I have an Aspire Visa. They've bumped my limit by $500 3 times in the last year (and dropped my APR by a point and a half). We'll see if my account gets similar treatment.
Conversely, WAMU nearly doubled my APR about 16 months ago. I thought it had to be some kind of error and investigated. I subsequently found out that they did this to perhaps 1 million account holders who had a variable APR. They were obviously in trouble and getting desperate. I think the idea was to shock people into paying off balances in order to get an influx of cash. This was a direct effect of the billions they lost in bad mortgages. I did read stories of WAMU slashing credit lines, although that never happened to me. When a credit line is slashed, it has an adverse effect on ones credit score and I think the same is true with a sudden APR hike.
Conversely, WAMU nearly doubled my APR about 16 months ago. I thought it had to be some kind of error and investigated. I subsequently found out that they did this to perhaps 1 million account holders who had a variable APR. They were obviously in trouble and getting desperate. I think the idea was to shock people into paying off balances in order to get an influx of cash. This was a direct effect of the billions they lost in bad mortgages. I did read stories of WAMU slashing credit lines, although that never happened to me. When a credit line is slashed, it has an adverse effect on ones credit score and I think the same is true with a sudden APR hike.
This is really bad-and it just goes to show how much trouble the economy is in right now. Consumer spending is going to drop like a rock which is only going to make things worse.
It sounds like it's already damn near impossible to get a mortgage right now, and consumer credit appears to be next.
This ride is gonna suck
It sounds like it's already damn near impossible to get a mortgage right now, and consumer credit appears to be next.
This ride is gonna suck
