I am employed as a mortgage loan underwriter for a local bank, so I am fully aware of how credit cards and other debts work and how to read credit reports and other financial documentation. I own 4 visa/mastercards. Unfortunately for me, 3 of those 4 cards are now owned by FIA fka MBNA and also affiliated with BOA now. Today, quite by accident, while paying one of the bills online, I realized ALL my cards with this company have had their credit limits reduced all the way down to my balance on each card. I have not received any emails, any letters, or any phone calls about this matter. I immediately called to find out what kind of problem had occured. To my utter shock and dismay, I found out that due to "periodic reviews" every single one of my cards had had its credit limit reduced due not to bad credit, which I don't have, but to my large debt load.
I dont know about you all, but in my mind, if I have alot of debt, but have ALWAYS paid on time, wouldn't that make me a GOOD credit risk? As a bit of history, one of these cards I have had since I was 19 yrs old, that is 24 years without a single late payment. This same card, has only had a balance for the past 7 or 8 months, when I took advantage of a 4.9% promotional rate to transfer a balance from another card. This card, had a credit limit of $19,500. It now has a credit limit of less than 100.00 over my current balance that I had transferred. The second card, also never late, was obtained 16 years ago. The third card, a BOA card, I have had since 2004. I also have a second mortgage and a checking acct with BOA so I am a long standing customer.
If anybody was a good credit risk, it was me. I have been on my job 6 yrs and am a homeowner in my 40's. According to a woman who was supposedly a supervisor, They are trying to keep me from charging any more to my "debt load' and supposedly doing me a favor. Why should I have to worry about being "denied" for my credit line every 6 months for cards I have owned and paid on time with for as long as 24 years???? When did I give them permission to pull my credit like that every 6 months??? And how in the world can they justify that I am a credit risk when I have NEVER been late on any acct on my credit report ever??? What they don't realize is, I now have absolutely no way of charging a rental car in an emergency, getting my car repaired in an emergency, paying for emergency dental work, paying for airline flights in case a relative dies out of state, or any other emergency related sudden expenses. Between the 3 cards I had a credit limit of $45,000. I was nowhere near the maximum on any of these cards.
Because I am the caregiver of my disabled father (in a wheelchair) and my 105 yr old grandfather, as well as my disabled husband and a 12 yr old son, it is an absolute necessity that I have a visa card in case of emergencies. An additional detriment is that due to my balances being the same as my limits, my credit score is going to be hit tremendously and probalby go down at least 100 points. So I can't even get a home equity loan at this point to pay these crooks off!!! Why should I bother to pay bills on time when they are going to do this to me? They have absolutely put me in a huge precarious situation. If any emergency comes up, I have no way of charging anything.
These companies are absolute crooks and unscrupulous. I don't care if what they are doing is legal or not. If it is legal, the laws must be changed now!!!!!!! This amounts to abuse and they should be taken to court and be made to reimburse me for the stress and horrible financial situation that they have placed me in when I was a good customer. A good customer should not be punished for the mistakes of OTHER customers who were late and owe these people money. This is WRONG WRONG WRONG and must be stopped!!! I need help badly! Can anyone refer me to a class action lawsuit or a lawyer who might be able to at least get me my credit limit back on at least one of my cards? I have tried and they completely refuse to even give me 1,000 available on one card. Im terrified they have put me in a situation that I won't be able to take care of an emergency if I need to and we have all these disabled and elderly people in my home. This is just completely immoral!
Asheville, North Carolina
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