So what these credit companies are looking at is in approximately 3 to 4 months driving my credit score down so much that I would stop caring about it. Then, an interesting thing happens - once you stop caring about your credit score, you realize that you can just stop paying credit cards, free up a lot of cash, stop answering calls from credit card companies for about half a year (imagine all the cash you can save by then), wait until your debt is sold to a collection agency, wait out a little longer and then make a deal on paying off just a fraction of the initial debt.

Once you're done settling (even before you've paid off your balance) - your credit score will start to raise, in about a year you're back to the previous numbers without the debt and with whole lot of cash. Credit company looses, you win.

Now tell me - what's the rationale behind the initial action of the credit company to cut the credit line of an individual (or a business) that makes all the payments on time and always pays significantly more then a minimum payment? Does it all make sense? From my point of view - it doesn't.

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Written by andrewserna
4880 days ago

Oh MY! Robert, thanks for sharing this article!



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