Teresa
TUG Member
Among other things, I have used my equity line to help my daughter pay for contract meals at college (they're pricey). So tonight I was going to do a transfer on the internet to give her $1800 for the quarter (sheesh).
My equity line WAS $135,000. I have just over $83,000 used and it hasn't been much over that (highest it ever got was $102K last year). As of tomorrow (8/25/08) it's been dropped down to $85,000. That's a $50K drop.
I know banks are running scared with all this housing slump/drop. I get it.
I'm guessing that this is an across-the-board hit and was done by computer. It left me with less than $1000 in available credit. I wonder what would have happened if I had written a $20K check a week ago.
Anyone out there have this happen to them and, if so, were you successful in getting it raised again (maybe not to the same level). If you were successful, tell me what you did to get the bank to listen to you.
Thanks!
My equity line WAS $135,000. I have just over $83,000 used and it hasn't been much over that (highest it ever got was $102K last year). As of tomorrow (8/25/08) it's been dropped down to $85,000. That's a $50K drop.
I know banks are running scared with all this housing slump/drop. I get it.
I'm guessing that this is an across-the-board hit and was done by computer. It left me with less than $1000 in available credit. I wonder what would have happened if I had written a $20K check a week ago.
Anyone out there have this happen to them and, if so, were you successful in getting it raised again (maybe not to the same level). If you were successful, tell me what you did to get the bank to listen to you.
Thanks!