Two of the banks that received the most bailout money, Citibank and Bank of America, have collectively slashed customers’ credit card limits by $45 billion, the Washington Post revealed today.
Mortgage originations also dropped sharply. Way to spread the wealth, guys.
I’m getting more questions from readers about lowered limits and frozen accounts than any other topic these days. Even if you don’t “need” the credit, you need to care, because lowered limits and closed accounts can hurt your FICO scores.
The good news: you can fight back, as long as you have decent (720+) FICO scores. Read my MSN column “Thaw out your frozen credit” for techniques.
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