Chase did the same thing to me... got the letter last week.  Crazy!  And they WILL start direct mailing me with offers... I am certain of it.

Close them ALL! I closed all of mine except for one. If they lower your credit rating so what? No one is getting good rates anyway and Congress isn' t doing anything to help us, the consumer. Watch as the bailouts continue. We are a consumer based economy. If no one spends, the CC companies are sucking wind. Look at the HUGE loss Citi and BofA just suffered. Let them go down like the Titanic. Pay off your balances and live debt free. It isn't going to happen overnight, but it sure beats giving your money away to ungrateful CC companies.  I have one CC and that is a U.S. Government one, which I use only when on official business and it gets paid off in full immediately when the business trip is over. Everything else is paid for and all my new acquisitions are paid for in cash. I am currently deployed and not paying taxes. Besides, I make extra money for being deployed. We can't get rich but we CAN GET AHEAD. This is the benefit of being in the Military. Can't quit but can't get fired either.

When I retire, my retirement will more than pay for my mortgage and my down payment will be at least 30%. My credit score is pretty good, but not inthe 780 range. I won't need it to be when I use the VA to get a loan. Who isn't going to finance a retired (with income) soldier willing to put 30% down on a home?

Take all those  offers with return address with prepayed protage fill them with junk mail from another company. It keeps the post office going as it costs them plenty if you put enough junk in them.

News to me - just got a letter from B of A that INCREASES my limit AGAIN and I have NEVER used that credit card.  Will call today and cancel it completely.  Also - any Wells Fargo credit card holders be aware - if you get your statement by mail, it includes your ENTIRE credit card number.  Have called them twice to tell them that this is a dangerous practice.  Mail can be and is stolen.  These credit card companies are becoming a joke - and a bad joke on all of us.

I can't seem to understand why the CC companies decide that a loyal customer who has paid every month for years but is one day late on one payment should be charged 30% interest. Next thing you know they are not paying at all. Then they do a debt settlement and the CC company takes a loss. For years they have been ruled by greed, defaulting anyone they could and now it is biting them in the ***. Credit Scores will mean much less in the future, people realize that now and are walking away from the debt leaving the greddy CC companies holding the bag. I have to laugh a little at that. The simple fact is this: Sure you may not get as many credit cards in the future if you settle, but credit cards and living beyond your means got you in this mess. You will get a mortgage though. Debt to credit ratio is far more important when buying a home then payment history. You are better off with a settlement of your debts and low debt to credit ration then you are with a perfect payments history and high balances on your cards. Of course once the government just eliminates all CC debt none of this will matter....lol...that's the ugly truth of the financial crisis..they can talk about toxic mortgages until the cows come home....a 10% mortgage is not killing any american family....35% interest on a $40,000 or revolving debt is.......

I have two visa cards, one I use while travling and the other for my phone bill etc.

I pay both off each month and have never paid one penny in interest.

I have done this since 1982 and I have had no debt since 1992. LIVE WITHIN YOUR INCOME AND YOU WILL HAVE NO PROBLEMS.

I had a walmart credit card with a $900 credit limit.  I married a man who had to file bankruptcy due to medical bills.  Even though I was paying on time and paid off the balance, WALMART and all their wisdom decided to cut my line of credit down to $250.  I was ready to purchase an expensive office chair through them, but since they decided to do this I am going to purchase my chair on Ebay.  It's their loss.

I was also hit by the $10 fee from chase, I purchased my car with a balance transfer offer from them for 3.9% for the life of the loan.  When I called about the letter they said that they are not making money off of me and gave me the option to refinance my balance for 7.9% in order to avoid the fee.  Ohh another thing they did was raise my minimum payment due from 2% to 5%.  Luckily I was sending about 5% anyway but what about the people who can barely afford the minimum 2%, now their payment more than doubled.  Where is our bailout?????

Dont know if anyone else has noticed this.  I just finished paying off 8400 on my credit card in December.  So naturally there was a little bit in finance charges this month.

Well the previous due date for payment was always the first business day AFTER the end of the month.  Not so this month.  Its now the 30th for January.  That's one day before I get paid.  They've never done this before so I was surprised to see the change.  This is a mastercard account through Regions and HSBC I believe.

They also raised my finance charges 5% half way through paying off the card, and they continually did not apply any payments to the higher interest rates first.  In other words the highest, oldest interest rates they were crediting last.

But at least I'm completely debt free come pay day this month :)

Almost debt free, I don't think you heard Dave Ramsey ever say not to close an account