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Posted in Paying Your Bills
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7below

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How do I deal with credit limit decreases?
My credit cards are dropping my limits to just a few hundred dollars above the current balance. I'm currently paying down my balances and not adding new charges, but often only pay the minimums. Over the last 5 years my score has gone from a 715 to 799 to 650 to now 639...all while having perfect payment history, no derogatory marks, and no credit checks since 2003. Additionally, due to.my credit to debt ratios changing, minimums have also gone up. I'm trying desperately to not miss a payment, but I'm very tempted to focus all monthly funds one account at a time and end this nightmare. FWIW, i destroyed my credit in my early to mid 20's and have been proudly rebuilding sincr. Bought and sold a home, bought and paid off a truck and currently lease a nice modsized SUV that came with a great rate 2 yrs ago.

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Do not put all of your money toward one account and let the others become late or delinquent, you would cause significant damage to your credit for years to come, those missed payments would be part of your history for 7 years. In addition to that, you will be charged late fees, and those late fees could put you over your limit, then you will have over the limit fees in addition. Figure out a way to find the extra money you need. Make some cuts in your monthly budget elsewhere, get a part-time job or sell some stuff you can live without.

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