Credit cards

[jbellis74]

Most of you know I went through a divorce and did a short sale on my house.

My Realtor told me to not make any more payments after I made the Nov 2011 payment which was over 6 months ago.

My short sale is now finally done, papers signed, closed see ya.

Now Amex and Discover both decided they would cut my credit limits substantially.

Does anyone know if these will bounce back?

[jlzinck]

With time I am sure they will. It may take a while though

[Orangejello727]

The definately will.

If the short sale is considered a delinquent payment on your CR, they usually cut the limit back if your limit is pretty high or unused. You may have been cut in limit due to loss of a dual income as well. They usually will inform you of a credit limit increase after 12 consecutive timely payments with no late payments post 30 days.

You could always open another CC up and do a balance transfer if they approve you? The balance transfer indicates you are moving credit to credit and not looking for more credit.

I did this with the MBNA black Plat Mastercard 2 yrs ago. 15 months 0% balance transfer. With a 4.99% Interest (no expirary) unless I misst a 28 day payment deadline. If I were to miss a payment it goes up to 6.99 then to 9.99, to 14.99 and eventually 19.99. I like this system. It rewards you for being on time.

[jbellis74]

Originally Posted by Orangejello727

The definately will.

If the short sale is considered a delinquent payment on your CR, they usually cut the limit back if your limit is pretty high or unused. You may have been cut in limit due to loss of a dual income as well. They usually will inform you of a credit limit increase after 12 consecutive timely payments with no late payments post 30 days.

You could always open another CC up and do a balance transfer if they approve you? The balance transfer indicates you are moving credit to credit and not looking for more credit.

I did this with the MBNA black Plat Mastercard 2 yrs ago. 15 months 0% balance transfer. With a 4.99% Interest (no expirary) unless I misst a 28 day payment deadline. If I were to miss a payment it goes up to 6.99 then to 9.99, to 14.99 and eventually 19.99. I like this system. It rewards you for being on time.

My credit took a beating but its bouncing back. The odd thing is that there were no balances on the cards that were cut back. I still have a 0% card that does not expire until March 2013. The two cards that were cut had APR's around 9%

[Orangejello727]

Originally Posted by jbellis74

My credit took a beating but its bouncing back. The odd thing is that there were no balances on the cards that were cut back. I still have a 0% card that does not expire until March 2013. The two cards that were cut had APR's around 9%

They were possibly cut in limit due to inactivity. Thats not a bad thing lol.

But id hate for them to cut my limit on a 0% card tho.

[jbellis74]

Originally Posted by Orangejello727

They were possibly cut in limit due to inactivity. Thats not a bad thing lol.

But id hate for them to cut my limit on a 0% card tho.

Have not touched the 0% yet......

[Cactuspies]

PM sent, but yes they will bounce back as long as you keep paying your other debt on time. the ones w/no activity might get cancelled by the lenders at some point, but I would think that they would go up too before that happened.