Biz acquaintance is a credit lord, knows all.
He says you might want to use up you credit limit like right now, if that is you have any left and need stuff or foresee needing stuff. No i am not suggesting buying needless things. What I am saying is he says he is seeing numerous credit lines being closed even tho people are not late and never have been.
Example.
Credit card. You have a 10K limit and owe only 500 bucks, or for that matter 5000 bucks. Plus you have been stellar on your payments, never late. A lot of cards are now closing or reducing the limit without warning. Yep, that 10K card may become 5K or even less overnight. Even tho you did nothing wrong and have a history of paying on time every time and your income is staying the same. It's happening people.
What are you guys hearing and experiencing?
As to credit cards, always always accept their offer to go to 0% on a new card for X amount of time, even the 6 months ones tho 12 is better. When you get the envelope that says "pre approved" its usually completely legit. "Pre qualified" is the b.s. one. "0% on purchases and/or 0% on balance transfers" is just that, they are giving you the op to buy either goods and services or loaning you money via balance transfer at 0%. Sometimes they will only let you transfer into another credit card. Other times you can transfer it into whatever checking account you have and want. Read the fine print, it only lasts so long and then reverts to a %, so make sure you know what and when that upcoming % will be. But, if you have even a so-so high card, say 10.9%, you are racking up accumulation every day on balance. If you have a 17.9% + card you are simply getting hozed. Get the zero % card, pay off the crappy % card (or reduce it) and then make payments on the zero % card knowing a buck paid = a buck credited. Unlike the percentage cards, you always only get X number of cents on each dollar paid, sometimes is unreal how greedy it is. He has been to banking seminars and you would not believe how they address consumers and how they are planning to get you into debt so you can be paying them back forever at a percentage. Not a whole lot different from owing the mob. Well, okay its a lot different.
If you do a balance transfer into your checking account, don't think you were just given money. I mean actually you were, but you have to pay it back. Do so before the 12 months is up. They will charge you 3% or $99, which ever is lower. Try to sweet talk them into waving the balance transfer fee. I'm at 50% on sweetalking, not bad. That includes a couple treys so my adjusted sweet talking % is actually like 65%.
If you do this and make all your payments on time for a year, you will surely get another 0% offer next year. Their season is Oct and Nov. Just do it again and again with the goal of completely eliminating (or drastically reducing) your % credit cards.
Shoot i have 8 cards at 0%, i kid you not.
Another reason might be we do not know what further damage the Reich Wing party has before they leave office.
4 bucks a gallon and $100+ per barrell of oil, check.
