According to an article written by Kathy Chu and Sandra Block of USA Today entitled “As lenders clamp down, credit scores take a hit” many borrowers (even those with perfect credit) are having their credit lines canceled or their credit limits decreased. This in turn causes borrowers to have a lower credit score because their available credit limit is lowered and all of their credit utilization calculations are in turn affected negatively. Read the full article and then be sure to use our credit card “Chaser” tool to do your homework and compare the top credit cards.
- Why are some credit card companies reducing credit limits?
- Tax Reform Act of 1986
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- Is It Bad to Cancel My Credit Cards?
- What is credit utilization?
- Should you close credit card accounts that you are not using?
- Is there such thing as low limit credit cards?