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barkerjnh

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I paid down a bad card but should I get another right away?
I had a $6000 credit limit with Cap One. In spite of a stable and high-payment history, the credit limit was reduced to match debt owned. Cap One cannot explain it, but won't reverse it. I have paid the card down to $100, but within days Cap One reported the credit limit reduction and my credit rating was negatively impacted. Should I wait for the credit agencies to see that I have paid the card down and the debt ratio is now less than 10%, or should I just get a new card and cancel the Cap One and never go near them again? This stuff is SO complicated, and I am never sure what is the right step with these arcane unpublished rules! Anyone with good advice out there?

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