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)
Wow. I guess a credit card is more reliable than marriage these days – you could keep it for life.
Interesting and it made me think of the 2 hours I spent trying to get a credit card company that sent me a credit card to correct my name. They sent me a pre-approved crdit card but my name was reversed on it last name as first name, first name as last name. They wanted ME to prove that my name was in fact the other way around and so I told them just cancle it since they can’t fix THEIR error without taking up MY time I would not want to see what mistakes using thier card would lead to. This required me to talk to a supervisor who begged and pleaded that I keep the card and they would correct the problem but at this point I was so POed I told them if it could have been corrected in the first 15 mins of this phone call then I would have stuck with it but being that I already had to deal with moron one and two who could not do anything I was pretty much very sure that dealing with thier company would be detrimental to my mental health.
Have a credit free day 🙂
I once got into a near arguement with a guy from Discover. We cancelled the card and found out it was still open on a credit report. We then called and the nice lady handed us off to her prick manager. He kept lowering the interest rate, but I just wanted to get rid of all my cards but one. He got to the point of rediculousness. We only had the card to use at Sam’s club and it’s not universal like my Visa, so I handed him off to my wife who was quite pissed at that point.
Just goes to show the system really is only set to “catch” you not to set you “free”. Good for you for sticking to your guns.