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June 30, 2008

All Business: Lower credit card limits can hurt your credit score

  • This is an unintended consequence of the financial world's widespread ratcheting down of risk.
    • By RACHEL BECK
    AP Business Writer

    NEW YORK — Just as Americans grow more reliant on credit cards to help pay monthly bills, they're being hit with a one-two punch: Card companies are reducing borrowing limits for tens of thousands of consumers, which then can lead to lower credit scores.

    Those facing this predicament might not even know it until they apply for a loan or another credit card, and then get denied because their credit score has dropped.


     
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