You are doing everything right. Living within your means, paying off your credit card in full every month, not opening and closing credit cards for a free T-shirt or to save an extra 10%. Then you receive a letter from your credit card company saying they are lowering your credit limit because of where you shop.
It is called data points, the credit card companies compare where you shop to where people who are a credit risk shop - and then regardless of your history - they lump you into a category and change the rules on you. The biggest part of the scam is they won't tell you what stores affected you.
Consumer awareness is also a part of managing your finances. This is a practice that is unfair and if you are subject to this practice - contact your congressmen and continue to make this issue known. It is not right that you do everything correct and then are penalized for where you choose to shop!
Stay tuned.......
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1 comment:
That's crazy! I never knew about that, and now I want to know what stores get lumped into that category. If something like that happened to me that might ruin the chance I have of getting a good mortgage rate when I decide to buy my first house.
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