When I wake-up in the morning, I usually catch Good Morning America. I’ve noticed they’ve been really trying to catch stories about how Americans are still continuing to struggle in this recession.  Just like this story about 29 year old Kevin who had a great credit score but still had his credit limit lowered my credit card companies.

Kevin Johnson paid his bill on time and followed every rule in the book that his dad (who works for a credit rating company) gave him when it came to keeping an outstanding credit score. While on his honeymoon, he discovered that his credit limit had been lowered because the credit card company didn’t agree with his shopping behavior.

Credit card companies are looking for loopholes and restricting credit lines by looking at places people are shopping.  If they find that they are not appropriate, (i.e. marriage counseling, auto repairs) then they feel they have the right to lower limits.  However, Kevin didn’t feel he had anything out of the ordinary, and when he tried to talk to a representative they said they didn’t see anything wrong.

Talk about contradiction!

Source: Good Morning America

NIECEE’s TAKE AWAYS:

• Have You Looked at Your Bills? People I know it’s really easy to just open that envelope or email and not even look at your transactions or interest rates, but you probably should take a second look to review. Your rate may have gone up without your consent or fees may have been added that you may not be aware of.