BofA tries to shame son into paying his dead mother's credit card

In general, it is UNREAL how predatory credit card companies are becoming. Case in point - I have a credit card I use only for business expenses (the company reimburses me and I pay the balance each month on the credit card) and when I signed into my account to schedule a payment, I saw that my credit limit had been drastically slashed ... without any prior notification. I called the credit card company and was told that because this company is trying to cut its losses, I was one of the customers whose credit limit was affected.

To which I said, "Wait. So I am being punished because I have been a loyal customer AND have made payments on time for FIVE YEARS?"

Watch your plastic, friends.

 

Having your credit limit cut isn't punishment.

 

Au contraire. Having your credit limit cut (esp. with a balance of some kind on the card) can affect your credit score. Via SmartMoney.com/WSportsJournalists.com

<i>Roughly one-third of your FICO credit score is influenced by how close you are to your credit card's limit, says Gerri Detweiler, credit advisor for Credit.com. Someone with a $5,000 balance on a card with a $15,000 limit is using 33% of their credit line. But if that limit drops to $7,500, they're now using 66% of their available credit. Higher utilization rates (the amount of a credit line that you use) result in lower credit scores, which makes qualifying for a car loan, mortgage or home equity line of credit more difficult, says Ray.</i>

 

Take my word on this: I will never have another credit card. Ever. And once we pay off my wife's credit card (only a couple grand or so), I hope she'll climb aboard with me.

Fuck. Those. Assholes.

 

Wish my mom would hop on that bandwagon, beej.

As for me, i will never get another credit card. Got fucked over on the one i had to help pay for school, which the bank said it would treat like a student loan when i applied for it.

 

Credit Unions are the only way to go for personal banking customer service. They're FDIC insured and most are affiliated with NCUA or something like that so you can generally find one around most places.

 

Love credit unions.. always the best option.. I'm always curious about folks who say they won't have a credit card. First of all, having one doesn't mean using one.... we never carry a balance and haven't in the 10 years we've been married and we have three cards between us (mine, his, ours). But if you don't have one how do you... reserve a hotel room? rent a car? plan a vacation? do anything on the internet?

 

A pretty horrific first three years of marriage financially made sure that the CC companies' interest in me is as non-existent as my interest in them, despite being much better off five years later.

You can do all of the things you mentioned except rent a car with a debit card attached to a checking account, or a pre-paid one.

 

I don't know how you can go without having a credit card (if you are counting a credit/debit card on your checking or savings account as one).

The only way to use them without getting screwed is to keep your balance under the limit, keep a watch on what they do with the rates and pay on time.

If you have a balance and good credit you can probably even float it around for years by switching cards that have a 0 percent rate for a year or so.

But if you really need the credit and things tighten up, that's when they can kill you.