citibank and fidelity investments credit card companies cutting credit limit

since a lot of credit card companies are cutting credit limits to their consumers ( among thesee are citibank, american express and fidelity) should consumers fight back?
first they pull up interest rates to the sky, then they cust your limit to a 100% of what you owe, lowering credit score and making you to be unattractive to creditors. so by doing this they will encourage another lenders to cut your credit and soon you will owe 100% of your limit that will make impossible for you to refinance your house or get a vehicle or furniture or home improvement loan

Category:

News & Politics

Tags:

• credit
• cards
• limit
• cut
• citibank
• americanexpress
• fidelity
• consumers
• fight
• ripp
• off
• bureau

[IBMeddling]

(Just my 2 cents in) I had a credit card with Bank of America. I paid the entire ballance every month and I was never late yet, they cut my card off completely without notice. At first I was mad but now that I think about it - It was a blessing in disguise. Now the cash in my hand is my limit. Credit score means nothing if you never borrow money.

[Millarussianlady]

@IBMeddling you are right, of course, ideally, is the best do not have credit cards at all. But... credit score means a lot to me because i own a house and need to refinance it, I own a business and use business credit, if you need to buy a car you need good credit to get good percentage and such. so a ot of people use credit as one of the main advantages of american economy

[SirFletcherRedoun1]

The credit card companies seem to be reign in the amount to everyone and

sadly good customers who have the high score and keep the bills paid on time

will feel the crunch for as long as this credit crisis last .