Post # 1
I was just wondering if anyone has experienced a major change in their credit since the economy took a downturn. So far I have been lucky, save for my credit limit getting lowered on one card. We were both aggressively working to pay off our separate credit card debts, but have since stopped after reading so many articles about companies either lowering your limit or canceling your card altogether. So now I find myself putting some wedding expenses on cards that I had $0 balances on to make sure they stay open. We’re hoping to get a house in the relative near future, so keeping our great credit scores is a necessity.
Anyone that has no credit card debt and high balances – have you had any of this happen to you???
Post # 3
We have an AMEX card that allowed for charges over $200 to be paid over time, but they have changed and our monthly bills must be paid in full. That was all.
Post # 4
FH had one card cancelled because he didn’t use it, other than that we have been really lucky. We are thinking of buying a house in the very near future too.
Post # 5
I’ve had high limits for as long as I can remember (like ridiculously high, higher than my total annual stiped while in grad school), and never carried a balance. Recently my oldest CC lowered my balance. I think it’s actually probably good business sense, but I’m worried it might hurt my score which would erally irritate me since I never wanted those uber-high limits in the first place.
I recently found out that the three major credit monitoring agencies are required to give you an annual report, no strings attached. The site is:
I haven’t requested them yet, but I’m going to. This is better than sites like freecreditreport.com b/c you odn’t have to sign up for any service to get it.
Post # 6
It’s actually mandated by the government that you get a free credit report every year. The site listed above is the only one approved by the government becuase it is actually free, no strings attached. One thing I realized when I did my report, though, is that if you want any details, you do have to pay a small service fee for each of the reporting agencies (it’s like $7.00). I wanted to make sure some old medical bills had actually been cleared up like the creditors promised, and I paid to get the detailed reports to make sure the charges were no longer there.
One other thing to do, if you don’t do it already, is to call on every credit card you have every six months to ask for either a higher limit or reduced interest rate (alternate each six months). I started doing this about a year ago, and my scores have all gone up. Fi has been doing this for 3 years, and he has really high scores. Sometimes they say no, but twice a company has told me no and then sent me a letter a couple weeks later saying they’ll do it anyway. This also helps with the activity on the account so the company doesn’t just close old cards.
Post # 7
I had interest rates upped on a few of my cards even though I have never been late and have been paying DOWN credit and not making any new purchases. Which reminds me that I need to call and haggle with them.
I agree with the PP who mentioned it is a good idea to call CC companies and request limit increases and/or rate decreases. I have had rate decreases honored in the past. It never hurts to ask.
Post # 8
Luckily we have not been effected negatively by all of this credit card fiasco…
Remember though they recently changed credit score calculation:
Post # 9
Also, check out creditkarma.com I love it, it’s free and when it gets your score, it’s a soft check, meaning it won’t hurt your credit report if you check your score every month. It may not have the exact score that the major 3 do, but at least it gives you an area that you’re at. it’s great for me as I pay off debt, I can see my score go up every month.
Post # 10
Natakie16, I was going to mention creditkarma too! I check mine every couple months and glad to say that even though I got one of my credit limits lowered, my score still went up. I have exceptional credit as does FI, and we’re hoping that nothing else happens to negatively affect our scores. We’re hoping to get a house before the Nov 30 deadline for the extra tax credit, although I’m hoping if the economy doesn’t stabalize they will extend the credit.
Just a tip – since you are eligible for a free report from each company a year, I do mine every 4 months, 1 at a time. They all have ecentually the same information, and that way your getting your report every quarter instead of all 3 once a year. It could mean you catching ID theft earlier that you would otherwise
Post # 11
WARNING: CHECK YOUR CREDIT CARD INTEREST RATES!
Companies have begun raising interest rates (even on customers with good standing). Check to see if your company has done this before you charge to that card!
Post # 12
Right….just found out my Discover went from 6% to 11%!! Good thing I’m not using that one and only have a balance transfer balance on that one at 1.9
Post # 13
I’m fairly certain my credit card interest rates have gone up! I have always had a good credit score, but never enough expenses to increase my limits that much.
I didn’t even think about this until I read this thread. We’re being pretty careful t not put any wedding spending on credit cards, but I am a big proponent of paying fof the bill in full every month. IF I can’t do that, I don’t use my credit card!