An investment opportunity!

[dougo]

I have a low promotional rate on my Discover card balance, but it goes up in a couple weeks when the promotional period expires. So I called up Bank of America (where I have two credit cards, due to past mergers) to see if they could give me a better rate; I've had luck with that before. At worst, I was expecting them to say "sorry, no offers right now", but instead, they instantly lowered my existing credit limits to be my current balance + $500! That's about a 25% cut! It's not a total disaster, but it makes my safety net smaller. And it makes me think that maybe now's not the best time to have credit card debt, if they might start changing more things about my accounts willy-nilly.

So, here's a brainstorm: any of you private investors out there sitting on a pile of cash and want to "recapitalize" me? I'm not FDIC-insured, but I think I'm a pretty safe investment; the job search is taking a bit longer than I'd hoped, but I do expect to be making a pretty comfortable salary again in the not-too-distant future (two interviews next week). And I can probably double any one-year CD rate you could find these days. (If not more; make me an offer...)

Comments

[st-rev.livejournal.com]

Wow, what a total dick move.

[kazmat.livejournal.com]

Credit card companies seem to be pulling this maneuver (if not outright canceling cards) on several unemployed people that I know. I suspect that they're trying to avoid taking a bath when lots of people get around to filing bankruptcy.

[mshonle.livejournal.com]

Wow, I couldn't even imagine a credit card company doing something like that... well, until today. That really sucks! (I, too, was under the impression that you only need ask and they will give you a better deal.)

[darius.livejournal.com]

I might go for that investment. I'm about to leave for the weekend, but we could chat/email next week.

[dougo.livejournal.com]

Sure, feel free to ping me at dougorleans@gmail.com.

Count yourself lucky...

[devcodrus.livejournal.com]

I've read reports of CC companies lowering limits to BELOW current balance, and giving the card holder 45 days to pay down the balance to below that value or start getting charged over limit fees.

Re: Count yourself lucky...

[dougo.livejournal.com]

Yeah, me too (Capital One). Which is why I want to get out of credit cards.

[gemini6ice.livejournal.com]

How much do you need?

[gemini6ice.livejournal.com]

(I ask because a grand is a "pile of cash" to me, but may not be to you.)

[dougo.livejournal.com]

How much you got?

[gemini6ice.livejournal.com]

Depends on if I can find roommates for the current place or if I have to put a deposit down on a new place....