photo credit: me and the sysop
We all know that the days of easy credit are long gone. Lately I’ve been reading about more and more people losing their lines of credit, having limits cut, or interest rates raised.
Learn more: Credit Guide: Everything You Need To Know About Credit
When Chase unexpectedly increased our rate, we took action. You can and should if it happens to you. No one should be at the whim of credit card companies feeling they can change anything at any time.
The reason Chase gave us for upping our interest rate was the “tough economic times.” Call me crazy but I thought as a valued customer -one the credit card company might want to keep- they would focus on keeping my business, and great customer service. Apparently their plan is to kick everyone when they are down.
Monitoring your credit score is more important than ever, as credit companies are taking a hard look at anyone with scores below 700 (some even taking a hard look 750 and below). Remember that your credit score can also effect things such as auto insurance, life insurance, job applications, etc.
Learn more: Credit Repair Kit For Dummies
My favorite tool for monitoring my credit score is Credit Karma. It is absolutely free, since they have offers from advertisers to “save” you money, and it is 100% secure. The best part is they send you a monthly reminder to check your score.
You could pay $8 (or more) to access your score from one of the major companies, but why spend money when you don’t have to?
Learn more: Credit Scores and Credit Reports: What, Why, and Where?
As we are paying down debt we have seen our scores inch higher slowly. That is a super motivating feeling to see not only our overall debt shrink, but our credit scores inch up.
Do you know your credit score? Do you check it regularly?
Kelly
Cathy says
April 13, 2009 at 4:41 pmI don’t carry a balance anymore, so I’m not too worried about a drop. BoA is one of my older cards (having acquired it from MBNA), I opened it in 1993. I have another card that I like much better that I’ve had open since 1994. I don’t ever use my BoA card anymore. I’d like to send them a message that I’m firing them, and that I am still using a card from a company that is treating me as a valued customer.
Cathy says
April 13, 2009 at 9:41 pmI don’t carry a balance anymore, so I’m not too worried about a drop. BoA is one of my older cards (having acquired it from MBNA), I opened it in 1993. I have another card that I like much better that I’ve had open since 1994. I don’t ever use my BoA card anymore. I’d like to send them a message that I’m firing them, and that I am still using a card from a company that is treating me as a valued customer.
Kelly says
April 13, 2009 at 3:48 pmCathy, I think that’s would be a great letter. 🙂
Keep in mind Credit Karma uses TransUnion, so your credit score may still be effected, but personally I’d rather stop doing business with anyone so ruthless!
Crystal, glad you like Credit Karma! I think it’s a great tool, and like you said quick and easy.
Kelly says
April 13, 2009 at 8:48 pmCathy, I think that’s would be a great letter. 🙂
Keep in mind Credit Karma uses TransUnion, so your credit score may still be effected, but personally I’d rather stop doing business with anyone so ruthless!
Crystal, glad you like Credit Karma! I think it’s a great tool, and like you said quick and easy.
Cathy says
April 13, 2009 at 11:30 amCredit Karma is great. According the simulations, closing my Bank of America cards will not affect my credit score at all. I’m going to be sending them a letter informing them due to changing conditions in the market and because of their high balance in taking a loan from the government, I regret that I will no longer be able to continue doing business with them. 😉
Cathy says
April 13, 2009 at 4:30 pmCredit Karma is great. According the simulations, closing my Bank of America cards will not affect my credit score at all. I’m going to be sending them a letter informing them due to changing conditions in the market and because of their high balance in taking a loan from the government, I regret that I will no longer be able to continue doing business with them. 😉
Crystal says
April 13, 2009 at 9:34 amSorry for the double post, but I just found the area of Credit Karma where you can “simulate” different scenarios and how it will affect your credit score. I also look forward to seeing my score move up as I pay off the rest of my debt. Such a cool website – I highly recommend it!!
Crystal says
April 13, 2009 at 2:34 pmSorry for the double post, but I just found the area of Credit Karma where you can “simulate” different scenarios and how it will affect your credit score. I also look forward to seeing my score move up as I pay off the rest of my debt. Such a cool website – I highly recommend it!!
Crystal says
April 13, 2009 at 9:24 amHey Kelly! Thanks for the link to Credit Karma. I didn’t know such a website exsisted – what a valuable tool!!!
I just registered and received my credit score all within 1 minute.
Thanks again!
Crystal says
April 13, 2009 at 2:24 pmHey Kelly! Thanks for the link to Credit Karma. I didn’t know such a website exsisted – what a valuable tool!!!
I just registered and received my credit score all within 1 minute.
Thanks again!
Cathy says
April 13, 2009 at 9:21 amBank of America did this to me. They sent me a letter that said due to my high balance, they were increasing my rate. Excuse me? I was never late on a payment. I was so angry!
Cathy says
April 13, 2009 at 2:21 pmBank of America did this to me. They sent me a letter that said due to my high balance, they were increasing my rate. Excuse me? I was never late on a payment. I was so angry!