Cabels pissed me off
 

Twice in the last 6 months they have lowered my credit limit. I called them to see why and they said my credit score wasn't high enough for the limit that was set when I got the card less than a year ago. My score is 780. Just had it checked. Steller to say the least. I only used the card as a conveince and paid it off in full with the 1st statement. Herein lies the root of the problem I beleive. I told them to close out my account as I would be doing my shopping eleswhere.

I do believe you are right on this one.. If they can't charge you interest and make all kinds of money off you. Then you are no good to them.. It is all about the almighty dollar no matter where you go..

Ditto what Phil said, they weren't making money from your credit purchases, many other card issuers are doing the same thing.

Same thing happened to me with another "BIG" well known company. Just applied for a mortgage this week and the gal I'm
working with told me it is better to just pay off the card and NOT to close the account.( I had already closed it) It actually hurts your credit score more if you close the account rather than to keep it open with a zero balance. At least, that is what she told me !!

we just had another credit card company do the same to me and the wife. since we kept a zero balance, they cancelled it

Pretty common thing these days, unfortunetly. Since the bank bailouts, many have jacked their intrest rates up, and it has nothing to do with your personal credit score. It may look better to carry the card with a zero balance for your credit score, but I closed mine out as well.

That's really weird. My wife and I put everything on our Cabela's card-- and I mean everything from gas to a 2 dollar cup of coffee-- and then pay it off in full each month. We've never had any problem with them lowering our limit. They make money on each purchase you make on it, not just the interest.

thats why you should live on a cash basis, without credit. you dont need it! its simple, if you cant afford to pay cash for it then you dont need it. If an emergency comes up, then thats why you have 3 to 6 months of salary saved up. GO DAVE RAMSEY!!

hopefully being in retail i can shed a little bit of light on this. I go through this all the time.
First no need to get mad at Cabelas persay. They most likely use a serperate financing companies as do 99 percent of all retail companies.

Second your lucky they are lowering your limit. as others have said most companies have intiated an inactive period. if your account is inactive for a said period of time is is automatically canceled. mainly to free up some money to give to new accounts.

third it is not always a good idea to cancel an account. sometimes it can have a negative impact on your credit. not on your score persay but on your actual credit. as you see different credit companies look at credit different ways. some dont even look at your credit score.

"First no need to get mad at Cabelas persay. They most likely use a serperate financing companies as do 99 percent of all retail companies."

That's a fact. If you look on the back of your "Cabela's" card, in the fine print, you'll be able to read the name of the financial institute that is the "ISSUER", in behalf of Cabela's. That financail institute is who you need to be "mad" at, as Cabela's isn't the one pulling the punches!

Jimmy, how you gonna pay cash on an INTERNET order. I do have 2 debit cards I use as cash but with a debit card if anything goes wrong with a transaction you have no recourse. With a credit card you do. 2nd, for those that say don't be mad at Cabalas, I talked to them directly and they say they review accounts every 3 months so it is them making the secession, not the financial institute. They said my credit was not up to their requirements. Now it's strange it was when they issued it and I've bought a motorcycle and a new car since then and my score was 780. Go figure. :confused0024:

Good post, and part of what I heard when I had to do "mandatory credit counselling" when I bought my house, and I also had top credit scores, it was just something they mandated, which was done by my banker when we were doing the house deal, and took about 30 minutes.

If they lowered the limit, it's probably actually Bank of America or whoever they run the card through that did it, not CABELA's per se, and I wouldn't sweat it. But I already am in a house and don't plan on buying anything that will require "credit" for another 5-7yrs. so I don't really care what somebody does with my low or no balance credit cards. :D

I agree Rick! Poor choice on Cabela's part regardless If It's their decision or not, their the main cog of the wheel here.

If I am not mistaken, Cabelas IS the card issuer, as in the "Worlds Foremost Bank" or something like that. There was a bakers dozen guys who have had this happen to them over on Bowsite as well. One guy was a contractor charging 15k a month on it and paying it in full each month, they just decided to quit giving him free merchandise I suppose, their own rules on earning points backfired. VERY poor choice of action on Cabelas behalf, they are penalizing you for having sound spending habits!

Guys, for those saying credit cards are terrible, not if you have enough brains/willpower/balls/______ fill in the blank to use it correctly. If paid off in full each month, it IS like spending cash only you get rewards for it. The problem is with people not having the willpower to budget properly and know when they can't use it anymore. If you use it like Rickmur does, it IS spending cash. He has the money on hand to pay the bill, instead of paying 100 stores seperately, he just cuts the check for the lump sum to one person and isn't charged interest for it.

My wife and I have had a Cabelas card for 10+ years I put everything one it and have never once paid interest as we pay in full every time and we have had no problems

I have a high score too in the high 700's I'm 28 years old and I got 3 cards lowered from what I tihnk not using them. They make no money on me.

GM card was lowered
cabelas was lowered

and some credit card that gave me 20k credit limit said I was lowered to 13,500- but thats okay with me.

forgot to say I pay it all off in full and never pay interest.

The only one I had closed was a GE card account that I used in 2003. Cub Cadet had no payments no interest for one year if you used the GE financing. I paid it off before the year was up and never used it again....oh well.

I had Cabela's lower my limit from 8000 to 1200. They blaimed it on to many inquiries into my credit score. The only reason i had to many inquiries was due to the fact that i was buying a house and the mortgage company runs a million credit checks. I called and complained, not that i really cared but it was the principle of the matter. And they basically told me to go f myself. I explained to them i had never made a late payment with them and that i had been a member with them for over 6 years, but none of that seemed to matter. And another thing i heard is that u should never close a card, just cut it up and dont use it. When they look at your credit score, i guess huge weight is placed upon ur length of credit history. So if you go and close a card that you have had for a long time, it looks bad because you show no history anymore. Also, my cabelas is a visa and worlds foremost bank is the issuer, which cabelas is a parent company of.

The card is sponsored by cabelas. the credit and payments go through worlds foremost bank.
Cabelas cards are not the only ones doin this. its happening all over. like i said with our company if your card is inactive for a year or more then they cancel it.

This has happened to me once on another issuer and my wife a few times. They are setting new guidelines and if you don't use your card enough they will close your account or lower the credit limit.

That happened to me with my Wal-Mart card...didn't use it for 4 months after paying it in full for the original purchase and they lowered my limit by 66%...didn't bother me though, as I wasn't planning on using it anymore.

It cost them less for you to purchase stuff with thier card. its just like at lowes for example if you purchase something on your lowes card it cost them nothing but it will cost them money when you purchase stuff on your mastercard, visa or discover card.

You must not buy much from them you spelled there name wrong:p

I love Cabela's...

99.9% of my hunting s--- comes from them

Thats how I roll myself.... but it is a two edged sword.

In order to earn credit, you can't just not have marks on your credit score... you have to show that you will make payments on time. If you haven't ever had to pay anything off.... then you have no credit at all... and sooner or later if you want to have anything in life... you are going to have to take out a loan... be it for a home, or property, or a boat or whatever. And if you just have $45,000 in cash sitting around or even just sitting in the bank... you are missing out on putting that money to work in CDs or other investments.

[quote=Mr. Longbeard;3401046]You must not buy much from them you spelled there name wrong:p]


Sorry Longbeard...with you mentioning spelling, I somehow couldn't let "their" slide. ;)

They did the same thing to me!

Hatchet Jack

Actually you do not need credit to make a purchase, I have not used credit in 5 years. If you want to make a big purchase like 350,000 for a house then they will do underwriting if you have not credit. they simply look at your debt to income ratio and your acct history with your bank. We have never had a prob. we just bought a 2009 Tahoe and when the lady ran my credit my score was low 500's because we dont use credit. Now, although we paid cash for it, they still offered to finance it because they saw that the reason for the low score was because of lack of use. I am not preaching on how to live your life but if you think about it, when you use credit, you are actually paying someone else to use money that you will have anyway.

My personal belief is if you cant afford to pay cash for the boat or atv or whatever you buy then maybe you shouldnt be buying it. Once again though, i dont bash anyone for using credit, i just dont use it myself.

i want to give you a hand Jimmy. its kinda nice to see someone not think the answer to all there problems is take out a loan. not saying that is what everyone does but i have seen it alot in my line of business.

[quote=Bible_Man;3401274]It's all about details. Good one.:s4:

I see your point of view bro... but if you have $100K sitting around to buy a boat (and depending on what part of NC you are from, you may or may not know that a boat is life), then you are really pretty dang foolish. I'm not talking about financing a $7K john boat here. I work 50-60 hours a week, have a college degree and make less than $30K a year. When my Chevy Blazer with 263,000 miles finally dies (and I paid $7700 CASH for it when I was 17), what am I supposed to do? I kinda have to live paycheck to paycheck. I own my vehical, I own my boat, I have zero debt..... and I also have zero money. Its a crappy situation to be in. Any hot looking single white female doctors looking for a charming southern guy with a well mannered golden retreiver?

That pretty much goes in line with my way of thinking. However sometimes you need to charge stuff in order to build your credit up. Using a credit or some sort of charge account whether from a bank or other wise can help you out when trying to buy a peice of land, house, car, or anything else that requires you to get a loan.

Not if you pay it off when the statement comes in.

Many credit cards these days--including Cabela's--have incentive programs that allow you to earn points towards future purchases. And if I understood what was said, this gentlemen pays off his balances every month, so he is charged no interest; therefore, it's no different than using cash.

I do the same thing with my Cabela's card. Whatever I charge, I pay off that month, and I've earned nearly $300 towards FREE Cablela's merchandise, and I've never paid any interest, or any other fees, so not only is it convenient to use a credit card as opposed to cash, but I'm earning something in return for it as well..... you can't do that with cash and buying with cash doesn't build credit.

Exactly. Free stuff = money you don't spend = you're actually AHEAD by using the card. Of course this only applies if your "free stuff" is stuff that you would have purchased anyway.
I don't get free stuff, but do get "cash-back" on both my Visa and Discover. They are paid off every month so I pay no interest. Without going and looking at all of my statements to verify, I figure I get about $700.00 cash back a year. That is money I can invest for my future.

Yeap had the same trouble with them on mine. They also charge a 29 dollar finance charge if it is not fully paid off. When it's paid off I am DONE with them.

maybe keep a $.02 balance...

that's my 2 cents...

I agree completely. Actually, I have about $300 on my Cabela's card, and I'm saving it up for a new slug gun. I think it's awesome that I could take several hundred dollars off a gun I was planning to purchasing anyway just by using the card, and like I said, I've never paid any interest.

I have another credit card that allows me to build credits for cruises, and I have enough credits to take a 7 night Caribbean cruise for two people, and again, never paid any interest.

To be honest, I pay off my balances every month, so I never get interest charges; however, I do use the card a lot, so that I can get the points, so I can only assume they're making money off other merchants when I make charges.

98% of the population could never pay cash for a 2009 Tahoe (or Cobalt for that matter). If it were not for credit, GM, Ford, Dodge, Toyota, etc would have closed up shop 25 years ago.

As far as lowering limits go, I'd be pissed too. I tried refinancing our home a few months back with a score of 750. Was denied the teir 1 rate due to high CC balances compared to available credit. Woke me up and I started paying them off. 3 cards down 2 to go. My balance to available credit is growing by leaps and bounds each month. But all my prudent CC management to qualify for teir 1 refi status will be for nothing if the companies I paid off lower my available credit.