Banks Behaving Badly and Your Credit Scores
“We are writing to advise you about a change being made to your account.” This prologue is a part of letters being sent to millions of U.S consumers and sets an ominous tone for the remainder of the communication. The “change” being referred to is either your credit card account has been closed or the credit limit has been severely slashed. In this particular example, the credit limit was lowered on a Barclay’s Bank credit card by $15,000. In normal economic times a credit card issuer would only take such adverse action against one of their cardholders if they’ve done something...
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