Here's a cute little trick the credit card companies are doing

I called my credit card company to see what sort of assistance they could give me to keep from getting behind on my credit card payments. Since my unemployment compensation had run out, they couldn't give me anything since I had no income coming in.

A month later, I received a letter from the credit card company saying that because of this, that and the other, namely a "review" of my account, they were lowering my credit limit.

When I called to ask them about it, they then asked me what my income was. I finally gave them last years income. They then used that to justify their action to lower my credit limit. NOT because I was behind or late on any payments (I'm current with them) - ONLY because I had called them a few weeks ago. Once they got my last years income out, they then used that information to justify their prior decision. I argued with them that I'm not behind, and that I'm still able to make payments, but to no avail.

So, the warning is, 1. Don't call your credit card company and ask for help, they won't give it; and 2. Don't call them even to ask for information about help. They will use that as a trigger to review your account and to lower your credit card limit.

I've been using the credit card, in addition to retirement savings to keep my head above water.

The same bank tanked the economy, which put us out of jobs. Then they got billions in bailout from the government. AND then they started SCREWING over those of us who they put out of a job AND got tax dollars from for their bailout.

On the other had, I bet business is booming and jobs are available for the taking in banking collections...

That's a misconception. It's not the credit card companies that are doing this but rather the banks that issue your credit cards. This has been going on for a long time and they're using credit scores, amount of income and other factors in lowering your credit limit. If banks think that you're not working or that you have no source of income coming in, then they'll affect your credit limits.

Also, banks don't consider unemployment compensation as a valid or stable source of income and they would consider that a factor if they wanted to terminate your account.

I would check out your states website or contact your state attorney general in figuring out how to proceed.

I found trick that the collection agencies are using...
My husband had a citibank visa gold before getting laid off. he had an 8k credit limit and we had used around 4k. when he got laid off, he called to see if he could make lower payments and cut the limit back. they said no. so we sent what ever we could for as long as we could and then eventually they referred the acct. to a collection agency. they took him to court saying he owed them 12k...the judge dismissed it and that was it, thrown out!!! we were shocked but happy. then a few months later another notice came from a different credit agency but for the SAME BILL. so all they did when it was dismissed was ship it to one of their of affiliates and try to claim it again. we have the paper work saying it was thrown out in court but they are still taking him back to court.

Sick & Tired wrote:I found trick that the collection agencies are using...
My husband had a citibank visa gold before getting laid off. he had an 8k credit limit and we had used around 4k. when he got laid off, he called to see if he could make lower payments and cut the limit back. they said no. so we sent what ever we could for as long as we could and then eventually they referred the acct. to a collection agency. they took him to court saying he owed them 12k...the judge dismissed it and that was it, thrown out!!! we were shocked but happy. then a few months later another notice came from a different credit agency but for the SAME BILL. so all they did when it was dismissed was ship it to one of their of affiliates and try to claim it again. we have the paper work saying it was thrown out in court but they are still taking him back to court.

I can see it now. Debtors prisons. I went through a nightmare with creditors. Eventually filed bankruptcy (no choice) My phone stopped ringing.

We filed bankruptcy and it backfired on us. I used one of those "find a lawyer in your area" tools online. we had to submit a small explanation of our circumstances then wait to hear from a lawyer. The lawyer we went with totally screwed us and we found out too late that he was also one of the lawyers our mortgage co. used for their foreclosures in our area...we lost our house because of him. he missed some of the important deadlines and lied. He is now no where to be found.

Sick & Tired wrote:We filed bankruptcy and it backfired on us. I used one of those "find a lawyer in your area" tools online. we had to submit a small explanation of our circumstances then wait to hear from a lawyer. The lawyer we went with totally screwed us and we found out too late that he was also one of the lawyers our mortgage co. used for their foreclosures in our area...we lost our house because of him. he missed some of the important deadlines and lied. He is now no where to be found.

LMAO I just realized how that last sentence sounds!! He is now no where to be found because he disappeared on his own, not because of something we did to him LOL but believe me I wanted to hurt him!!

Thought he got some cement slippers for X mas or something. Ha ha

maybe he screwed the wrong person LOL
I tried to call his office one day and him and his co workers were no longer there. He is not even on the Bar Associations website anymore

I could tell a bunch of Lawyer Jokes but I won't

Sick & Tired wrote:maybe he screwed the wrong person LOL
I tried to call his office one day and him and his co workers were no longer there. He is not even on the Bar Associations website anymore

Cement slippers for sure.

I called my card company for help. They immediately lowered my credit limit to my current balance.

Credit cards should really only be used when absolutely necessary. I hope by now everyone is out of debt and back on their own feet.