These are the new upcoming changes to your credit score and credit cards – and what this means going forward,
FIRST CHANGE: Thanks to ASKSEBBY for covering this earlier!
Credit Card companies are becoming more strict about approvals, and might be verifying your income by requiring a 4506T form which allows them to view your tax return with the IRS.
SECOND CHANGE: Credit Limits are being decreased with no advance notice
Credit limit DECREASES during this time – from a credit card company perspective – make sense. If someone loses their job or begins using up their savings – then typically, credit cards are next in line. And, if people don’t soon get jobs to be able to repay those cards – the payments will then go into default, and that hurts the credit card companies’ bottom line.
HOWEVER…the downside of this, to you as the consumer, is that – if your credit line decreases, so could your credit score. That’s because 30% of your credit score is made up of your “Credit Utilization,” or – in other words – how much credit you have available to you, versus how much you actually use.
THIRD CHANGE:
Credit Cards are offering new different rewards. We’ll start with the American Express Platinum, one of my all-time favorite credit cards…and they’re EXTENDING the deadline for the signup bonus by 3 months. In addition to that, the American Express Platinum card is adding a $20 per month streaming credit from May 1st until December 31st when you pay for those services with your credit card. That includes Netflix, Hulu, Spotify, and even YOUTUBE PREMIUM.
