Credit Cards Lowering Your High Credit.... STOP THEM NOW!!!
By now many of you have received a notice from your American Express, Master card, Discover,or Visa letting you know they have reduced the High Credit on your account.
For some it will be reduced to the current balance, which is bad for a number of reasons we will go over now. It is imperative that you get control of this situation right away, or suffer some pretty nasty effects.
If your account goes above certain percentages of the high credit offered, the creditor will raise your rates to cover the increased risk. Now you are paying a higher interest rate, on a higher balance, which further tightens what is for some a bad financial situation. Since more of you will be unemployed soon, the time is NOW to get prepared.
The reason for your reduction is pretty simple. The banks still refuse to lend to one another, and therefore cannot get access to funds the same as before. In response to this, they reduce the amounts of money they will lend on margin. This is pretty serious for those of you that are counting on that money for the things you want to purchase, even worse for those of you already paying high interest rates, and cataclysmic for those of you living on your credit cards. It makes economic recovery pretty difficult as well.
Here are a few things we can do. First make a note of the affected cards, these are the companies that we will get rid of once this all blows over. Remember, to properly manage debt you must be able to count on your relationships not to flake on you at the worst possible times. Do not do anything yet but once the smoke clears, and the time suits us, we will strike back. Good bye Super Card!!!
Ok, once you have received notice that the credit has been removed, look to see if your rate went up too. In most cases this will be true, because your debt/credit ratio on the card has gone up due to the reduction( as opposed to your spending). Sneaky bastards!!! We bail out these yahoos, and our leaders do not even protect us from them.
(I wonder why it was not mentioned in the Treasury Secretary's little meeting where he was getting all the dough).
Now... If you have not missed any payments, and your credit has been reduced call and find out why. IF YOU HAVE MISSED PAYMENTS do not call..... you KNOW why. Really, do not call and draw attention to the fact you missed a payment. (That is bad).
All right, no matter what else happens start paying these cards as much as you possibly can to bring down your balances further. Use this time to clean up as much of this outstanding debt as you are able. If you felt the slightest pressure from this reduction of credit, it is a warning sign you are relying a little( or a lot) too much on credit.
Lastly, when things settle down vote with your feet. Stop borrowing from people that will run and leave you the minute the chips are down. Parasites and Jackals, love you when things are good, and leave you when the clouds come and rain falls. Never stop doing the things that will raise your credit scores either.
The Credit Control Kit will cover every single angle on this, and is well worth double the price. By the way, we have our own channel on YouTube, go check me out in HD!!!
Take Care of Yourselves, and your Neighbors.
God Bless,
Wayne
www.givemecredit.com
For some it will be reduced to the current balance, which is bad for a number of reasons we will go over now. It is imperative that you get control of this situation right away, or suffer some pretty nasty effects.
If your account goes above certain percentages of the high credit offered, the creditor will raise your rates to cover the increased risk. Now you are paying a higher interest rate, on a higher balance, which further tightens what is for some a bad financial situation. Since more of you will be unemployed soon, the time is NOW to get prepared.
The reason for your reduction is pretty simple. The banks still refuse to lend to one another, and therefore cannot get access to funds the same as before. In response to this, they reduce the amounts of money they will lend on margin. This is pretty serious for those of you that are counting on that money for the things you want to purchase, even worse for those of you already paying high interest rates, and cataclysmic for those of you living on your credit cards. It makes economic recovery pretty difficult as well.
Here are a few things we can do. First make a note of the affected cards, these are the companies that we will get rid of once this all blows over. Remember, to properly manage debt you must be able to count on your relationships not to flake on you at the worst possible times. Do not do anything yet but once the smoke clears, and the time suits us, we will strike back. Good bye Super Card!!!
Ok, once you have received notice that the credit has been removed, look to see if your rate went up too. In most cases this will be true, because your debt/credit ratio on the card has gone up due to the reduction( as opposed to your spending). Sneaky bastards!!! We bail out these yahoos, and our leaders do not even protect us from them.
(I wonder why it was not mentioned in the Treasury Secretary's little meeting where he was getting all the dough).
Now... If you have not missed any payments, and your credit has been reduced call and find out why. IF YOU HAVE MISSED PAYMENTS do not call..... you KNOW why. Really, do not call and draw attention to the fact you missed a payment. (That is bad).
All right, no matter what else happens start paying these cards as much as you possibly can to bring down your balances further. Use this time to clean up as much of this outstanding debt as you are able. If you felt the slightest pressure from this reduction of credit, it is a warning sign you are relying a little( or a lot) too much on credit.
Lastly, when things settle down vote with your feet. Stop borrowing from people that will run and leave you the minute the chips are down. Parasites and Jackals, love you when things are good, and leave you when the clouds come and rain falls. Never stop doing the things that will raise your credit scores either.
The Credit Control Kit will cover every single angle on this, and is well worth double the price. By the way, we have our own channel on YouTube, go check me out in HD!!!
Take Care of Yourselves, and your Neighbors.
God Bless,
Wayne
www.givemecredit.com
Comments