I thought this was illegal now?!?!

[redsquirrel]

Didn't legislation just go into effect that makes it illegal for credit card companies to raise your rate without your knowing??? I just checked my statement online, and one of them has gone up 4%, and the other went up 2%- and that one lowered my limit?!?!!! But, they never sent me a new disclosure on any of it.

I'm so mad right now. I cannot get over the fact that they punish the people who pay their bills on time. What incentive do I have now to pay them?? Why do they make it more difficult to pay them?!?

[gymratin]

couldnt agree more.... regulations just passed, not sure if they are enacted yet.
i guess they figure if they can squeeze more cash out of the paying customers, itll make up for the non payers

[Timma]

There was just a big thing in the news that credit companies were gonna do this. You're right it's total BS. About a year ago I decided to get rid of all my cards and contacted one of those consolidation companies. Such a weight off my shoulders. It's a pain when you have to make a big purchase and you have to wait, but then there's no worries to pay it off.

[Bouncer]

all i know is they lowered my limit on mine and i was never late on a payment. fuck them.

[Konitz]

They are lowering limits if you are not using them; because I know people who's limits are up to like 40K that's crazy credit cards should be used for small purchases. No more than 4K

[decadecadeca]

Lowering the limit can actually hurt your credit score in certain situations.

Having $5k on a card with a $10k limit is better than having a $5k card maxed out.

[Timma]

Lowering the limit can actually hurt your credit score in certain situations.

Having $5k on a card with a $10k limit is better than having a $5k card maxed out.

Not as bad as you would think though. As long as you make payments on it, that shows better on your score.

[Konitz]

I get what DECA is saying debt to equity ratio and such but, I think credit score depends mainly on your payment history and if you have defaulted on anything.

[Timma]

I get what DECA is saying debt to equity ratio and such but, I think credit score depends mainly on your payment history and if you have defaulted on anything.

:agreed: