Consumers are having a tougher time getting credit – and keeping it
CNNLooking to secure a little more financial flexibility by extending your credit line? Credit card issuers pulling back Credit card companies are increasingly reducing cardholders’ credit limits or closing cards entirely, according to Schulz. At Chase, the bank is temporarily strengthening its credit standards across the board, a spokesperson said, “and in some cases, either pausing new applications or focusing on established customers only.” Bank of America has said they will continue to offer HELOCs. “Using them, even in small amounts, and paying them off quickly will show that you are responsibly utilizing this line of credit to avoid it being decreased or closed.” If you were counting on a HELOC to provide additional money, but you aren’t able to get one now, you may want to look to a retirement fund like your 401. “If you’re going out to buy groceries and you haven’t looked at your credit limits in a little while,” he said, “make sure you’re not in for a surprise at the check out.”
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