topic Re: Chase CC Credit Limit Slashed in Credit Cards

Chase CC Credit Limit Slashed

oldschool — Thu, 10 Dec 2009 23:31:18 GMT

Just had to vent...I have two credit cards with Chase, one has a 5500 limit and no balance the other had a 8000 limit and a 1500 balance. I log online to make a payment and find out my credit limit is now 4900!

No rhyme or reason, I've never been late with them or anyone else for over five years. I have a mortgage, secondary savings and checking besides the two cards. I will pay it off, and pull the savings and checking (not much I can do about the mortgage It is a pretty good rate).

Man am I pi$$ed!

Re: Chase CC Credit Limit Slashed

cdtotten — Fri, 11 Dec 2009 00:46:18 GMT

How much do you use the card(s)? If you have a very large CL and you don't use it, they will likely slash your line to lower your credit risk.It has unfortunately become pretty stadard with them. You can always call and ask for your line back, but I would pay off your balance before hand just in case. Chase is almost as crazy as AMEX.

Re: Chase CC Credit Limit Slashed

jkfaria — Fri, 11 Dec 2009 01:27:43 GMT

My Chase Visa CL isn't in your league, but I had a similar experience. I was pretty pi$$ed too, they cut my whopping $800 CL to $300, so I called the backdoor # once I was sufficiently in control. I was very nice and amazingly so was the Rep I spoke with. She "softed" my report and reinstated my CL to $800, no problem. She further explained the decrease was a "computer generated" deal, and that it may happen again, and that I'd just have to call again to request reinstatement. I was also told that I was welcome to request an actual increase, but that would definitely require a "hard" pull. I'm waiting for some further improvement and some inquiries to drop of before I do that....not sure which report they will pull.

Re: Chase CC Credit Limit Slashed

txjohn — Fri, 11 Dec 2009 02:32:22 GMT

Bummer.

My Chase (former WAMU) was CLD from $3.5k down to $1k a couple months ago. Then 2 weeks ago they closed it all together. They didn't like all my new accounts and CL's.

Re: Chase CC Credit Limit Slashed

JimB — Fri, 11 Dec 2009 02:47:55 GMT

Just before Chase took it over, I applied for a WaMu MasterCard for just one reason: the free TU scores that were part of that card's package of benefits. Of course, that's all gone now.

Since the card has no rewards, I don't use it beyond charging $5 or $10 per month to keep it active. This probably isn't enough to convince Chase to leave the $26K limit alone.

It's not a question of if - just a matter of when.

Re: Chase CC Credit Limit Slashed

Watchmann — Fri, 11 Dec 2009 04:09:00 GMT

We live in stressful times. I had a Chase card with a $33,400 CL. I had taken out a $20,000 BT a few years ago at a very low rate and was paying it back at $500/mo. When it was paid off in August 2009 they cut the CL to $8,300, a reduction of 75%. Their reasoning was I didn't need that much credit. I have plenty of other credit and I was never going to use Chase much in the future, so I wasn't going to commit hari-kari over it. You can try to recon with them to see if they will change their minds. Otherwise, you'll have to acquire credit elsewhere if you need it.

Re: Chase CC Credit Limit Slashed

oldschool — Fri, 11 Dec 2009 04:42:22 GMT

Watchmann wrote:
We live in stressful times. I had a Chase card with a $33,400 CL. I had taken out a $20,000 BT a few years ago at a very low rate and was paying it back at $500/mo. When it was paid off in August 2009 they cut the CL to $8,300, a reduction of 75%. Their reasoning was I didn't need that much credit. I have plenty of other credit and I was never going to use Chase much in the future, so I wasn't going to commit hari-kari over it. You can try to recon with them to see if they will change their minds. Otherwise, you'll have to acquire credit elsewhere if you need it.

It's not that I need it, I have other cards...but I realize that you have to play the fico credit score game in this world and part of that is using the card, paying it off and trying to keep a high available and low utilization. If these idiots gave you even a thirty day notice that they were going to cut your limit I would have paid off the balance before it was cut. But no, they cut it two days ago and the csr said the letter went out today. Brilliant.

It's no wonder most institutions are drowning.

Re: Chase CC Credit Limit Slashed

creditwherecreditisdue — Fri, 11 Dec 2009 07:14:01 GMT

oldschool wrote:
Watchmann wrote:
We live in stressful times. I had a Chase card with a $33,400 CL. I had taken out a $20,000 BT a few years ago at a very low rate and was paying it back at $500/mo. When it was paid off in August 2009 they cut the CL to $8,300, a reduction of 75%. Their reasoning was I didn't need that much credit. I have plenty of other credit and I was never going to use Chase much in the future, so I wasn't going to commit hari-kari over it. You can try to recon with them to see if they will change their minds. Otherwise, you'll have to acquire credit elsewhere if you need it.
It's not that I need it, I have other cards...but I realize that you have to play the fico credit score game in this world and part of that is using the card, paying it off and trying to keep a high available and low utilization. If these idiots gave you even a thirty day notice that they were going to cut your limit I would have paid off the balance before it was cut. But no, they cut it two days ago and the csr said the letter went out today. Brilliant.

It's no wonder most institutions are drowning.

It is absolutely not possible for them (or any issuer) to give you an advance notice of a CLD. That's totally unworkable.

Re: Chase CC Credit Limit Slashed

haulingthescoreup — Fri, 11 Dec 2009 12:05:51 GMT

creditwherecreditisdue wrote:

It is absolutely not possible for them (or any issuer) to give you an advance notice of a CLD. That's totally unworkable.

I have to argue this point. My banks seem very capable of sending me e-mails when my new charges post, when my payments have been received, when my statements have dropped, when a due date is coming (even though I have nothing due), when they want me to do something stupid like take a nice big cash advance. I don't think it would be that difficult for them to generate an automatic alert that goes out when they mess with my CL's.

In fact, now that I think about it, I've gotten e-mails about CLI's. Odd that they can't do the same for CLD's!

edited to tidy up the quote. CWCID, what on earth do you do with your posts to make them so difficult to quote, without quoting the whole thing??

Message Edited by haulingthescoreup on 12-11-2009 04:05 AM

Re: Chase CC Credit Limit Slashed

Jazzzy — Fri, 11 Dec 2009 14:47:55 GMT

haulingthescoreup wrote:
I have to argue this point. My banks seem very capable of sending me e-mails when my new charges post, when my payments have been received, when my statements have dropped, when a due date is coming (even though I have nothing due), when they want me to do something stupid like take a nice big cash advance. I don't think it would be that difficult for them to generate an automatic alert that goes out when they mess with my CL's.

In fact, now that I think about it, I've gotten e-mails about CLI's. Odd that they can't do the same for CLD's!

Hi hauling....I agree with CWCID. While cc companies obviously CAN give warning of a CLD, they don't for very good reason.

How many people would go out and charge their card to the hilt if they knew there was a decline coming?

How many people would take a cash advance?

How many people would do some very unwise things out of anger that they were being CLD'd? You've read the anger and frustration in these forums. I believe certain cardholders who are on the verge of difficulty will take their Chase card down with them.

That's why they can't give notice.

Re: Chase CC Credit Limit Slashed

Itsmeagain — Fri, 11 Dec 2009 14:50:49 GMT

Amen

Re: Chase CC Credit Limit Slashed

creditwherecreditisdue — Fri, 11 Dec 2009 15:05:05 GMT

haulingthescoreup wrote:
CWCID, what on earth do you do with your posts to make them so difficult to quote, without quoting the whole thing??

Nothing. My posts are made using Internet Explorer and the wonderful forum software in the normal way.

Re: Chase CC Credit Limit Slashed

creditwherecreditisdue — Fri, 11 Dec 2009 15:08:02 GMT

LynetteM wrote:
haulingthescoreup wrote:
I have to argue this point. My banks seem very capable of sending me e-mails when my new charges post, when my payments have been received, when my statements have dropped, when a due date is coming (even though I have nothing due), when they want me to do something stupid like take a nice big cash advance. I don't think it would be that difficult for them to generate an automatic alert that goes out when they mess with my CL's.

In fact, now that I think about it, I've gotten e-mails about CLI's. Odd that they can't do the same for CLD's!
Hi hauling....I agree with CWCID. While cc companies obviously CAN give warning of a CLD, they don't for very good reason.

How many people would go out and charge their card to the hilt if they knew there was a decline coming?

How many people would take a cash advance?

How many people would do some very unwise things out of anger that they were being CLD'd? You've read the anger and frustration in these forums. I believe certain cardholders who are on the verge of difficulty will take their Chase card down with them.

That's why they can't give notice.

That's exactly the point. It is possible for issuers to give notice, but totally impractical.

Re: Chase CC Credit Limit Slashed

haulingthescoreup — Fri, 11 Dec 2009 17:41:41 GMT

creditwherecreditisdue wrote:

LynetteM wrote:
haulingthescoreup wrote:
I have to argue this point. My banks seem very capable of sending me e-mails when my new charges post, when my payments have been received, when my statements have dropped, when a due date is coming (even though I have nothing due), when they want me to do something stupid like take a nice big cash advance. I don't think it would be that difficult for them to generate an automatic alert that goes out when they mess with my CL's.

In fact, now that I think about it, I've gotten e-mails about CLI's. Odd that they can't do the same for CLD's!
Hi hauling....I agree with CWCID. While cc companies obviously CAN give warning of a CLD, they don't for very good reason.

How many people would go out and charge their card to the hilt if they knew there was a decline coming?

How many people would take a cash advance?

How many people would do some very unwise things out of anger that they were being CLD'd? You've read the anger and frustration in these forums. I believe certain cardholders who are on the verge of difficulty will take their Chase card down with them.

That's why they can't give notice.
That's exactly the point. It is possible for issuers to give notice, but totally impractical.

Right. That's what I was trying to say on inadequate coffee. They can do it, but they choose not to do it. That's different from "absolutely not possible."

I completely understand why they choose not to do so.

Re: Chase CC Credit Limit Slashed

thedaveytrain — Fri, 11 Dec 2009 18:02:07 GMT

Are they former Providian or WAMU cards? Mine was slashed from $8700 to $2200 back in April.

Re: Chase CC Credit Limit Slashed

pNa — Fri, 11 Dec 2009 18:39:56 GMT

Chase slashed the limits of every single one of my four cards with them, from a total of $40,000 down to $10,000. This was in response to my attempted use of a "convenience" check. It was a check for $8,000, and including the BT fee that check would have taken me to 89% of the limit on that card. I know I am not the first victim of this practice, and although I would like to raise the odds that I am the last, I doubt it will be so. Chase sent me a letter saying how they value me as a customer, my business, and prompt communication with me. They say they had to reduce my credit limit, and consequently they must return the convenience check unpaid.

I am wondering how they would treat me if I wasn't their valued customer. Would they burn my house down, slash my throat?

Background data: EX FACO 715, never late, with them or otherwise. The score is held down by overall utiliziation, which is mostly with non-Chase issuers.

My advice to anyone contemplating the use of a Chase "convenience" check is: Unless you are thoroughly confident that you are spotless enough for an FR by their ninjas, do it only if you have just one account with them, and only if you don't care if they hasten to slash the limit and return the check unpaid.

Yes, I am the one whose rating will go down because of their action, but it is Chase who is unreliable and cannot be trusted. I will continue to honor my obligations with Chase and others, and perhaps when the dust settles I will be able to find a bank who will return the favor. Chase isn't it.

There, I didn't swear once!

Re: Chase CC Credit Limit Slashed

markymark313 — Fri, 11 Dec 2009 21:30:48 GMT

Chase just gave me an increase from $2,000 to $2,500 and I didn't ask for it. I just logged into my account last night and noticed it.

Re: Chase CC Credit Limit Slashed

oldschool — Fri, 11 Dec 2009 22:52:57 GMT

I'm done with them, I just paid off the balance and closed my checking and savings, I'll buy a cup of coffee and a tank of gas once a month and pay in full. Although I'm sure one person isn't going to make a difference to them...it does make me feel better though.

Re: Chase CC Credit Limit Slashed

pNa — Tue, 15 Dec 2009 23:45:04 GMT

oldschool wrote:
I'm done with them, I just paid off the balance and closed my checking and savings, I'll buy a cup of coffee and a tank of gas once a month and pay in full. Although I'm sure one person isn't going to make a difference to them...it does make me feel better though.

I am curious, where are you shifting your former Chase spending to? Another big bank, a CU, cash?

Re: Chase CC Credit Limit Slashed

RachelRachel — Thu, 17 Dec 2009 00:52:41 GMT

I just found out my Chase (former Wamu) visa limit was slashed from $2,500 to $1,600 :smileysad: I monitor my scores on Credit Check Total and wondered why the Experian FAKO was lower when I thought was was making progress with bringing down my utilization, but.... upon investigation I saw that my limit is now $900 less. It must have happened earlier this week so I guess I'll be getting a letter in the mail soon. Oh well.... I'll just keep working on lowering utilization and monitoring scores.