Credit card changes
October 14, 2008 | alternatives, industry, personal finance | Comments (0)We have no problem with banks changing the rules on credit cards for their customers. But it would be nice if the customers weren’t suprised. How about real transparency instead of using the “fine print”? From the story:
Credit card companies DO have to inform you that they’re lowering your credit limit, but who really reads those small-print pamphlets that come in the mail? Consumers may not know their limit has dropped until they go over it and incur a large fee. Even worse than a fee, however, is how this affects your credit score. When a credit limit is lowered, it appears that you’re using a much larger percentage of your available credit. That lowers your credit score, making it more difficult to obtain a mortgage, car loan, or even another credit card.
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