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Personal Finances / Credit Cards and Consumer Debt


Subject:  Re: Emergency Funds Date:  7/2/2019  8:41 PM
Author:  aj485 Number:  312567 of 313006

Some credit card companies are more lenient with credit limits. My MBNA card which is now closed had upped my credit limit to $50K.

MBNA was taken over by Bank of America in 2006. During the Great Recession, they cut back on a lot of credit limits. I had a $30k MBNA/BofA card where the limit was cut in half. It's gone up a bit since then, but is still only $18k.

And if you don't use a significant part of your limit, they can also be cut. I rarely use my AMEX card any longer, but I do have a small recurring charge (about $5) on it every month in order to keep it active. It's been that way for about 4 or 5 years. A couple of months ago, they cut my $20k limit to $10k because I wasn't using the 'full value' of the limit. It hasn't seemed to affect my credit score, which is still well over 800, depending on which model is being used. I still have over $100k in credit limits, of which I typically only use about 2% - 3%, so a $10k drop in my available credit wasn't a huge impact.

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