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25 July 2009 @ 06:42 pm
An open letter to my bank's Portfolio Lending department.  
[Dear blah, blah, blah, etc.]

I recently received a notice from your department advising me that “after careful consideration,” you've decided to lower my credit limit. Fair enough; that's certainly your prerogative, and, really, I'm not complaining.

I'm sure it's purely coincidental that your letter was dated only two days after the outstanding balance on my card was paid in full, after having been at or near its limit since May of 2007. I am sure that the strain on your company's resources from this oversight was barely covered by the interest charges ranging from 25% to 32% annually for more than two years on a balance in excess of $2,000 and applaud your efforts to get your house in order. Indeed, it was only through similar efforts on my part – controlling my own spending and making diligent efforts to pay down my own debt, to name two – that I am now able to say that all my credit card balances are at or very close to zero, and that what I call my “total available credit” is higher than it has been in at least two years.

Which brings me back to your letter of July 17. I'm not sure how your organization calculates “total available credit,” but how I do it is to look at the available credit on card A and on card B and so on. I add up all those numbers and I call that my “total available credit.” I can perform a similar exercise to calculate what I call my “total bankcards balances.”

And this is where I get confused: according to your letter, the two “primary reasons” my limit was lowered was because my “total bankcards balances [were] too high compared to credit limits” and that my “total available credit” was too low. As I've just explained, my balances are actually lower and my available credit is actually higher than they've been in ages.

Now, I'm not saying you lowered my limit because you've already figured out that the tap from which I've been sending you roughly a hundred bucks a month for two years has been turned off, but you can see how people might read it that way, right?

Nothing could be further from the truth, I'm sure. It's kind of the like the way you might misconstrue my saying that I've found other providers offering more competitive rates as sounding like a complaint about getting hosed by you guys.

I hope we can still be friends, albeit in a “you won't use me and I won't use you” kind of way from now on.

[Yours blah, blah, blah, etc.]

lotusbeans on July 25th, 2009 06:53 pm (UTC)
Time for you to get a job.
lotusbeans on July 25th, 2009 06:55 pm (UTC)
And it was probably purely coincidental. You of all people should know banks don't move that quickly.