Banks and credit card companies are cutting available credit on credit cards as much as 50% without warning and IF YOU DO NOTHING the results can be CATASTROPHIC TO YOUR FICO SCORE.
It has long been held that a 30 to 40% debt to credit ratio was a good ratio, one that could even help build your FICO score. But if you are carrying such a balance, you may suddenly have a ratio as much as 80%.
This new ratio of debt that you did not cause is not only not good but will begin to lower your score in as little as 30 days. This will actually cause banks to then begin to pull back even more credit and continue to do so causing an even lower score, until you reach a level much below what you were. A level that can cause you to be denied credit for loans or at the very least cause you to pay a much inflated rate.
This isn't fantasy or possibility, it's fact. It's all over the news.
So how can you protect yourself? ESTABLISH NEW LINES OF CREDIT RIGHT AWAY. But be careful there are a lot of groups waiting to steal your credit. The safest way is to apply directly with the bank.
Go to www.iwantacreditcardnow.com there you will find 50 of the top credit cards and their sponsoring bank all on one site. SOME OFFERING 0% INTEREST FOR UP TO 16 MONTHS.
Approval is immediate and since you are dealing directly with the bank that is offering the card, it is the safest way to get a card. Almost 30% of all mail offers are frauds. Don't take a chance.
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