I had my credit limit revoked for one of my credit cards last months. So, now I have a credit limit of 0, and will have to apply for new credit card. I want to know, what are my options now? and how will "credit limit revoked" affect my credit? I did ask the company if this was a "charged off" account. They said that it was not a charge-off.
Can you tell me whether or not you asked the reason for this? Credit limit can get revoked for many reasons. If you gave any false information on your financial details, your credit limit may get revoked.Even if you exceed your credit limit, your credit limit can get revoked.
In this situation what you can do is convert the line of credit to that of a standard loan. However, it is better to discuss this with the company.
Make your remain payments with that credit card and get your credit limit back, from your description I think this is the reason why your credit limit has been revoked. _________________ debt solutions California
Your personal details (name, email address and phone number) will be delivered to the company advertised on the Creditmagic after ve agreed to go for the counseling session by filling out the no-obligation form. However, it is your discretion to accept or reject their services.
Not all the creditors/debt collectors agree to trim down the outstanding balances, interests, and fees payable by the consumer.
Consumers working with the debt relief companies can still be sued by the creditors/collection agencies.
Debt relief services may have a diminishing effect on the creditworthiness of the consumer. The total outstanding balance may increase as the additional fees get accrued.
The overall amount saved by the consumer through the debt relief services is considered as taxable income by the IRS.