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Rainy Day Credit, dealing with credit limit cuts

Credit Limit Cuts

May 3, 2009

Find out before you charge if your credit limit has been slashed.

Since all the credit crisis has affected just about everyone, reading credit card statements has become a time consuming past time in many households. Consumers are discovering credit card accounts have been closed or their credit card limit has been decreased. Either one can affect credit scores.

Some consumers who have been loyal and who pay their debts timely, don't deserve this type of action. Especially consumers who try to keep their credit scores at an acceptable number. It takes work to keep or build good scores. What is a consumer to do about their cut credit limits?

Closing the credit card account should not be a choice of the consumer, as it can lower credit scores even more. Consider responding to the any interest increase or credit limit cuts by by seeking a good balance transfer credit card. Transfer the balances from the credit card with the credit limit cuts onto the new low interest balance transfer card. This is about the only control you have. Consumers don't have any power over the increase or decrease of the credit limits on their credit cards. Review these Discover cards for a card with good perks and interest rates.