Author: Cheryl
•8:07 AM

Well we all heard that credit card companies are now lowering the limits on customers card. I got a letter the other day letting me know that credit card #4, the current one I am paying off, lowered my limit by $100. Now I know that having you limit lowered can affect your FICO score. But to be honest with you, I laughed at the letter. Its a bad card, with a horrible interest rate, and I just want to pay it off and be done with.

But my mother in law got a letter from the same bank as I have my last and biggest credit card with. They told her they were raising the rate on my father in laws card to 28%. My father in law is no longer with us, and his balance on the card is very small. She went to the bank and they agreed to make it 1%, which is fantastic. But it got me worrying that that bank may eventually do the same with me. And considering it is my largest one and the last one to go that would hurt. So far no letter, keeping my fingers crossed.

Once I knock off the next two I hope to transfer that last big one to one of my lower cards so I can start knocking that down.
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