getting shafted, hard.