Author Topic: card issuers lowering limits without notice  (Read 728 times)

Offline theyankel

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Offline yudawils

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Re: card issuers lowering limits without notice
« Reply #1 on: April 23, 2020, 03:15:55 PM »


Hi I'm new to deans deals
And to debt management. I could use some good advice.
The last ten years been paying 20+ % on ccs
Now probably have like 60k in debt
I have bad credit 590
And I need 0 apr and high limits
I have a good business
Any ideas

Offline Iz

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Re: card issuers lowering limits without notice
« Reply #2 on: April 23, 2020, 03:29:50 PM »

Hi I'm new to deans deals
And to debt management. I could use some good advice.
The last ten years been paying 20+ % on ccs
Now probably have like 60k in debt
I have bad credit 590
And I need 0 apr and high limits
I have a good business
Any ideas
Yes, run away from this place you call deans deals, and never look back!

Offline menachemd1

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Re: card issuers lowering limits without notice
« Reply #3 on: April 23, 2020, 03:33:31 PM »
Yes, run away from this place you call deans deals, and never look back!
LOL. Your answer is needed in 7 thread's

Offline moko

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Re: card issuers lowering limits without notice
« Reply #4 on: April 23, 2020, 03:38:15 PM »

Hi I'm new to deans deals
And to debt management. I could use some good advice.
The last ten years been paying 20+ % on ccs
Now probably have like 60k in debt
I have bad credit 590
And I need 0 apr and high limits
I have a good business
Any ideas
I believe you got the name wrong. It's not called Deans Deals. It called Dave Ramsey.  They both start with a "D" but they're not at all alike. Dave Ramsey has the best deals for you.
Using your g-d given right of stupidity is an option, not a requirement. Please use sparingly.

Offline Iz

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Re: card issuers lowering limits without notice
« Reply #5 on: April 23, 2020, 06:35:28 PM »
LOL. Your answer is needed in 7 threads
FTFY. I tried... ;)

Offline username

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Re: card issuers lowering limits without notice
« Reply #6 on: April 23, 2020, 09:35:58 PM »
A word of warning:
Itís important to note that the credit card points system is subsidized by the millions of Americans who fall into the trap of debt, buying things they canít afford, and paying huge amounts of interest to the banks.

If youíre susceptible to that behavior, then donít start in the first place. Pay for things in cash and be happy not being in debt. Any gain from the points system will be obliterated by interest payments.
^^^

Offline ExGingi

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Re: card issuers lowering limits without notice
« Reply #7 on: April 23, 2020, 09:45:56 PM »

Hi I'm new to deans deals
And to debt management. I could use some good advice.
The last ten years been paying 20+ % on ccs
Now probably have like 60k in debt
I have bad credit 590
And I need 0 apr and high limits
I have a good business
Any ideas

You remind me of two people I tried to help. Both have good businesses, both were paying high interest rates, and both had multiple OVERDRAFT PAID fees every month on their bank accounts.

One of them was stubborn and wouldn't follow any of my suggestion (one of them was to temporarily default on his mortgage) and I believe remained in his same financial situation.

The other, who seems to know how to run his business, but lacked some financial literacy (not basics, but more slightly more advanced balance sheet and inventory management). He followed many of my suggestions, changed a few things in the way his business operates, and ended up savings many thousands of dollars per year.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline Iz

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Re: card issuers lowering limits without notice
« Reply #8 on: May 02, 2020, 10:18:29 PM »
(one of them was to temporarily default on his mortgage)
Please explain.

Offline ExGingi

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Re: card issuers lowering limits without notice
« Reply #9 on: May 02, 2020, 10:46:57 PM »
Please explain.

Going back to Making Home Affordable days. He applied for a modification and should have qualified (and if I recall correctly he had a Fannie or Freddie owned loan with an interest rate from the time he purchased, probably north of 8%), but was declined because he wasn't delinquent and "lack of financial hardship" (never mind that his housing expense was more than 50% of his gross income.

I suggested going 90 days past due and reapplying, which is a strategy that worked for others, but he wouldn't hear of it.

A HAMP modification would have slashed his housing expense by at least 50%.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Online CountValentine

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Re: card issuers lowering limits without notice
« Reply #10 on: May 02, 2020, 11:07:29 PM »
A word of warning:
Itís important to note that the credit card points system is subsidized by the millions of Americans who fall into the trap of debt...
I hear this a lot but is it true?
You're so far up Trump's a** you can see Giuliani's feet.  HT Baruch

Offline etech0

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Re: card issuers lowering limits without notice
« Reply #11 on: May 02, 2020, 11:14:30 PM »
I hear this a lot but is it true?
Oops, he meant the cashback part too
Workflowy. You won't know what you're missing until you try it.

Offline Iz

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Re: card issuers lowering limits without notice
« Reply #12 on: May 03, 2020, 08:20:56 AM »
Going back to Making Home Affordable days. He applied for a modification and should have qualified (and if I recall correctly he had a Fannie or Freddie owned loan with an interest rate from the time he purchased, probably north of 8%), but was declined because he wasn't delinquent and "lack of financial hardship" (never mind that his housing expense was more than 50% of his gross income.

I suggested going 90 days past due and reapplying, which is a strategy that worked for others, but he wouldn't hear of it.

A HAMP modification would have slashed his housing expense by at least 50%.
Got it. Thanks!