Your life style can hurt your credit!!!
Filed under: Banks, Credit, FICO, Interest Rates, Spending, Wal-Mart
According to an article on Money central, the credit card companies are using all kinds of info that they’ve collected about you to lower your credit limit and since lower limits mean higher utilization and lower credit scores, where you shop can lower your credit score. There’s several other factors that they use that should anger business owners, state officials and every person who uses credit. Here’s a few
What you buy
Where you shop
If people who were victims of the subprime loan mess happen to shop there
If you live in a state hit hard by foreclosures, such as Florida, Nevada and California
Would these last 2 mean that shopping at Wal-Mart in Florida, Nevada or California would lower your credit limit since they are the largest retail store and most likely subprime borrowers shop there?
The full article is here. Can your lifestyle hurt your credit?
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