A couple of months ago, I received an offer in the mail to apply for a pre-approved 0% rate credit card (12 month period), which I could use for purchases or, at my option, to transfer my other higher interest rate card balances to their card. I had not opened a new credit card account for several years, but I did agree that I could use the 0% interest for a year as a tool for paying down balances faster. Elan Financial opened a new account for me, a Platinum credit card under the name of Penn National Bank, with a $5,000 limit. I did not even get a chance to examine which accounts I was going to transfer over!
Less than one month later, I received another notice from National Penn Bank (Elan Financial Services) saying that they had reviewed my credit file and were immediately lowering my credit limit because of "Credit account too recently opened." Well, yes! The "recently opened account" was yours, Sherlock!
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