Article on new credit score lows...

Sure makes a guy wonder how the economy can turn around when 1/4 of the nation can't buy anything on credit.......

Keith

I saw that headline on CNBC this morning and had to ask, why is that a headline? Anyone with common sense would pretty much come to that conclusion, on their own.

Thanks. Solves that mystery.

our gubment sets the poorest example bar none...people are just waiting for thier bailout

I've never known what my credit score is. I've never been denied credit, but I don't go applying for it often either. I owe on my house mortgage, and I pay off my Visa card entirely every month. I've never felt comfortable owing.

Sg

I had a Chase card for business that I paid off every month. Chase sent me a letter reducing my available credit from 5k to $700 because it was paid off monthly.....? Huh? Not that I need a high limit but thought it was time to move on from that company and cancelled the card.

Explain that one to me.

Wntrrn,

Seems like reducing the credit was Chase's way of asking you to cancel the card. Pretty retarded. Why didn't they just cancel it? I tend to dislike banks. I use a credit union, but carry an REI Visa card which is from US Bank. I have a low opinion of US Bank, but I compromise and get the 1% added to my annual REI dividend. Kinda' tangential to the credit score topic.

Sg

For personal use I do all my banking thru a credit union. Business uses other bank cards. I can't stand Chase and did cancel it. I use an AA card because I can get the most benefits from it.

Chase reducing your balance is likely their way of putting the capital they set aside as your credit limit to used somewhere else.

If the 5k they have set aside as your limit is not earning them interest due to you not using it,........then they saw it fit to reduce your limit and move the funds somewhere else where they could be productive.

The $hitty part about it is that it typically reduces your credit score because now you have less available credit to tap.

I'm not defending Chase. IMO they're a criminal organization considering the sordid history of JP Morgan/Chase Manhattan banking interests. I dropped my accounts from Chase when they bought out WaMu,........... If you're using them now I suggest you do the same.

Understood. I carried it longer than I normally would have just because I didn't want to cancel a card. Them reducing the limit was just what I needed to make the call.

,................and a good call it was.