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My credit card company has reduced the line of credit to half of what it was before. Previously the line of credit was 10,000 and balance was 7000. Thus, I have crossed my credit line. I haven't used this card for months. Now, I think that i will have to pay the over limit fee ? What can I do? please help :(
Thanks in advance.
Genelia
company reduced line of credit
Hi Genelia,
You can talk to the credit card company and inquire into the matter. Ask them politely the reason for the reduction in the line of credit.
Most of the credit card companies are reducing their line of credit drastically, because of the financial crisis. You should always keep a watch on your credit report and emails as well for any prior notice.
Hope this helps.
Regards,
Aaron