Nancys Corner

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Credit Line Reduction

It has been happening to numerous cardholders, because of the financial crisis and in recession credit companies are reducing consumers line of credit, but to reduce without notifying the cardholders is an outraged.
Most companies are not notifying the cardholders of any modifications toward their reductions pay close attention to your monthly statements.

Also, they are closing accounts, so don’t be surprise if your account is suddenly close. It seems that the companies are not making no money at all from cardholders by purchasing in small amounts leaving no room to pay towards the interest on the card. This very smart from the cardholders perspective, but not for the financial institutions they’re losing money.

Cardholders are more likely at risk if they have use their cards close to their credit limit or to the max. Even though you pay on time or you’ve been with the company for years you may receive a reduction on your credit line or your account maybe close.

I have a few tips that you can follow it’s not set in stones, but give it a try.

How to respond to a credit line reduction

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