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How to Blow Your Credit Limit -- Without Spending
SmartMoney.com, via Yahoo! Finance ^ | March 12, 2009 | Kelli B. Grant

Posted on 03/15/2009 11:42:38 AM PDT by Virginia Ridgerunner

If you haven't had the credit limit cut on your credit card recently, count yourself lucky. Risk-averse card issuers are getting slash happy. And while many cardholders gripe that such cuts slice razor-close to their balance amounts, for an unfortunate few the cuts go far deeper: below what they currently owe.

Under different circumstances, David Chaplin-Loebell wouldn't have minded that American Express cut his unlimited credit line to just $5,000. Except that when AmEx reduced his line in October, he had an outstanding balance of $10,000. "I found out by having a business purchase declined," he says. Repeated calls to AmEx failed to yield an answer about why the cut was made. Chaplin-Loebell, who lives in Philadelphia, is now paying the balance under his regular card terms, and presumes the line will free up for new purchases once he's below the limit. "For now, they've essentially frozen the account," he says, leaving him to juggle business expenses on his personal cards. American Express did not respond to requests for comment.

(Excerpt) Read more at finance.yahoo.com ...


TOPICS: Business/Economy; Crime/Corruption; Culture/Society
KEYWORDS: amex; credit; creditcards; fraud
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To: Myrddin
I use the credit card offers to augment heating in my house. They burn nicely in the fire place. Free fuel, delived by the postman.

I've often thought that an enterprising person could get himself on so many junk mailing lists that he could have his winter fuel delivered for free all winter long. Those big, free catalogs make a very cheery, and long lasting flame.

41 posted on 03/15/2009 2:01:27 PM PDT by lafroste (gravity is not a force. See my profile to read my novel absolutely free (I know, beyond shameless))
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To: CaptainAmiigaf
Various Credit Card Companies are really the unsuspected causes of GLOBAL WARMING. All this paper must be SHREDDED in shredders that consume increasing amounts of electricity etc etc etc.

I know you are joking about global warming, but it's really a problem. I can't remember where I did it, but I did get myself removed from the mailing list for unsolicited loan and credit car offers, which cut some of my junk mail, but I still get other junk by the boxful every week. If we can prosecute spammers (I can delete spam), why can't we get off the list for grocery ads, local coupons, and catalogs? I'm not an eco-nut, but that can't be good for trees.

42 posted on 03/15/2009 2:06:35 PM PDT by conservative cat (America, you have been PWNED!)
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To: sarah4life
Credit card companies are scum.

Don't insult scum like that.

43 posted on 03/15/2009 2:10:17 PM PDT by dfwgator (1996 2006 2008 - Good Things Come in Threes)
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To: Virginia Ridgerunner
Under different circumstances, David Chaplin-Loebell wouldn't have minded that American Express cut his unlimited credit line to just $5,000.

He should have all of his credit cut off for having a hyphenated name.

44 posted on 03/15/2009 2:21:53 PM PDT by TigersEye (Cloward-Piven Strategy)
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To: Steely Tom
Amex sends me pretty much one piece of junk mail every day. I trash every bit of it.

Here's how to stop that.

45 posted on 03/15/2009 2:33:13 PM PDT by antiRepublicrat (Sacred cows make the best hamburger.)
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To: lafroste
"I've often thought that an enterprising person could get himself on so many junk mailing lists that he could have his winter fuel delivered for free all winter long. Those big, free catalogs make a very cheery, and long lasting flame. "

In our community we have "Recycle Bank". Our recyclable trash gets weighed, and we receive electronic credit by the pound. As we accumulate points, they can be redeemed for coupons, such as 25% off a $20 purchase at our local drug store. I've been less motivated to get off of junk mail lists since we went on the point program, and when I see empty glass bottles and jars, I bring them home to put in my trash!

46 posted on 03/15/2009 4:11:12 PM PDT by Think free or die (The problem with socialism is that you eventually run out of other people's money - M.Thatcher)
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Comment #47 Removed by Moderator

To: antiRepublicrat

I did the opt out of credit card mailings. I now have several hundred less pieces of junk mail per year.

Love it.


48 posted on 03/15/2009 5:22:19 PM PDT by listenhillary (Rahm Emmanuel slip - A crisis is a terrible thing to waste.)
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To: Virginia Ridgerunner

Cut them up, cut them off....ASAP!!


49 posted on 03/15/2009 5:32:50 PM PDT by cookcounty ("The Borrower is servant to the Lender." Proverbs 22:7)
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To: Think free or die
"In our community we have "Recycle Bank". Our recyclable trash gets weighed, and we receive electronic credit by the pound. As we accumulate points, they can be redeemed for coupons, such as 25% off a $20 purchase at our local drug store. I've been less motivated to get off of junk mail lists since we went on the point program,....

The Law of Unintended Consequences strikes again. Sign up for more junk mail!! Get rewarded with more Recycle Points!!

50 posted on 03/15/2009 5:40:08 PM PDT by cookcounty ("The Borrower is servant to the Lender." Proverbs 22:7)
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To: sickoflibs

Chase is now owned by “Crapital One” so expect a lot of changes in your service.


51 posted on 03/15/2009 5:48:54 PM PDT by mdmathis6
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To: lafroste

I will usually stuff their post-paid envelopes with other junk mail - my name removed, of course - and mail them back. At least then they have to pay for that return postage. If enough people would do this, the endless offers would quit coming.


52 posted on 03/15/2009 6:00:52 PM PDT by beelzepug (The media lies, America dies.)
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To: 2banana

Sorry, MasterCard


53 posted on 03/15/2009 6:12:27 PM PDT by sickoflibs (Keynesian Eco 101 : "If you won't spend your money WE WILL, and your kid's too!")
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To: dawn53
Amex just froze my business card and has been declining green card purchases for two weeks - I've had the green card since 1977 and have never missed a payment.

Something must be up with them.

54 posted on 03/15/2009 6:15:05 PM PDT by Jim Noble (They are willing to kill for socialism...but not to die for it.)
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To: ken5050
INCREASING my credit line

We never use credit cards, but they keep increasing our limits, too. I guess you only get it when you don't want it.

55 posted on 03/15/2009 7:23:36 PM PDT by ReagansShinyHair
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To: dawn53
Payments made aren’t showing up in a timely manner, etc. What do you think is up with that?

By not crediting payments promptly, they can claim you're late, jack up your interest rate, and assess you penalties.

Simple - and dirty.

56 posted on 03/16/2009 9:31:41 AM PDT by jimt
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