Credit card lowered my limit

BofA lowered my available credit limit down $10,000 to $9,000 total. This will intern lower my credit score. I have never been late, have an 835 FICO score and have been with them since 1953. I am planning on buying property in the next month, now I will have to pay more on interest because of this. What legal recourse do I have against them?

Unfortunately none--it is legal currently. They can change it any time.

You can open a new card to raise your available balances.

Credit cards are lowering limits and increasing interest rates in an attempt to protect themselves from the greed induced predatory lending they conducted while the housing market went out of control. There are various reasons for this; one being not having used the card in some time, to having other credit cards with higher than usual balances.

They currently have the right to do this. You have no legal recourse. I wouldn't recommend applying for new credit especially if you are planning to purchase a home soon.

Having a FICO score of 835 is considered excellent credit and it will not affect your ability to get loans at the most attractive interest rates. Having a score of 740-760 will bring the same result in that regard as having a score of 835 in our current economic situation.

Don't worry about it. Your score will only take the hit for a month or so, especially if you use credit wisely.

Instead of complaining, you should be focusing on how excellent your credit is, and that you are considered a very low risk for defaulting on a loan.

[rony1434]

Hi
Can anyone here please suggest me a website that really helps in improving credit scores?

Originally Posted by Brian BofA lowered my available credit limit down $10,000 to $9,000 total. This will intern lower my credit score. I have never been late, have an 835 FICO score and have been with them since 1953. I am planning on buying property in the next month, now I will have to pay more on interest because of this. What legal recourse do I have against them?

Depending on how much available credit with other credit cards you have, your score will not take a drastic hit. In fact, it won't take much of a hit at all. If you have a score of 835, you will still be sufficiently able to get the same interest rates as you do with that score, as a score of 760 and up qualifies you for the same interest rates as a perfect credit score.

Your interest rate will still be in the same range regardless. It's not something you need worry about.

You have no legal recourse, as it is perfectly legal for credit card companies to do what yours has done. It is happening at an exponential rate in the U.S. right now and will continue up until November and probably beyond. Consumers are paying for credit card company greed in lending to sub-prime borrowers and this is just one example of how we consumers are paying for their bad judgment and greed.