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This is kind of insulting!!

April 28th, 2009 at 11:03 am

I live in a very nice house, tax appraised at about 1/2 million. I have quite a bit of cash in local banks, sitting in jumbo certificate of deposits.
Yesterday, I got a renewal master card in the mail, my GM mastercard.
I have not used it in a while and they lowered my crdit limit to $300. What can you do with a $300 limit?
My fico score is over 800, so I feel kind of insulted! Would you?

18 Responses to “This is kind of insulting!!”

  1. Maismom Says:

    That's plain ridiculous. I would feel insulted, too.

  2. monkeymama Says:

    Well, I definitely wouldn't take it personally. It's a sign of the times. If you don't use the cards you just cost them money!

  3. gudsteward Says:

    Yes, it's insulting, but it's par for the course behavior in banking. I was told my interest rates would be more than doubled, just because B of A felt like it. So many letter have gone out to loyal customers such as myself who have never been late let alone missed a payment. This is unacceptable, please take a look at what I'm proposing on YouTube, it's under Bank of America Walkout, I hope people will join, I've had thousands reply in agreement.

  4. boomeyers Says:

    I agree, just a sign of the times. If you used it more frequently, your limit would probably be higher. They are trying to coax you back.

  5. homebody Says:

    No it happened to me too, signs of the times. We don't use it much. Whatever.

  6. simpleyme Says:

    300 dollar limit whoohooo don't go crazy and riddle your self with debt

    even dumber is that you will hurt your score if you max it out so your limit is looking more like 100$

    that is insulting , it just shows what idiots credit card co are I find it interesting that they are ridding themselves of us customers who actually have money! it seems like those ho choose credit not need it would be who they would be after, ;-)

  7. disneysteve Says:

    I applied for a Disney Visa card a few years ago. I was approved, of course, but when I got the card, they had given me a credit limit of $500. Now what the heck I was supposed to do with a $500 credit limit I have no idea, especially since you shouldn't really charge more than 30% of your limit. That would limit me to about $150. I've never used the card as a result.

  8. Phenomenal Woman Says:

    I am sure some of the mailings from credit card companies were automatic and without much thoughts too.

  9. Ima saver Says:

    Well, this was a renewal of a card I already had. I used it a lot when I was earning points to apply to the purchase of my corvette. I have been using a cash reward credit card instead, but it has a limit of $21,000.

  10. Broken Arrow Says:

    Well, I don't think there's anything wrong about feeling insulted, but like monkeymama, I think don't think it's a reflection of you or your credit score. Rather, banks in general are just limiting their risk and credit exposure due to these economic times....

    But if they did do that because of they don't like doing business with you somehow, then yes, I would be very insulted by that.

  11. whitestripe Says:

    i wouldn't be insulted - but i would cancel the card. it would be useless to me. i dont know about america, but in australia only a few applications i have filled out have ever asked me for asset values, it is usually only my earnings and other credit card balances - they may ask later for further information about my assets. so the credit card company might not know your financial position, only that you don't use the card, and that the rest of the world is going kaput so they may as well lessen their risk now.

  12. Thrifty Ray Says:

    This is happening to most people on at least some level. I would view it as really poor underwriting on the part of the CC company rather than a reflection of you and/or your credit. Talk about cutting off their nose to spite their face...most cc companies are doing these really dumb things and then scratching their heads when their belly heads north. (belly up)Thank them for making this an easy decision and close the account.

  13. baselle Says:

    Laugh as you cut the card. And be thankful that you really don't need the card to get by.

  14. my english castle Says:

    I think we all agree it's a sign of the times and it's odd. Don't you wonder if it's worth speaking to someone there? If only you could get through to someone who cared and had decision-making power....

  15. M E 2 Says:


    Yes, I'd be insulted. As someone else already said, a $300 limit with a charge of even $100 on it, is going to look VERY bad. (I guess now that is highly unlikely and rightfully so)


    That is/was a HUGE knock against CAPITAL ONE. They are/were notorious for not providing the credit agencies with cardholders credit limit amounts.

    Therefore, the credit agencies had no choice (which I do find hard to believe) but to assume a card with let's say a $1,000 balance on it also had a corresponding credit limit of $1,000. @@

  16. Rounded Corner Business Cards Says:

    Yes. I understand how you feel. When will this credit card issues will ever stop?

  17. ralph Says:

    I agree, you are a TERRIBLE credit risk, since you sure wouldn't pay any late fees or interest. Smile

  18. Natural Says:

    no i wouldn't feel insulted. i don't want to use nobody's credit card. i rather they find me unworthy of using credit. i don't and won't borrow again. i don't care about my fico score either...well not too much. i know you need one, but i have no debt and don't plan to borrow. my insurance is not high because of this.

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