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Leon's Furniture / desjardin accord financing

1 Windsor, Ontario, Canada Review updated:

Okay so I buy a Fridge and a bookshelf in May at Leons in Windsor. The lady said we have changed financing companies and we are now with Desjadins. Everything stays the same, credit limits everything. So I put it on the promotional rate of do not pay until November 2010. This month I get the shock of my life when I notice that my 6000 limit has been reduced to match my purchase? So now it looks like I maxed out my card and my credit rating is hurt. So I email them and they said that because I didn't pay anything on the card they were well within there right.I said but I don't owe anything for another year. That is beside the point. I have copied and pasted this email they sent me. So basically it's a scam it's not don't pay until whatever they want there money or they will hurt your credit score. 20 minutes on the phone with Jeremy and Matt and I believe my limit is now back to 6000.00 but what about the people who don't look. It's a scam.. People don't shop at leons.. or get a desjarding card.
here is the email.
We thank you for the interest you have shown in Desjardins Card Services. After verifying the information on your account, here is the information that you have requested:

Please note that your first credit approval for financing at Leon's was indeed the amount specified in your first e-mail. Although, said credit limit can decrease if considered appropriate by Desjardins Card Services. Hence, since your financing credit limit has not been used since the opening of your Leon's VISA Desjardins credit card, and since we have not received any payment onto your account, your financing credit limit has been reduced in order for us to be able to analyze your usage of the account.

Please refer to your Variable Credit Agreement, which states that: "Any and all credit limits may be increased, at Desjardins Group's discretion, upon request from the cardholder, or decreased if Desjardins Group deems it appropriate after having analyzed the cardholder's file".

We wish to apologize for any inconvenience this situation might have caused you. If you have any further inquiries regarding your credit limit, please contact us at [protected] or toll free at [protected] so that we are able to find common ground to accommodate you.

Benefit from our online customer service, a secured, personalized and quick service! You may contact us by e-mail at any time. Your e-mail address is already registered to your file!

We remain at your disposal for any additional information or service. Please contact us by e-mail or by telephone at [protected] if you wish to speak with one of our customer service representatives.

Internet Centre Representative
Desjardins Card Services
425 Viger Avenue West
Montreal (QC) H2Z 1W5

Ag
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Comments

  • Kh
      1st of Oct, 2009

    As unsettling as it is to have that done, Credit Card companies do it all the time. My Husband has an AMEX which they decreased the limit by half for no reason. They send you a letter that says they are doing it after reviewing your file. My husband doesnt really use it, and has a great credit score. Just because they lower your limit does not mean that it hurts your credit score, Even at the exact balance, it only hurts you if you dont pay it by the specified time.

    -1 Votes
  • Ai
      24th of Sep, 2010

    @khemikalhardkore :
    having your credit limit unexpectedly lowered WILL definitely lower your credit score if you're caring a balance on the account. 30% of your credit score is based solely on amount you owe on your accounts (i.e. The balance/limit ratio). The higher the ratio (the more you owe compared to your limit), the more it hurts your credit score. For example, if you owe $2500 on a $5000 limit credit car the your ratio is 50%. Imagine the credit company decides to lower your limit to $3000, now you don't know any more money but $2000 on a $3000o credit card which gives you a balance/limit ratio of 83%. So now you have gone from owing 50% to owing 80% all without doing a single thing. This will absolutely lower your credit score significantly. Remember the balance/limit ratio is the second most important factor (30% of credit score) when calculating your credit score, the most important being your payment history (35% of total score). For more information check out this article. http://www.mortgagescanada.ca/mortgage-credit-score.html

    0 Votes

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