➡ Banks are reducing credit lines for many people, regardless of gender or industry, due to risk assessments and increased credit card usage. This is happening across the United States, with about 18% of all credit lines being cut. Factors like overspending, late bill payments, and income reduction can trigger credit reduction. Banks have the legal authority to cut credit lines, and it’s becoming more common as they aim to reduce their risk exposure.
➡ Banks are now using advanced technology to monitor credit lines and share information about customers’ credit behavior. This means it’s harder to hide debt or get new credit cards to cover old ones. It’s important to manage your finances responsibly, make timely payments, and communicate with your bank if you’re struggling. Also, making smaller, frequent payments can improve your credit score.

Hey, it’s Dan. Welcome back to I Allegedly. I’ve got a good one for you today because the banks are at it again. Sweeping credit line cuts, major changes to bank accounts. We’re going to cover every aspect of it. Hit the like button, subscribe to the channel. Today, we have a sponsor, BrightAnswers.ai. But let’s get right into it. Right now, there’s an automated, systematic trend that’s happening when it comes to getting your credit lines cut. And it makes no difference, if you are a man or a woman right now, what industry you’re in. People are having their credit lines cut at an absolute staggering pace right now.

And the thing about this is that this is completely automated now. What they’re doing is they’re looking at risk assessments. They’re looking at, you know, how you pay your bills. Are you maxed out all the time? You know, people right now are using their credit cards more than ever just to get by. And I’ve done this in the past. Oh gosh, I’m gonna get a check on Thursday. I’ll just load up Monday, Tuesday, Wednesday and use the credit card and then pay it off when I get paid. Uh-oh, I got new tires. I got to get, you know, I’ll pay it off in two weeks and I get paid again.

Everybody does that. And then you slowly build up before you know it. You owe eight grand. Okay, now this is being reduced nationwide across the United States. It’s not just one area of the country. It is everywhere. And the thing that was sent to me was how about multiple people say that they’re cutting credit lines for women over men. Now, I’ve done this. Okay, 18% of all credit lines right now are getting cut. So basically one in five are getting their credit lines cut right now and you need to prepare yourself for this because is credit important to you? Do you need it to pay to get by? Are you living on your credit cards right now? I’m at the last weekend of the flower fields right now.

You can see this, I mean, Carlsbad, California, which is beautiful, and they sent me a reminder to come out one more time again. So I said, okay, I’ll use my pass and come out. So, women. Women basically have less credit than men. Men, on average, have $1,300 more credit than women do. You can jump up and down and say it’s unfair because it’s funny. Four department stores, women have more department store credit. They have more buy now, pay later credit than men do, on average. So with that, you’re seeing more and more and more of these programs set up where women are using it more than men.

Okay, I’m trying to navigate the crowd. Now, the viral claims about the gender, you know, it really is. It’s not designed. I’m not going to do this to inflame anybody. It’s just what is right now. And one thing that’s funny is women have their credit lines cut faster than men, on an average, because when they get into financial trouble, they just bury their head in the sand. That’s what the news has stated. It’s not me saying that. So don’t freak out and saying, how dare you say that? These are all the viral claims that are out there.

Some are unfounded as far as the fact that women are being targeted right now. No, it’s just the way the math works. And what you have is you have more women complaining about this on social media than you do men. You don’t have men going, oh my God, my credit line got cut. Can’t go up by those new tires now. You know, what triggers credit reduction? Okay, overspending, paying your bill late, a reduction in income. How about this one right now? I love this. They’re going to start doing, you know, when you say, hey, we want to verify your income.

You’ve got Capital One. You’ve got a, you know, American Express. They’re starting to say, listen, we need you to send over a copy of your bank statement the current month. You say you make 30, $300,000 a year, that would be $25,000 in income a month. Send us that so that we can show everybody. All the Instagram models that could have taken pictures, families, everybody doing this stuff, engagement photos, all this stuff going on right now. But verification is going to be a real big deal now. Well, you can’t verify that you make all that money again.

Well, listen, you’re just going to take my word for it. I, I always be an invasion of privacy that you have my bank account. Well, you pay us online again. You can’t send us a copy of the statement that you make all that money. Uh, yeah, yeah, exactly. Well, they’re going to cut it. But the people that find themselves at their credit line and cut back, those are the people that are going to get the biggest problems right now. You know, if you’re living on your credit cards and there’s a huge percentage of people right now that are doing this and it is terrible.

It is a terrible way to live. You should be debt free. You shouldn’t be putting, you know, using credit cards to buy food. It’s ridiculous to be doing that. Now I have people that write me and tell me how they, you know, they’ve sent me their mileage statements and their points. And do you know, at the end of the year, Dan, I get a check for my credit card company for $3,100. I’ve seen everything. Please understand that these are, you know, one out of a hundred. This is not the norm for high credit card users.

Plus these are the people that don’t carry a balance. They don’t sit there and pay interest at the end of the month. They pay off their cards. So those people can talk about this all they want. Do banks have the authority to cut your credit lines? Yes, that full legal authority to do this. And that’s the thing that I’m getting. This is not right. You know, when you sign up these agreements, they can’t just willy-nilly this. They’ve given you a credit line and they have to stick with it. None of that are deadbeat.

They want you to pay your bill. They don’t want you to have a balance. They want you to pay off and be in good standing with them. That’s how that is. But you need to get ready for this because it’s getting harder. One thing that I am seeing from every bank, every bank manager I walk in and talk to, are your restrictions getting more difficult? Define more difficult, Dan. Well, are you turning more people down? Yes, people have less income. No, no, no, no, no, no. Are your restrictions getting tougher? Yes, they are.

We’re starting to crack down on this more and more and more that we don’t want the bank to have any exposure. That’s the scam. That’s the gap. That’s it. You’re a bad credit risk. Now, I was in a Chase bank and spoke to a Chase manager and said, I want you to tell me, let’s just use round figures. Let’s say I have a $10,000 credit limit and I’m at $9,600 and you cut my credit line to $8,000. Oh, if we did that, you’d be in trouble. Well, do I have a chance to pay off the $1,800 that I owe? I’m at $9,800.

Remember, I got to get it down to $8,000 to be able to use my car to get a $7,999. Yes, we’ll give you a chance. We’ll give you a monthly statement. But again, you have zero credit available during that time. That’s what people are experiencing right now. So if you think that this is going to continue and you think that, oh, Dan, they’re just going to happen is you’re going to sit there and go, forget it, hon. Let’s just pay it down to $6,000. You’ll have $2,000 in credit. Get ready, because they’re going to cut the credit line again.

They’ll cut it to $6,000. We saw this before. We saw it in 2008. We saw it in 2000 when they did this. And when I was dead broke, I saw this happen to me. Oh, yeah. And again, you feel like you’re being singled out. You feel like it’s you. But no, the bank is like, listen, you’re showing every sign that there is a problem. Now, this was before automation. Now, you throw the AI automation into this, and you haven’t seen anything yet. Let’s talk about our sponsor, brightanswers.ai. I love this. If you have any health, fitness, money, question, go to brightanswers.ai.

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Over 100,000 white papers, millions of articles, and experts in science and in tech all contributed to this. Check out brightanswers.ai. I love it. I think you’re going to find it to be a very, very useful tool, brightanswers.ai. Now, this comes in waves and patterns. I have done videos about this for years. Four, four and a half years ago, I did a video on the fact that Wells Fargo got rid of their personal credit lines and they were cutting people’s credit lines. Let’s say you had a personal credit line of twenty five thousand dollars and you owed them twenty grand.

Well, guess what? They cut that. You better pay it off. What they were doing at the same time is they were monitoring the cards that you had at the bank. So if you had a visa with the bank that was a Wells Fargo visa, yeah, you bet that they were watching that as well. Didn’t cut the lines, but they were watching that. Now, because of AI and because of automation and things have gotten better, the banks are communicating with each other. If you have a store credit card or buy now, pay later.

Buy now, pay later is on your credit now. And these kids that are like, I could have 10 of these accounts and nobody cares. Yeah, you look at your credit score today because as of last month, all that’s being credit, all that’s being posted on your credit report. Oh, OK. So they’re sharing all this information right now and it’s getting uglier and uglier and uglier. So you can’t hide what people would do. And I’ve done it, done it 20 years ago. Oh, my gosh. I’ll just go get another credit card. OK.

Apply. Get it. OK. How much is the limit? I have seventy five hundred. OK, great. Thank you. Ha ha. I’ll slow pay this one because I got this one. No. They’re not doing that. They’re denying it. And one thing I touched on briefly was business credit right now is cracking down. You’re going to see your suppliers that are going to crack down. If they have any sense, they’re going to cut people off and just go to COD in a lot of cases. And well, Dan, my customers take 30 and 45 days to pay me.

Don’t let that happen. Don’t let anybody owe you money right now. This is the sign of the time we get all these warnings and the banks are doing. This is just not something I’m making. Let’s do a banking video. This is getting bad enough that they’re starting to talk about it on a regular basis and people are writing me and people are posting stories and you’re seeing this more and more and more right now. So as this is happening, get yourself ready. So the banks just say one thing, talking to the manager, limiting exposure, Dan, they don’t want to sit there and say, hey, deadbeat payer bill, but it’s basically, hey, deadbeat payer bill.

We don’t want to have any problems with this because they’re seeing the income. They see what you put in your bank. They know, wow, you made $5,000 less this month than you did six months ago. Oh yeah. Well, we should raise your credit limit. No. Now, when you want to raise your credit limit too, get ready to prove it. Get ready to prove the fact that you make this money. Now I’ve had people say, Hey Dan, I put together bank statements. I put together some deposits, but I had my savings and sent it over and they were like, we don’t need that.

We trust you. Okay. So everybody’s different, you know, broader warning side. This is the sign. The economy is in deep trouble. We’ve seen it through history and it’s happening again. You can sit there and say, it’s because I’m a woman. I think it’s ridiculous right now because it’s not just female. It’s not a, it’s not a woman issue. It’s not a female issue right now, you know, reducing balances, lowering utilization and avoiding maxed out credit cards and stabilize your account to prove that you’re a good person. Now listen, you didn’t carry a balance.

Don’t think that I’m saying the only way to survive this is to pay off your credit card. No, you just need to be paying in a timely manner. Now, one thing that’s great for your FICO score is they talk about making three payments a month and you’re like, huh, no, three smaller payments throughout the month can help improve your FICO score. I’ve seen all these different studies on that and you need to get yourself positioned for credit. If you are going to go out and buy something, check your FICO score, know where it’s at, know what your credit looks like before you do anything.

Before, if you’re going to go buy a car, know what you’re talking about before you sit down because the difference, I’m a $30,000, $50,000 car with a few percentage points is huge. Okay, it really is and you’re the one that’s got to live with that monthly payment. You can drive that new car home and think how great it is and everybody’s looking at this, but the banks for the first time are looking at external things as well. You’ve got a house payment. They’re looking at your insurance. They’re looking at your property taxes. They’re looking at everything right now in your budget because it comes out of your checking account and they know that.

So, credit is conditional. I’m going to end it with this. Don’t forget we have the private channel iAllegedly Live. You sign up at iAllegedly.tv. This is the last weekend of the season out here. You can see that this side is bleak compared to that side. So, take a look at iAllegedly Live. Take a look at newvideos.com. You want to get a hold of me, it’s hello at iAllegedly.com. But I am telling you this right now, take this seriously. Look at this. Look at what you can do to improve your finances. If you owe money, don’t be a deadbeat.

Have communication with the bank. Don’t just not pay. And you know, Dan, I make $5,000 and I got $4,500 in bills. Space it out, man. Do it so that you can get through this right now because hopefully things turn around. Hopefully people that have written me that used to have, Dan, I would make $2,000 to $3,000 extra a month in overtime and now that’s gone right now. So, do this. Do this is what I did with my 25-year-old son and that is, you made all this extra money in the last year by acting, all your nonsense, all the extra stuff.

That money should be saved. You should have the budget. You should have the save. Just think if you would have saved all that money instead of going on the trips and going to the football games and flying here and flying there. And again, I was young. I did all this stuff. I just did a video on what it cost to take somebody out on a date and it’s outrageous. $200 on average to go out to dinner right now for people. That’s what it costs. I’m not saying don’t have fun, but I’m saying budget for things like this.

Work on this and understand this at your bank right now. You cannot trick them. It’s not the old days where you put that paper application and mailed it in and then laughed when they sent you the card. Those days are done. Like, subscribe. You want to get a hold of me? It’s hello at ilegism.com. Onward and upward, guys. This place is beautiful. It’s really nice. [tr:trw].

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