DWYM: Credit Card Limits Slashed

HAVE YOU CHECKED YOUR CREDIT CARD LATELY?

WATCH OUT: MORE AND MORE OF THEM ARE SLASHING CREDIT LIMITS DURING THIS PANDEMIC.

HAVE YOU CHECKEDYOUR CREDIT CARD LATELY?WATCH OUT: MORE AND MOREOF THEM ARE SLASHING CREDITLIMITS DURING THIS PANDEMIC.CONSUMER REPORTER JOHNMATARESE SHOWS US THE PROBLEMSTHAT CAN CAUSE...AND WHAT YOUCAN DO...SO YOU DONT WASTEYOUR MONEY.IF YOU GET A LETTER INTHE MAIL FROM YOURBANK....DONT TOSS IT!CHANCES ARE ITS NOT JUNKMAIL.

IT MAY BEA NOTICE THAT YOUR CREDIT CARDLIMIT HAS BEEN SLASHED.--------------------ERIN JOHNSON ALMOST DIDN'TREAD THIS LETTER .... FROMFIFTH THIRD BANK.GOOD THING SHE DID: IT WASINFORMING HER THAT HER CREDITCARD LIMIT WAS BEING CUT FROM7 THOUSAND TO JUST 3 THOUSANDDOLLARS."Effectiveimmediately, with no notice,my credit limit was decreased."THE PROBLEM: NOWHER CARD WAS SUDDENLY MAXEDOUT!"It took me from roughly40% utilization on that cardto roughly 99% utilization onthatcard.""And there was really noexplanation as to why."SHE WAS FURIOUS, SURETHAT HER EXCELLENT CREDITSCORE WOULD NOW TAKE A HIT.SO ERIN DID SOMECHECKING ONLINE, AND SOONFOUND OUT IT WASN'T JUST HERCREDIT CARD DOING THIS.TURNS OUT BANKSAROUND THE COUNTRY ARELOWERING CREDIT LIMITS, TOPROTECT THEMSELVES DURING THEPANDEMIC IN CASE SOMEONE LOSESTHEIR JOB AND CAN'T PAY THEIRBILLS."I was amazed how manypeople were telling my storyon social media justrepetitively." AREPORT BY MARKETWATCH DOT COMSAYSUNUSED CREDIT LINES ARE AMAJOR RISK TO BANKS DURING AFINANCIAL CRISIS.SO IT SAYS MANY ISSUERS ARECUTTING CREDIT LIMITS TO ALLBUT THEIR BEST CUSTOMERS.FIFTH THIRD TELLS USIT WILL LOOK INTO ERIN'S CASE.BUT ERIN SAYSSHE'S BEEN WITH THE SAME BANK15 YEARS...HAS NEVER MISSED APAYMENT.... AND IS FURIOUSTHEY ARE POSSIBLY HURTING HERCREDIT."I've been working on mycredit for quite sometime."IF THIS HAPPENSTO YOU, APPEAL THE DECISION.AND IF YOUR LIMITIS AND IF THEDECISION.

YOU, APPEALHAPPENS TO IF THISIF THIS HAPPENSTO YOU, APPEAL THE DECISION.AND IF YOUR LIMITIS LOWERED, MAKE SURE YOU ARENOT MAXXING OUT YOUR CREDIT...SO YOU DONT WASTE YOURMONEY.

JOHN MATARESE WCPO 9NEWS