Changes in Credit Card terms and Conditions

Ken Dolan: Another credit cards are out it to get. I love credit cards. I love them. I love them. Daria Dolan: Now in contract to enter into that they can just change the term by the wind. Ken Dolan: Whenever they want to do. Guess what’s happening, because the credit crisis, all the credit, not all. Many although probably eventually all, are changing the credit card limits; how much you can spend. Daria Dolan: And it is. Ken Dolan: They’re trying to control people of abusing the thing. Daria Dolan: Well, no they are not trying to—what turn of track did you fall off of? They are not trying to keep people from abusing their credit and getting into trouble. They are trying to protect the fact that their payments every month. Ken Dolan: They don’t pay. Oh! Daria, I thought they we’re doing it because they were nice. Oh! What a shock this is. Alright, where do I go from here? Daria Dolan: And they are doing it on criterion such as. Ken Dolan: We live. Daria Dolan: Who holds your mortgage? Where you live? What kind of stores you charged in? Ken Dolan: This is profiling. Daria Dolan: It is. What they’re doing is they know that how many people that shop it. Let’s say Walmart for example. I’m not saying that Walmart is the only one being targeted or target. Ken Dolan: Speaking of targeting. Daria Dolan: And go into default on credit card payments, so if those are higher default ratios then saying may seasons sets, then if you have a lot of charges typically it target a Walmart and not misses and sets to say it, “Op, strike one.” Ken Dolan: Wow! Daria Dolan: Then if you’re with the banks such as Countrywide mortgage which had a lot of bone loans and ended up for having to be taken over. Well, you could be one of those bone loans too. Strike two, then they look at your neighborhood. They look at for closure rates in that neighborhood. Strike three and the next thing you know, your limit has been severely restricted. Ken Dolan: Wait a second. I’ve got good credit. This is guild by association. Daria Dolan: Of course. Ken Dolan: Why should my arbitrarily micron, I don’t build a lot of credit. I don’t need more credit limit but that’s beside the point. Why should my credit limit be lower? If you have a 700+ credit score and you’re paying an interest rate that’s higher than last year, you need to change credit card companies or ask for a lower one. I mean they might get some good news here. If you got good credit if they lower the credit limit at least try to get a lower interest rate. Daria Dolan: Exactly because your high credit numbers, your credit score numbers, if they’re high, you should be getting some of the best deals from the credit cards and you should know the difference between what they were charging in interest last year and this year and ask for it. Ken Dolan: Question. Daria Dolan: Yes. Ken Dolan: Could this be from the Dolan’s Silver Lining Department, lower credit limits from people who have been irresponsible for less spending? Daria Dolan: Yes, but then if you’re taking down credit limits of people who have been irresponsible. Ken Dolan: Yeah, I got so. Daria Dolan: I think that that’s wrong. Ken Dolan: Check with your credit card company and maybe time to shop around. Don’t be surprised, lower credit limit, you’ve heard it here first.