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The Water Cooler
General Discussion
Credit card limit cut in half.
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<blockquote data-quote="jstaylor62" data-source="post: 3373706" data-attributes="member: 6870"><p>I had this happen to me several years ago with my NRA credit card with Bank of Omaha. I opened it with a 4,000 limit and used the initial 0% interest rate offer. Paid it off ... then two years later they just out of the blue dropped my limit to 1,000. Nothing negative had happened in my credit report to make them take this action. Then about a year later they simply cancelled my card from lack of use. When banks start doing this crap, it can impact your credit score. </p><p></p><p>I use several credit cards now, mainly the cash back ones. Which one I use depends on the highest percent I get back for that category. USAA American Express is my go-to; 5% on gas, 2% on groceries & 1% on everything else. Discover changes their categories every quarter. Home Depot is 5% during the month of June, so I will checkout Father's Day deals on tools. The bonus for Discover is using my cashback to buy gift cards, like $50 for $40.</p><p></p><p>I pay them off every month, so its like FREE MONEY!</p></blockquote><p></p>
[QUOTE="jstaylor62, post: 3373706, member: 6870"] I had this happen to me several years ago with my NRA credit card with Bank of Omaha. I opened it with a 4,000 limit and used the initial 0% interest rate offer. Paid it off ... then two years later they just out of the blue dropped my limit to 1,000. Nothing negative had happened in my credit report to make them take this action. Then about a year later they simply cancelled my card from lack of use. When banks start doing this crap, it can impact your credit score. I use several credit cards now, mainly the cash back ones. Which one I use depends on the highest percent I get back for that category. USAA American Express is my go-to; 5% on gas, 2% on groceries & 1% on everything else. Discover changes their categories every quarter. Home Depot is 5% during the month of June, so I will checkout Father's Day deals on tools. The bonus for Discover is using my cashback to buy gift cards, like $50 for $40. I pay them off every month, so its like FREE MONEY! [/QUOTE]
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Credit card limit cut in half.
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