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helblondeI had a conversation with a BofA rep today. Essentially, she called to find out my income and whether I was employed. Ultimately, she ended up dropping my credit limits on the two BofA CCs that I have. That's totally their call and it makes business sense. That I am unemployed does make me a poor candidate for loaning money to ("...if circumstances change, please fell free to call us back..."), but I have a solid history of paying them back (I've had both cards since college, back before BofA bought up 25% of the US bank business) and I'm not living off of my cards.
I ended up feeling - I don't know - a bit unsettled by the call. I'm living within my means, so I don't need the credit. At the same time, I understand that my credit rating is based on how much overall credit is available to me. By dropping my credit limits, they are dropping my credit rating. I really don't appreciate that. If I should need to apply for credit (what for? I can't imagine.), then I will be in a worse place to do so.
I also feel a bit of empathy for the folks who are struggling right now. This could be a big blow to anyone struggling financially.
I ended up feeling - I don't know - a bit unsettled by the call. I'm living within my means, so I don't need the credit. At the same time, I understand that my credit rating is based on how much overall credit is available to me. By dropping my credit limits, they are dropping my credit rating. I really don't appreciate that. If I should need to apply for credit (what for? I can't imagine.), then I will be in a worse place to do so.
I also feel a bit of empathy for the folks who are struggling right now. This could be a big blow to anyone struggling financially.