I had been kind of wondering whether it was worth their time and money to review my credit and adjust my account and all that stuff every month, particularly when I have a card with terms that make it really unlikely that I'll use it.
Also, my credit score is in the 700s. I do have a fair amount of debt, but I've never had a late payment on anything in my life, I own a house with decent equity in it, and I have tons of unused credit. I'm guessing that they're changing their guidelines along with the credit crunch, but again, I'm hardly a credit risk, and again, is it really worth their time and money to lower my credit line by $200 every month?
OK, so here's the thing that really threw me. This month, when they sent me said letter, it listed a bunch of reasons why my credit isn't good enough. There were the usual "too much debt" and "ratio of debt to available credit is too high" (which I've always suspected is a more complicated equation than a "ratio," since I'm using barely any of my available credit).
There was also a bullet point that said
- The credit risk associated with customers who previously had residential loan(s) with lender(s) as indicated in your credit report.
Based on what I know of financial laws (not much), I'm guessing there's some sort of loophole that allows them to profile people like this. Does anyone have more info?