target customers
does anyone know of any sites that can help me target emails to get ecustomers for my business?
Question
Credit limit slashed after making large payment?
Well I recently paid off several credit cards. What balance I had left, I left on the card with the largest limit. This is also my longest-standing account, I've had the card for almost 10 years and it took all that time for my limit to gradually get so high. The payment I gave them a couple of weeks ago was $7000. Imagine my relief making those large payments, bringing my balances down to about 10% of my total available credit! Fast-forward to tonight, when I needed a few things at Target. The card was declined. Why? Because they decided to cut my credit limit to the amount of my current balance. I had no warning of this - I had to find out in the checkout line, and I had to leave a cartful of items behind. Anyway, to sum it up, I'm really pissed off. The whole point of paying this stuff off was to get my credit score back up. Now they've just cut almost 75% of my total available credit... so the benefit to my credit score will be almost nothing compared to having the high balances before. My question is, what should I do now? Do I have any chance of convincing them to reinstate my credit limit? Should I close the account and tell them they've lost a customer? I could just scream...
5 months ago - 4 answers
Best Answer
Chosen by Asker
You should not close your oldest account it will hurt you credit history. This is a common situation especially if your creditor is trying to cut their risk. Transfer the balance to a new card and then do not used their card at all. The way you punish them is to cut off their profits.
by Thomas
5 months ago
Asker's Rating: 
Other Answers
you will hurt your credit by closing accounts. I find it difficult to believe but it is what i have been told and have seen on money matters shows. you are better off to have open accounts with zero balance.
by stymie- 5 months ago
Exactly - complain, threaten to change banks, et cetera. They might give in if you make a fuss, but they're hoping you won't. Banks have been tightening credit limits everywhere to reduce their level of risk. Now that you're in a better financial position, take this as a hint to get off the credit card merry-go-round entirely and stop using credit cards for routine expenses.
by G. Whilikers- 5 months ago
The banks are lowering credit limits of their clients. The bank themselves are facing credit squeeze and with bad economy and bankruptcies they have to make tough decisions. I would hunker down and wait a year before asking for credit limit increase.
by Mark A- 5 months ago