PayPal can kiss my

[Bassn Blvd]

BASS!  I received a letter today from GE Money Bank saying they are lowering my credit line to $100 from $250.  I have had PayPal for about 3-4 years and used it maybe a dozen times.  I have NEVER been late with a payment.  In, fact I overpaid my bill and have a 23 dollar credit.  I plan on calling the company on Monday and giving them a piece of my mind (like they care).  I want my 23 bucks and see if I use PayPal again.   > > > > > > > > >

Ok, I'm done now.  I feel a tiny bit better.

[Branuss04]

  .

[fishfordollars]

J.C. Penny did the same to me. Dropped from 400.00 to 100.00. I had never been late, and usually paid it off in full each time I had a balance. I had not used it in a year or two so I guess it didn't even matter though.

[Lund Explorer]

Great vent BB,

There's a whole new way credit is being managed by the banks, and we're all going to be affected.  I'm sure that knowing that you're not alone doesn't help, it is a fact.  Lower credit limits, higher interest rates, and in my case a new annual fee for my card, is something we'll all have to endure.

If you haven't already, now is the time to get to know your credit score and to learn what things you can do to either maintain it, or to improve it.  All of these new things are a reaction to our nations former habit of quick cheap credit.  And, like most things, the pendulum is swinging wildly the other way.  Sooner or later, I think we'll see a return to a more normal middle ground. 

I'm surprised that none of the other grey-haired members here haven't brought up how it was worse back in the late 1970's to early 1980's.  Back then you could borrow money, but home mortgage rates were running in the neighborhood of 16%.  But we somehow survived that time period.

Until things return to a more middle ground, we can only grin and bare it.

[fishinfewl]

100 credit line?  Can't even use it to buy a decent baitcaster. 

[done]

I'd drop them. Really i would. I have had a couple cards in my past (we only keep a couple) screw with me (on a month ago). Like that. I tell them "I have never been late, I have an awesome credit rating. I am the type of customer you need in this market and you need me much more than I need you. See ya!". I find there are tons of card companies out there, and fewer people right now willing to get a new card. But yeah a $100 limit, not worth the effort to even open to statement to look at it. Buy something worth $23 to clear that credit on the account and close it out.

[KYntucky Warmouth]

Is it because you hadn't used it much?

[Micro]

My wife got a letter in the mail from Citibank the other day stating they were raising her credit card's APR to 29.99%.  She had a high line of credit, very low balance, never a missed payment.  I guess Citibank is still hurting after taking $3 billion in bailout funds.  Needless to say, they can take their card and and stick it up their rosy ...

[Hammer 4]

2 words...Debit Card..

Heck..100.00 would barely fill up my gas tank... ;D

[grimlin]

is this paypal credit card or a paypal account you see on ebay?

[flechero]

Credit card? Hmm... insulting, but probably a good thing for you actually. Use a debit card... no limits, you own it when you buy it and you answer to no one but yourself. A tiny bit of discipline will pay off in spades.

The borrower is slave to the lender.... look that one up, it goes back well over a thousand years.

[Stasher1]

Credit card? Hmm... insulting, but probably a good thing for you actually. Use a debit card... no limits, you own it when you buy it and you answer to no one but yourself. A tiny bit of discipline will pay off in spades.

The borrower is slave to the lender.... look that one up, it goes back well over a thousand years.

x2

I've gotten to the point where I have an active credit card on my Paypal account to keep my account open, but I typically pay for my larger purchases with Ebay gift cards I buy at the local grocery store. If I don't have the cash to cover it, I don't buy it.

If the item is less than $30 or so, I add my debit card to my account, pay for the item, then remove the card from the account.

The only debt I have is my mortgage.

[SimonSays]

I've had the same happen to me also. My card that I use to rack up frequent flier miles and used exclusively for gas had a 5k limit a year ago.  It has been steadily decreasing and now it's at 1.2k....the worst thing about it is that the interest has been slowly climbing up.  Luckily I barely ever use more than $200 on gas and pay it off every month...Unfortunately I've had this card for 7 years since I was 18, and I've heard that canceling a card you've had for a long time (respectively) can hurt credit. Any truth to this? I do like the miles though =D

[mrlitetackle]

Posted by: SimonSays      Posted on: Today at 11:18am

I've had the same happen to me also. My card that I use to rack up frequent flier miles and used exclusively for gas had a 5k limit a year ago.  It has been steadily decreasing and now it's at 1.2k....the worst thing about it is that the interest has been slowly climbing up.  Luckily I barely ever use more than $200 on gas and pay it off every month...Unfortunately I've had this card for 7 years since I was 18, and I've heard that canceling a card you've had for a long time (respectively) can hurt credit. Any truth to this? I do like the miles though =D

yes there is truth to that statement....

you should not close that card, even if it is a burden for you...

that card represents your longest available open credit history (in that case, a revolving account).

closing that card can have a large negative impact on your credit score.  By closing it, you will reduce your credit history to the length of time in which your next oldest card was opened.

Many factors go into ones credit score, but length of established credit history happens to be one of the main factors.

**my oldest card, which was opened when i was 18, is somewhat of a pain for me to keep open as well......

but, i always make sure to use it at least once every couple of months....

just having it may not keep you out of trouble, if you let the card go idle... the credit issuer (in accordance with your contract) can close your account due to inactivity.

or lower your limits, thus minimizing the gap between your total available credit and your outstanding debt... which will lower your score as well.

having a larger ratio of total available credit, as compared to total debt is viewed preferably by credit bureaus.

[moby bass]

I'd drop them. Really i would. I have had a couple cards in my past (we only keep a couple) screw with me (on a month ago). Like that. I tell them "I have never been late, I have an awesome credit rating. I am the type of customer you need in this market and you need me much more than I need you. See ya!". I find there are tons of card companies out there, and fewer people right now willing to get a new card. But yeah a $100 limit, not worth the effort to even open to statement to look at it. Buy something worth $23 to clear that credit on the account and close it out.

You're the type of customer they don't want. They don't make any money off you. No late fees, no over limit fees, no minimum payments every month so you finance everything. You're using their money (smart) and they don't want that. They really don't want you as a customer.

[b.Lee]

same thing happened to me, went from 3000 to 1423, which I think is a random number.