I have had a credit card with a $4,000 credit limit from Account Central for several years. I use it for daily expenses and pay the balance in full each month online, sometimes even making a mid-month payment as well. My balance ranges usuallly from $300 to $1,000 and is always paid well before it is due.
This morning, without warning, I was shocked to log into my account online to find that my credit limit had been reduced from $4,000 to $840. To add insult to injury it also stated that I was beyond my credit limit by $49 because my balance was $889. This is February 22 and I already made an early payment February 3 so there is no payment due on the next payment date of March 5. Nonetheless I immediately made an online payment of $300 and will pay the rest of the balance off next week.
Today is Sunday so I now have to wait until tomorrow until I can contact a bank official but from what I've read in another complaint I can expect very little but a statement that I'm stuck with their decision - made without warning. February 22 for me is a dismal Sunday.
At such a perilous time in our economy I cannot understand why this bank would treat a good customer who always pays in full on time like this.in the next few weeks I have plans to buy a house. The impact this will have on my FICO score could well put me in a position where I will not be able to secure a mortgage at the rate a bank has already given me in a good faith estimate. I'm filling out the pre-approval forms to mail tomorrow and am prepared to put a bid in for a HUD house in Georgia by Friday. This could totally wreck my plans to move from being a renter to a house owner. So much for the Obama administration's attempts to help people like me move from renting to owning! Is this bank deliberately subverting the President's efforts to help us?
0 comments