Every credit card company is reeling in credit lines even if you do not use them so they have less exposure to risk. I realize that getting less credit is a fact of life these days, but the form letters that these companies send are so ridiculously rude and that it makes me want to cancel my card with them and just use cash.
I received one such letter this week when they informed me that my line from one bank’s credit card was reduced by 4% – wow, what a blow :-(. The letter stated that
“”Your credit line has been reassigned to a lower amount because of any of the following reasons:
1. Your balance trend,
2. Your deliquency rate with other creditors,
3. Your recent legal conviction,
4. Or other miscellaneous other factors.”
Reassigned? I feel like they are sending me on a new job. Can’t they use English and just say lowered? I doubt it if anyone ever gets reassigned to a higher limit. My recent legal conviction? For what? My favorite part is “other miscellaneous factors“- this should really read, “just because we felt like it” or “we are nervous about other parts of our credit card portfolio so we need to reduce everyone’s credit”.
Note to credit card companies: If you are going to communicate with your clients, send at least a form letter that has makes those clients know you appreciate their continued business.
Have you received letters like this? Let me know!
This is a prime example of the short-sightedness that landed these financial institutions in the mess they currently find themselves.
Instead of taking an opportunity to build a closer relationship with their customers, the banks are simply implementing broad cost and risk-reducing measures that negatively affect good customers and damage any goodwill that may have existed.
One of my banks pulled this with me, even though I have a spotless payment record on the credit line for nearly 10 years. I guarantee that I will never give this institution any of my business in the future.
Kyle- agreed. I have a long memory!