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Have not been on here in a while. I am one of those success stories. After a divorce in 2006, I saw my credit score drop from 750 to 545. I slowly rebuild myself with help from contributers here and hard work. I was able to wipe out a lot of debt, see my credit score increase to 740 and was able to purchase a home with an interest rate of 5.5% back in January. Got married, wife is expecting...life is good.
I still always watch my credit score through myfico and true credit. Still on top of everything. Today I got 2 letters from BOA in regards to two seperate credit cards I have with them. I have heard about people having their credit line decreased for no reason, but I did not expect it to happen me. Do I have recourse ? If I call and complain, will the reverse their decision ?
Card # 1 had a 12,500 CL....dropped down to 8000
Card #2 had a 10,000 CL....dropped down to 3000
Incredible ! I can't believe it ! The reason according to the letters "Serious delinquency" I checked my credit reports and there is no delinquencies in the past 3 years. The only delinquency was one OVER 3 years ago.....and it was 90 days late because of my divorce. Now all of a sudden they decide to penalize me for this ? Are they serious ? Now my credit score will fall because of this. Is this normal or do you all think there is chance of there being a mistake ?
I am so frustrated.
@wmarat wrote:
The thing is that they do not need a true valid reason to cut credit limit.
Or more simply put, their reason(s) does not have to seem valid to the card holder. I am sure their reason(s) are valid to them.
I know noone likes to hear this, but the ones with the money are free to give and take however they please.
Just my 2 cents
@creditwherecreditisdue wrote:
I think BofA runs periodic purges of their CL's. If you are above a particular cutoff when they run one and you do not meet certain usage requirements you get cut. I don't think there is much of a science to it. If you don't call and squeak it will stand. All AA must be questioned!
I hope the OP takes that advice with a grain of salt mentality. Many people have had further CLDs or even closures when calling BoA to challenge an adverse action.
Obviously this is a YMMV issue
@Geordi wrote:
@creditwherecreditisdue wrote:
I think BofA runs periodic purges of their CL's. If you are above a particular cutoff when they run one and you do not meet certain usage requirements you get cut. I don't think there is much of a science to it. If you don't call and squeak it will stand. All AA must be questioned!I hope the OP takes that advice with a grain of salt mentality. Many people have had further CLDs or even closures when calling BoA to challenge an adverse action.
Obviously this is a YMMV issue
You just saw a post from HTSU to the contrary!
I recently was CLI'ed by BofA from $3.5K to $7.5K because I asked for it. That's more than 100%
Many have had their AA from Chase reversed, but only if they bothered to take action!
If you don't question your AA you get exactly what they hand you. I repeat, all AA must be questioned! Of course if you are satisfied, don't question it.
creditwherecreditisdue wrote:
@Geordi wrote:
@creditwherecreditisdue wrote:
I think BofA runs periodic purges of their CL's. If you are above a particular cutoff when they run one and you do not meet certain usage requirements you get cut. I don't think there is much of a science to it. If you don't call and squeak it will stand. All AA must be questioned!I hope the OP takes that advice with a grain of salt mentality. Many people have had further CLDs or even closures when calling BoA to challenge an adverse action.
Obviously this is a YMMV issue
You just saw a post from HTSU to the contrary!
I recently was CLI'ed by BofA from $3.5K to $7.5K because I asked for it. That's more than 100%
Many have had their AA from Chase reversed, but only if they bothered to take action!
If you don't question your AA you get exactly what they hand you. I repeat, all AA must be questioned! Of course if you are satisfied, don't question it.
I agree with Geordi that any decision to recon/challenge AA must be carefully weighed before acting; yes, HTSU experienced a minor miracle and others probably have as well, but at least as many if not more have had the opposite happen when they called, so OP definitely should research the creditor in question and make a carefully thought out decision about whether to recon AA.