You can't make this stuff up!

   / You can't make this stuff up! #1  

ctgoldwing

Platinum Member
Joined
Jun 3, 2009
Messages
555
Location
Central Connecticut
Tractor
L3800HST
I wasn't sure which forum to post this in but since I always use a credit card for my purchases and even for the 'down payment' on equipment, here is my story.

So my son has been bugging me to get the 'new' 2% cash back credit card that's been advertised. I have a 1-1/2% cash back card now. I finally break down when he emails me the link to an application.

Ok it takes all of a couple of minutes & I'm approved. Now there is an issue. Its my understanding that your credit score is affected by the amount of AVAILABLE credit you have. I really don't want to cancel my original card (Capitol One) because I also understand that that can negatively affect your credit rating. So, what to do?

Simple, I'll just call Capitol One & ask them to LOWER my credit limit on that card. Imagine my surprise when the service rep tells me I've been DECLINED in LOWERING my credit limit. I'll get a letter in the mail in 7-10 days explaining why I've been declined.

You can't make this stuff up!
 
   / You can't make this stuff up! #2  
That is hilarious! What a problem to have -- you're TOO good of a customer!

I have worked in and around banking for the last 20 years, and even worked in a credit card company at one point. Actually, your credit score may be just fine. Another calculation in the credit score is "outstanding balances as a percentage of available credit" which is weighted even more than "available credit" in determining the FICO score. If you keep the balances at zero (or near zero) on one of the cards, your score may actually even go up.

What will likely happen is your score will go down a bit over the next 90 days or so, and then (assuming you pay your debts and keep the balance low on both cards) your score will likely go up to something even higher than it is today due to the "balance as a % of available credit" part of the FICO equation.
 
   / You can't make this stuff up! #3  
Same thing! I have a rather high limit on a VISA card. Pay my balances every month. But I wanted a low limit card to use with my Pay Pal account. No problem they said, here is the application. I am self employed, so I might compromise my high limit card so I said forget it. I spoke with the bank on the phone. They told me, no problem, make an appointment, come in and we will do it. Sat down, and she hands me the application form! I walked out, not before making a scene.

Then some guy approaches me in the super market to offer me a Master Card. I ask, can you cap the limit at 1K. No Problem. I get my card from some guy walking the supermarket isles, but my bank I have been dealing with for forty years treats me like a criminal despite a spotless record! And the kicker is, I am really trying to protect THEM against possible fraud.

Priceless!
 
   / You can't make this stuff up! #4  
On the flip side,
I had a card with a $3000. limit as I like to do that occasional deal but not carry that kind of cash.
At Cosco I made a purchase a bit over $1000. and the card was declined. Very embarrassing to say the least.
The bank had reduced my limit to $1000. without notification claiming it was for 'my protection'.
My next visit to the bank was not a very nice one (for them).
NB, my balance was very healthy, like 5 digit.
 
   / You can't make this stuff up! #5  
I had bought a tank of fuel for a hundred plus dollars on my card. Went next door to A&W and my card is declined. Made quite a scene there too insisting it was there fault as I had used it moments earlier.

Turns out the bank had cancelled my card for security reasons. Nice of them to tell me! They would not tell me where the possible breach took place, so I can't even protect myself in future. Seems they don't dare violate the criminals privacy!

Now I had to wait for a new card and contact all my auto payment services.

I HATE BANKS!
 
   / You can't make this stuff up! #6  
You and me both. Scotia Bank suspended one of my visa cards last December, I called them and the immigrant I was talking to mumbled and spoke very broken English, I could hardly understand her so I told her to get the security people to call me and we would discuss it. Here it is into April and I still haven't gotten a call. The card is cancelled. Once the other one is paid off I am going to cancel it, too. American Express all the way baby!
 
   / You can't make this stuff up! #7  
What I hate is having a limit on a card that is sky high! But when I go to the gas station to fill up my diesel truck and the pump shuts off at $75 or $100 and still need a few more gallons!!! I always think to myself...I can take that card and buy a vehicle with it but I can't put gas in one!?!?! What is this world coming too???? Scratch my head????
 
   / You can't make this stuff up! #8  
What I hate is having a limit on a card that is sky high! But when I go to the gas station to fill up my diesel truck and the pump shuts off at $75 or $100 and still need a few more gallons!!! I always think to myself...I can take that card and buy a vehicle with it but I can't put gas in one!?!?! What is this world coming too???? Scratch my head????

That limit is set by each gas station. It is a per transaction limit, to cut down on the stations losses if the card being used is stolen.
The part of this that makes no sense to me, is that you can do another transaction to finish filling up the fuel tank. I guess they figure a crook will not stick around to do another transaction.
 
   / You can't make this stuff up! #9  
Even worse is to be stranded in foreign country. Happened to me several times. I flew to Venezuela few years back. When I went to rent a car my card was declined. So I called CITI to get it urgently enabled because the rental place was closing in less than an hour. They refused to enable my card because they couldn't get hold of my wife to verify that I am indeed in Venezuela. The kicker was that I charged the air ticket to the same card and the guy could see it. About over an hour later and after few hundred bucks of mobile charges I finally got my car (the lady at the rental was so nice to wait instead close and go home).
While traveling by a car from Chicago to Des Moines I stopped at a gas station about 10 miles outside Chicago. My card was declined, so I pulled another card and it was also declined. In fact all my card were declined. Fortunately short call to CITI fixed that. Their excuse was that the particular gas station was used as a test for stolen cards.
 
   / You can't make this stuff up! #10  
I've had the declined lower limit too, as well as gas station card refusal over $100. Only solution I can think of is concealed cash and carry!
 

Tractor & Equipment Auctions

Kubota 24in Quick Attach Compact Excavator Tooth Bucket ONE PER LOT (A51039)
Kubota 24in Quick...
2017 Ford F-450 Crew Cab Mason Dump Truck (A50323)
2017 Ford F-450...
2018 INTERNATIONAL 4300 26FT BOX TRUCK (A51222)
2018 INTERNATIONAL...
2015 DODGE RAM 1500 CREW CAB TRUCK (A51406)
2015 DODGE RAM...
4- 6 DRILL COLLARS (A50854)
4- 6 DRILL COLLARS...
Rhino FS15 Flex-Wing Rotary Cutter - 15 Ft Heavy-Duty Brush Hog for Pasture and Roadside Mowing (A51039)
Rhino FS15...
 
Top