Got a letter in the mail today that American Express is doing away with their Business Line of Credit and Business Capital Line programs as of 1/15/09. As of 11/15/08 (the day after their mail was created) existing Loc and BCL accounts are limited in further purchasing capacity to 10% of the unused credit limit + the current outstanding balance as of the last statement.
In other words, a $35K line of credit that I never bothered to use is now cut to $3.5K and an then to nothing in 2 months.
Wonder what's next.. my BofA 3.24% home equity line of credit (contracted 2 years ago).
Since my home is paid off and I don't have any loans, to keep my good credit rating, I opened the equity line of credit and use it occassionally then pay it off in large chunks.
Bleck.
I stopped looking at the few stocks I have and my retirement fund (in mutuals) about a month ago.
In other words, a $35K line of credit that I never bothered to use is now cut to $3.5K and an then to nothing in 2 months.
Wonder what's next.. my BofA 3.24% home equity line of credit (contracted 2 years ago).
Since my home is paid off and I don't have any loans, to keep my good credit rating, I opened the equity line of credit and use it occassionally then pay it off in large chunks.
Bleck.
I stopped looking at the few stocks I have and my retirement fund (in mutuals) about a month ago.
51-566-514 
) Being self employed though I do everything I can to personally make as little money as possible, ergo I doubt a bank will even give me a free pen if I attempt to get an HELOC so I have equity sitting there because I wanted to make sure I was equity heavy, always thinking I'd be able to tap into if I needed it, but the way things are going bankingwise, I won't be able to.
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