So, for this week, if you want to try something interesting, and do yourself a favor, here is a task for you.
Call your credit card company and ask them to LOWER your Credit Limit by at least $500.00 (in fact it might be fun to lower it right to $500.00), and see how long it takes you. My guess would be this will take you at least 30 minutes on the phone and THEN you will have to FAX something -OR- go to a local bank branch to make this occur (if possible). They will argue with you, they will cajole you, and anything else they can to keep you from doing this.
Why do this? The lower your credit limit the better! Having a large credit limit is actually counted AGAINST you if you are applying for a mortgage (at least in Ottawa). Having MANY credit cards also counts against you as well.
Now, this is not an original idea, one of my brother’s MBA prof’s made them do this.
Personally, I had an even more interesting time trying to CANCEL a Bank Supported Credit card. It took me 60 minutes and then I had to sign a blank sheet of paper, and I am still not sure that my Credit Card ever did get cancelled (again, I need to figure out how to look at my Credit Report in Canada).
Try it, and send me an e-mail how it went.
The Statue on my Mothers’ Day Post was the Grandma from the Giles Cartoons (from the UK)