How is it possible for credit card companies to ruin your credit rating or lower your score? It is actually quite easy for them especially in this sensitive economic environment. All they have to do is lower your credit limit to your outstanding balance owed at you will become 100% of your credit line. .
I used to have perfect credit and multiple credit cards from American Express, Bank of America, Citibank, Chase Manhattan and many other little companies for the past 20 years that they absorbed or merged into their too big too fail banks. And then over 3 years ago, literally overnight the banks cut my credit lines. This will flag on your credit report that you are maxed out on a credit card even though you were no where close to the limits the previous day.
For me American Express reduced over $80,000 worth of credit down to what I owed. Then later Chase cut my credit lines all to $1000 each. Then they cancelled it later. All these actions literally pushed my credit score down. Then Bank of America followed suit and cancelled my credit cards. Those were scary times back then. Of course, Citibank followed the other companies and cut my credit limits to the balance owed if any and then cancelled cards with zero balances.Once this happens, there is a good chance the other credit card companies will follow suit with software that scans for such changes. They all do it and that is why credit card companies can ruin your credit rating.
You are probably in the same boat now if you are reading this post and came here from a search engine quest. You must be wondering why did Chase reduce my credit limit? Or why did Bank of America cancel all my credit cards or credit lines? Or why is American Express suspending my account and requesting my last 2-5 years worth of tax returns to do a financial review? Why ask why, right?
Your profile: perfect credit, same job and steady income for last 3-5 years or more, and possibly even less debt than before. Why would they target you the perfect customer who has been with them for 10-20+ years and never paid them late? There are a bunch of links and comments to other people in this post who have experienced the same thing. Maybe you are at the stage where I am at today. I pay cash for everything and avoid letting these banksters profit off of me anymore. It’s nothing personal and strictly business will be their robot answer for the ugly experience they put you through. Just remember you decide how your dollars are spent and whether you will continue to support them in making money. Simply boycott them now and in the future.
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