THE BASIS POINT

Banks closed or cut limits on 62 million peoples’ credit cards in first 4 months of 2021

An April LendingTree study released last week shows almost 1 in 3 credit card holders had their limits cut or accounts closed in the first 4 months of 2021. This report shows:

-Why banks did this

-How many were impacted (chart above)

-What age and income groups were most impacted (chart below)

-What this action can do to your credit score

-How you can deal with this if it happened to you.

Please comment below if it happened to you. I’d be curious if you were ok with it, or if you’re disputing it.

Nearly one in three credit cardholders had their card’s credit limit slashed — or even had it closed altogether — during the first four months of 2021.

Credit card issuers are targeting dormant or little-used credit cards for limit decreases or closure in order to reduce the financial institution’s risk during a time of high unemployment and overall economic uncertainty.

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Check It Out:

Banks closed or cut limits on 62 million peoples’ credit cards in first 4 months of 2021

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